If you have lots of traffic, but a low conversion rate, you won’t be able to monetize the people that are coming to your site. If you have a high conversion rate, but low traffic, you may not be able to make enough money to justify your efforts.
21 Feb, 2018FORBES.COM
There are two major ingredients you need to have a successful online business, or online platform for your business: traffic and conversions. Traffic refers to the number of people visiting your website, and “conversions” refer to any action that traffic could take that would result in revenue (or get them one step closer to revenue), such as purchasing a product, filling out a contact form, or even watching a video.
You’ll need both if you want to be successful. If you have lots of traffic, but a low conversion rate, you won’t be able to monetize the people that are coming to your site. If you have a high conversion rate, but low traffic, you may not be able to make enough money to justify your efforts.
Over the long term, then, you’ll need to spend time and money optimizing both these areas. But what if you’re just starting out, or what if your budget is severely limited? Of these two dimensions, which should you optimize first?
First, let’s take a look at the case for building traffic before optimizing your site for conversions:
But what about the possibility of optimizing for conversions before building traffic?
There are obviously merits to both sides, and your business’s specific goals and resources will likely cause you to lean toward one over the other. However, if you fully invest in either side without investing at least slightly in the other, you aren’t going to see meaningful results.
No matter what, you’ll need to have some measure of balance in your strategy. If you’re unsure about which to favor, try to invest in both equally; as you grow, you’ll be able to see which area grows faster, and adjust your investments accordingly.
One of the most important things to remember here is that your online marketing strategy is a perpetual work in progress; your initial optimization efforts will help you get a leg up, but they aren’t going to perfect (or ruin) your campaign.
Building momentum by focusing more heavily on traffic or conversions could bring you some early advantages (depending on the nature of your company and your ultimate goals), but most businesses will succeed best by finding a balance between the two.
This article was first published by Jayson DeMers on Forbes