Quite simply – that is a business decision you have to make. Just as you would make when deciding to market your products in a magazine, the newspaper or in some other form of media. In developing any marketing plan you must decide on a number of key aspects and apart form who your market is, how your products align with the different market segments, your value proposition etc, you must understand your objectives and what it is worth to you to spend in achieving those objectives.
So how should you decide whether marketing your business products and services through your website is worthwhile? I would suggest that you start with the following questions:
- If you we to receive a qualified lead through your website what is the expected average sale value?
- How many qualified leads would convert to actual business sales?
- How many visitors to your website leads would you need to generate in order to convert to sales of a reasonable value?
The actual numbers will vary distinctly between business types and product / service types. Also coming into play is how effective your website is in capturing the attention of visitors and converting them to opportunities. And finally, how effective is your sales process supporting website opportunities in converting to actual sales.
Now take a look at the current traffic to your website – the number of unique visitors, returning visitors and the areas on your site they actually visit. What percentage of those visitors currently convert to revenue either directly or indirectly? You do have that information don’t you?
If you don’t have this information I would suggest that you have a good talk with me right now and I can explain how this data is critical to your business or at least read our information about Performance Measurement which provides a simple explanation of the principals of Analytics.
With the above information now at hand ask yourself the question – what will it take to raise the number of visitors by X to generate a likely income of $Y? By putting in place a well orchestrated Internet Marketing Plan with a website that is effective in capturing business opportunities you may find there is an untapped revenue source you have been overlooking for some time. With the numbers before you it is now a whole lot easier to determine the ROI for your Internet Marketing campaign.