Starting to read this post indicates that you are looking for some effective options to increase revenue that your blog or website is currently giving. Okay, it seems this is the story with most site owners: restricted budget and fewer resources for generating digital revenue.
For all of them, there are only two main ways namely, increasing traffic or making efforts to convert the existing traffic into leads. Conversion is a numerical indicator.
If the digital conversion rate is low, the traditional experience persuades one to bring more visitors or traffic. The more this number is, the higher the revenue becomes. However, those who give conversion optimization services shall oppose this rule. Well, the reality is that the truth is somewhere close to it.
It is evident that both these ways affect the conversion rate and its optimization techniques. However, which of the two better results in a quicker, high conversion rate? Let’s find out!
Why increasing traffic is effective for a high conversion rate?
This is a fact that increasing traffic does help in boosting the conversion rate. For example, if a site is converting 2% of its existing traffic, it indicates double traffic as well as revenue in case this rate persists when more potential customers become visitors. At least, this is theoretically true.
As monetization is the focus these days, blog and site owners are attempting to increase traffic by utilizing different ways. An increased focus these days is to buy organic traffic or buy expired domains with traffic. It is needless to say that PPC, social media ads and AdWords are playing a big role here.
According to website.com, some of the benefits to buy traffic for your website are quick, relevant traffic, suitable for small budget businesses, and great brand exposure.
Still, there is one thing to be kept in mind while gaining more traffic. Retaining the same traffic quality is essential. It does not make sense to appeal to any traffic, as doing so can also critically reduce your conversion rate.
To maintain the traffic quality, you need to focus on the ‘how’ aspect of traffic generation. In case you are in the top three results of search engine result pages for most keywords regarding both paid and organic, getting more traffic would then involve using broader keywords.
Why converting the existing traffic works?
According to the Invesp research, approximately 70% of visitors have an interest in what you have to offer. In this case, it is only a matter of encouraging them to be the actual customers. Converting the existing traffic is the traditional choice of on-street shops. However, the scene is different for online stores.
For more than 10 years, the digital marketing strategies have focused on bringing more traffic, not on converting the current one. Well, this is not a balanced approach, as expanding the customer base most likely happens by losing existing customer experience to some extent. If this is the case, the conversion rate falls.
So, which option is better?
Well, it is wise to have a mix of two options in case there is enough budget. Still, the following are some rules to consider.
- If the site is obtaining less than 250 conversions per month, go for fetching more visitors.
- If the same is between 250 and 500 conversions per month, do also start with conversion rate optimization. This is because you can easily start A/B testing.
- If the same is between 500 and 1000 or more conversions per month, focus on boosting the conversion rate.
Whichever the case, you should always strive to get more traffic. More traffic means more exposure for your business which also means higher sales opportunities.
Consider this: At a conversion rate of 1%, 10,000 visitors would mean 100 sales/inquiries. 100,000 visitors would mean 1,000 sales. Same conversion rate, different results.
Boosting traffic or conversion rate is conditional. Both have their own time for implementation. With the increasing popularity of your website, it is best to have the right mix of both these strategies. You will surely get optimal rewards in the long run.