Affiliate Reviews Blog

What is the number of leads you will need to earn the income you want this year? While this may seem like an easy question, not a lot of people can come up with the number.

There are two things to consider regarding this question.  First, there are your expenses.  You should make sure to have an online accounting program advanced enough to help you analyze your costs and how they relate to your profitability. 

Second, you need to know how well you are able to turn your prospects into sales (conversion rate).  If you are successful at lead conversion, you will see a significant improvement to your bottom line. 

Let’s take a look at the process more closely:

The first step is to determine your monthly sales goal. Let’s use $100,000 as the figure for our purposes.

Now you need to figure out your conversion rate. In order to keep this example easy, suppose that all of your leads come from your website. 

Suppose you convert 2 and a half out of 1000 visitors into paying customers. You have a .25% conversion rate.

This is the calculation you can use to determine how many visitors you will need to your website to meet your income goals.  To keep this example simple, we will assume every “conversion” described above will ultimately purchase from you.

(Desired Sales / Sale Price / Conversion Rate) X 100

Therefore, if you have a $20 average sales price, a conversion rate of .25%, and you want to achieve sales of $100,000, your calculation would look like:

($100,000 / $20 / .25) X 100 = 2,000,000 visitors needed per month to achieve your sales goal.

Yikes!  That’s a lot of visitors!  Luckily, there are a few adjustments you can make.  You can increase the average sales price. Or, you can increase your visitors or the conversion rate.

Many begin by increasing the conversion rate. By testing various options and changes, it is possible to improve a .25% conversion to about 2%.

Let’s look at the difference that would make using the formula:

($100,000 / $20 / 2) X 100 = 250,000 visitors per month to achieve your sales goal.

That’s a nice change! 

You can improve things even more by raising your average sale to $47:

($100,000 / $47 / 2) X 100 = 106,383 visitors per month to achieve your sales goal. 

Everyone would rather work smarter than harder.  Hopefully these examples drive home the importance of planning the leads you will need to reach your sales goals, and testing the factors you can change to become more efficient. 

Get more small business success strategies and claim your free white paper: “7 Ways Your Stone-Age Accounting System is Stealing Money From You Every Day … And, How to Get it Back This Year”  to learn about an online accounting program that makes it simple to track your conversion rates.

Technorati Tags: conversion rates, internet marketing, lead conversion, leads, market research, marketing, profit, small business online accounting program, web based accounting

How to create a survey using Survey Galaxy

Writing surveys is easy; isn’t it? The reality is that writing surveys is easy but writing surveys that will be effective is more difficult. The following tips will help you write more effective surveys.

1. What is the purpose of the survey?

There are many reasons for conducting surveys and questionnaires. By correctly phrasing the questions and structuring the answers surveys can be used in many ways and for a variety of reasons. When compiling a survey don’t lose sight of its purpose.

2. Give the survey a good title

The survey title is key and an opportunity to instantly summarise a survey’s objective and encourage respondents to participate. Respondents are going to invest time in completing the survey so make them feel that their investment is worthwhile.

3. The length of the survey needs to be as short as possible

Every question that is asked should be asked for a reason. Minimize the questions providing you with ‘nice to know’ information and focus instead on the ‘need to know’ questions.

4. Use plain English, maintain consistency and avoid terminology, acronyms and asking questions that could result in ambiguous answers

Care must be taken in wording a question. If a question is not clear then there is every chance that respondents may interpret the question differently to that intended by the publisher making any analysis of the data meaningless or at the very least misleading.

5. Don’t have long questions

Where practical use concise sentences. Long questions tend to cause respondents discomfort and can lead to a higher level of incidents where respondents abandon a survey.

6. Ask only one question at a time

Avoid confusing the respondent with a question like ‘Do you like golf and football?’

7. Avoid influencing the answer

Avoid loading the question. ‘Should irresponsible shop keepers who sell tobacco to children be prosecuted?’ is likely to have no value.

8. Make sure that the chosen answer format allows the respondent to answer the question being asked

Ensure that the respondent can answer how they really feel or they may be inclined to abandon the survey. As a last resort consider the benefit of including a “Don’t know”, “No comment” or similar response option.

9. While you are compiling the survey consider, when the survey is complete, how the compiled data is going be analysed

If a question is asked that allows a free text open ended response appreciate that such information is likely to be difficult to score and/or summarised. Consider how answers can be grouped. For example “Indicate your length of service?” – ‘less than 2 year’, ‘between 2 and 5 years’ and ‘more than 5′.

10. Try and ensure that the questionnaire flows

Group the questions into clear categories as this makes the task of completing the survey easier for the participants.

11. Target your respondents

Sometimes you will want to target a specific group, in others a cross section. If you can’t easily control the respondents consider including questions/answers that will allow you to filter out respondents that don’t match your target profile.

12. Allow the respondent to expand on their answer or make comments

Allowing the respondent to make additional comments will increase their satisfaction level and will also give valuable feedback on the specific questions and/or the survey as a whole. Keep in mind though that for a large sample collection it may be difficult to analyse free text open ended responses.

13. If you are conducting a confidential survey ensure that your pledge for confidentiality is upheld

If you have assured the respondents that the survey is confidential ensure that the individual data is not to be shared with anyone and the information is not going to be used for any other purpose. Confidentiality must be maintained at all times and any contact information destroyed once the survey has finished.

14. Consider the advantages and disadvantages of allowing respondents to be anonymous or identifiable

If your respondents are to be anonymous then appreciate that you will be unable to follow up or match “pre” or “post” surveys. However in some cases allowing people to remain anonymous will allow people to respond without possible peer pressure.

15. Give careful consideration to the best response format

It is good practice to maintain a consistency in the format used for responses. When designing your survey keep in mind that when analyzing the data single selection radio buttons are easier to analyze than multiple selection check boxes. Do not use a check box if a radio response would do.

16. Give the respondent an idea of how much time the survey will take

Respondent drop out can occur if the survey appears to be a stream of never ending questions. It is good practice to give an indication as to how long the survey is likely to take so that the participants can determine the best time to complete the survey.

17. Provide respondents with the survey end date

Encourage respondents to complete the survey as soon as possible but advise respondents as to the survey’s end date so that they have the opportunity to schedule the necessary time.

18. Test the survey

Before publishing a live survey publish a small pilot survey to check for questions that are ambiguous or confusing and to ensure that the survey is aesthetically pleasing.

19. Before publishing the survey proof read the survey carefully

Carefully check and then check again that the survey is grammatically correct and makes sense. If possible get someone else to proof read the survey before you publish, if no one else is available then take a break before checking again.

20. Thank the respondents

To complete surveys respondents need to invest their time and they should be thanked at the end of completing the survey or in a follow up letter. You may even want to consider incentives such as entry into a prize draw or a reward.

For more information please visit Survey Galaxy

Technorati Tags: advertising, customer services, employee surveys, employer, feedback, market research, marketing, Online surveys, promotion, questionnaires, satisfaction surveys

For any organization that wants to offer products or services that are focused and well targeted market research is essential. Business decisions based on good market research can minimise risk and pay dividends. By making market research part and parcel of the business process and conducting market research throughout the life cycle of a product or service market research will bring the following benefits:-

• Market research will help you better communicate – Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By communicating with the customer you not only demonstrate to them that you actually care but you also take any guesswork out of customer services.
• Market research helps you identify opportunities – If a new service is planned and you want to know the attitudes people have then market research can help, not only by evaluating the potential for the new idea, but also by identify the areas where a marketing message needs to be fine tuned.
• Market research will minimise risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
• Market research creates benchmarks and helps you measure your progress – By establishing a benchmark you then have a useful reference to allow you to measure your progress – If you do not measure you will not be able to properly gauge how well your business is performing. Preliminary research may be able to identify problems in the service you intend to offer or in your product, regular market research will show if progress is being made and, if positive, will help motivate a team.

Market research brings considerable benefits and it is perhaps surprising how few organizations invest sufficient resources to enable them to gather good intelligence that will help them improve their business. Many may think that market research takes too much time and effort but that is just not the case anymore as through the power of the Internet online survey software is readily available and vital market research data can now be gathered in a quick, simple and cost effective manner.

Technorati Tags: advertising, market research, marketing, Online surveys, promotion