99% Of Your Competitors Don't Know This.
Today we are talking about the single biggest hole in your pockets. You probably have no idea that this is happening and this is killing your business.
If you are looking for a solution to earn more and scale your business while working less, then you are in the right place.
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Today I'm going to talk to you about something crazy. It is absolutely insane. It's super cool and I'm pretty sure you've never heard it before.
So you know last time I told you that your Web site is like a sieve or a colander. So you're basically losing money here and there. Right. And you need to figure out where is the leak so that you can actually stop the leak. OK. So we've talked about this with the abandoned shopping cart and all that stuff. And I gave you this trick that you can use by creating a review.
So this is one area where you're actually losing money and you can fix it very easily. Right for free, so hopefully some of you guys actually apply this and it’s an hour or two of work and then that's it. It's there and it's going to bring sales.
99% Of Your Competitors Don't Know This
The biggest hole that you have in your business is something you're not even aware of. Like you you're completely ignoring it for whatever reason and nobody talks about it right. And you might have come across this thing but you never actually paid attention to it. And it's a really serious mistake that you're making. But luckily you have me to point you in the right direction. This is very important. Like honestly this is where you're losing the most money by a mile. This not even close to anything else right.
So let's say you are running a Facebook ad for example. OK. So you go on Facebook you create an ad and you get a thousand clicks All right. And for those thousand clicks, you paid a thousand bucks which means one dollar per click OK. So you just have to transcribe this in whatever cost per click you have. Me I'm using one dollar because my math sucks.
So with this thousand clicks, you paid a thousand clicks for a thousand bucks so you know in your in your budget or whatever like in your stats you're going to say well basically I'm paying a dollar per click. Well that's how it works. It's easy to calculate right. So when you send these people to your Web site and it doesn't convert as much as you want, what do you do? Send more people to the website now? OK. So it's not what you want to do.
It's better to work on your conversions on your site than to work on sending more people. If you send more people to a store that's empty with crappy products it's not going to change anything. The products are still crappy and it's not going to change sales. OK. So it's the same thing for your Web site or your landing page or whatever. So you know you know that you'd need to look at the conversions if you want to make more sales. Right. So we all agree on this. This is nothing new for anybody. All right.
So in terms of conversions what do you look at?
So most Web sites will lose 80 percent of their traffic even before they see anything on your Web site like even before people see your products, even before they see your face or anything, you lose 80 percent. Like it's crazy. It's insane. And this is something called the bounce rate. So maybe you came across this term by looking at your analytics you know if you have like Google analytics or something then you saw a bounce rating.
So what the hell is bounce rate? And then you don't pay attention to it because Google Analytics is it's a very good tool. But there is too much information bro. And since it's overwhelming, you don't pay attention to everything. But this is a gem that you could miss.
OK so the bounce rate, in very simple words is the people who basically bounce from your website before they even see anything like in the first second. They just leave. That’s the average. And you have Web sites where it's even like 90 percent of the people you sent there.
So remember you paid a thousand bucks and you got a thousand clicks that you sent to your Web site. All right. But now in this case. So you still pay. You still get a thousand clicks right. So you paid a thousand bucks but you lost eight hundred people! So basically you only have 200 people who actually see your offer. So now if you do the math you paid a thousand bucks for two hundred people.
So what is the cost per click now? It's not a dollar. Its five dollars. It's five times more than what you thought it was because you've never correlated the bounce rate, because nobody told you about it.
But you know trust me. I talked to a lot of people who never actually correlated those. For some reason people completely disregard this.
If you manage to fix the bounce rate, for example let's say you manage to fix your bounce rate and instead of losing 80 percent you lose 70 percent. OK. So what does that mean for you? It means that with the same campaign you have a hundred people or 100 more people who see your stuff. A hundred more! You didn't pay a dime more. You didn't change anything on the ad or whatever.
So you need to find a way to get that bounce rate down because again if you fix this then you're going to make a lot more than by fixing anything else on your site. There are lots of variables when trying to improve your bounce rate. But try looking at your target audience. Not all clicks are worth it. Try to make sure that you’re aiming your ad or campaign at the right people.