Traffic is great. But conversions are EVERYTHING. No matter if you get a thousand, two thousand, or even twenty thousand visitors a day to your blog if they don’t convert into subscribers or buyers.
In short – if you don’t optimize your site and your product for the highest conversion rates possible, you’ve already cut yourself a path straight into the middle of nowhere in the World Wide Web.
CRO (conversion rate optimization) actually encompasses quite a few different things – competition analysis, effective copywriting, a whole lot of A/B split testing, and even playing around with your color schemes.
However, the one thing that skyrockets your conversion rates more than anything else is (…drum roll, please…) – identifying your target market.
Why & How Identifying Your Target Market Works So Well For Conversions
Think about it this way – you’re selling interior design services. If I was to ask you who you’re selling to – that is, EXACTLY who you target with all your advertising and traffic efforts, what would your response be? Just “anyone who’s interested in interior design services”?
If that’s all you’ve thought about thus far, you’re sunk. You need to laser in on a specific market that wants your services. Believe it or not, you can’t please everybody. In the best case scenario, your interior design service will interest a very small percentage of all the people in your locality who want a remodeling of their house.
When you laser in on an even more specific market – for example, owners of houses older than ten years – you’ll appeal to THEM. True, you won’t appeal for home owners with houses less than ten years old (although there might be a few exceptions), but even still, your conversion rate will skyrocket when you target home owners with houses a decade or older.
Let’s do a bit of math – supposing that you just generalize your interior design service, and you don’t laser into a very specific market, your website converts at less than .5% – a realistic figure in this kind of industry. Out of every 200 people who visit your site looking for an interior design service in your locality, you’ll get ONE sale/order (and really, that figure is a bit high).
Now let’s suppose that you’ve been smart, and you’ve targeted home owners with houses a decade or more old since your service fits that market the best. Since your service sales copy explicitly states that you specialize (a very key word to use psychologically) in houses ten years plus old, those home owners will convert at a much higher percentage – 1%+. Out of every 100 laser-targeted visitors, you’ll get one sale.
Now that you’ve targeted a specific market and your conversion rates are up, all you have to do is drive traffic from that target market to your offer. You know they will convert since your service appeals to them more than any other generalized interior design. If you buy traffic, figure high in the SERPs, or advertise on a social network, you’ll end up DEcreasing your cost per visitor (since fewer competitors will be bidding on your keywords) and you’ll INcrease your conversion rates and earnings per visitor. Sounds like a win-win to me.
The bottom line is, when you narrow your focus your service and advertising efforts on a specific target market, you appeal much more to them and you end up getting higher conversion rates, fewer expenses, and more profit. It’s that simple.
How To Identify Your Target Market
Contrary to popular opinion, identifying the population that you would be most able to effectively market to is rather simple. In essence, all you need to ask of your service or your product is the question “For whom does this product/service make the most sense?”
To help you answer that question more effectively, here’s a few more questions that you can use.
For What Age Group Does This Product/Service Make The Most Sense?
Identifying the age group you want to market to is definitely the most important aspect. If you’re selling an interior design service, it doesn’t make sense to advertise to teenagers, does it?
It’s a much better idea to go after middle-aged people and pensioners, who will actually have houses that need remodeling.
For What Geographic Location Does This Product/Service Make The Most Sense?
If you sell digital goods or physical goods that you can ship worldwide, you might not need to research too heavily into your target geographic location as someone who sells a physical good with limited shipping and/or local services that can’t be done remotely.
If you do offer a local service, interior design for example, what geographic location will you market to? How far are you willing to travel to do work for a client? Is it possible to base your employees in different locations?
If you live in Florida and you can only design houses for people in Miami, then only advertise to people in Miami. If you live in India and you’ll only get sales from those living in Delhi, then market to those living in Delhi. It’s simple.
For What Budget Does This Product/Service Make The Most Sense?
This might require a bit more research. You’ll have to look into the possible budget of those who are likely to buy your service. If you target pensioners, chances are that the budget will be considerably higher than that of a newlywed couple. If you offer a higher-end, more thorough service than your competition, then charge more than your competition.
What do you charge for your service? $50/hour? Do you charge a flat fee per project? Estimate the total cost of the project, and work around that to come up with the ideal budget you’ll get the most conversions from.
Write All This Down
Alright – after answering these question, you should have a pretty good idea of what your target market looks like. Now here’s another great tip: WRITE IT ALL DOWN!
Type it up and paste it on your office wall. Always remember that you’re going after THAT specific target market, and tell all your employees that’s what you’re looking for and THAT’s what will make money. Never lose focus.
The next steps you take in your business – SEO, buying traffic, content marketing, blog writing – should all be centered around that target market. Make everything you do easy for them, targeted towards them, and you’ll be rewarded for your efforts.