5 Ways For Online Health Companies To Get More Revenue
Selling health products online often feels like a never ending climb.
Not only do you have to stay on top of the constant shifts in consumer preferences, ingredient trends, and regulations but…
There’s always a new thing to hop on top of, weather it’s a new traffic source or a marketing tactic for a video sales letter, there always seems to be something.
It’s damn near impossible for the health marketer to just, keep up.
So, while your competitors are focusing on the shiny object of the month, 2017 is the year to leave them in the dust by increasing your online sales with nothing more than your existing traffic.
The way you can do that is through careful and well crafted split testing.
Split Test Your Way To More Sales
A split test is done by simply splitting your existing traffic to different versions of a web page, and measuring which page generates more revenue. There are many tools out there to assist in making this super easy, my favorite is Visual Website Optimizer.
Split testing is fundamental to learning what works for your audience and it is the key to growing revenue in all aspects of your business.
Because as a result of increased sales your advertising spend becomes more profitable and thus you can afford to spend more to increase sales and market share even further.
Quite simply the more you can increase your conversion rate the more self liquidating traffic you can buy, pushing your competition out of the market all together.
But how do you get started?
Here are 5 ways your health business can make more money in 2017 with split testing.
- Increase Conversion Rates
- Increase Average Order Value
- Increase Life Time Value
- Increase Order Frequency
- Increase Margin
Let’s look at each one in depth…
#1 Increase Conversion Rates
Increasing overall conversion rates really comes down to simply, increasing the amount of visitors that buy, i.e. your sales conversion rate.
This is the fastest way to make more money online.
If you’ve already got traffic then the next biggest opportunity is not simply more traffic.
But in the case of selling health online, it’s not about tactics or even technology…
Trust and belief make selling health supplements online uniquely different than any other product and therefore how these products are sold is also different.
#2 Increase Average Order Value
Average order value can only be optimized by thinking broader, beyond just the initial front-end sale conversion rate.
And if you focus on split testing and optimizing on Bundling, Cross-selling, Up-selling and Down-selling, you can have a big impact on revenue.
#3 Increase Lifetime Value
Customer lifetime value (CLV) is something conversion optimization specialists often overlook.
Because they are often focusing on the short term rather than the big picture, optimizing for conversion rather than revenue.
One way to easily increase your customer life time value is to focus on your email follow-up sequence.
The follow-up sequence is often the most overlooked area of a health business. Usually health marketers put together a string of emails and then put it on auto-pilot.
But the true money in these businesses is in the backend and the email follow-up sequence is one entry into that back end growth.
Here are some quick follow-up email sequence tests you can do:
- Test the frequency of your follow up emails. (Send more often vs. less often)
- Test the copy in each follow up email. (Most people just test different subject lines)
- Test adding more calls to action to the same landing page in each email.
#4 Increase Order Frequency
Besides increasing sales, increasing the frequency of those sales is like the tiny hinges that open big doors.
Health business, particularly a supplement business have a recurring continuity offer, for a new bottle every month, baked into the idea of taking a supplement inherent in the product itself.
This naturally leads to a high customer lifetime value if you can increase your stick rate. One way to increase the stick rate is with a price test, which we’ll get to later, but another way is to re-craft the offer to get more people to take the offer. Read more about what makes a killer offer here >
#5 Increase Margins
Price is one of those things you look at once in the very beginning of your product creation and then forget it except for promotions and discounts.
But there’s usually more elasticity in your price than you realize and the market may be willing to pay a higher price than you think. Which is why you should always test price.
If your hesitant however, then start small by testing just a few dollars more or even $0.95 more vs. $0.97 and $0.99
Or even test the order of your offers, anchoring a high price first can and did have a big impact in tests we’ve done, and you can Read more here >
Execution Of Knowledge Is Power
Split testing is not only the best way to systematically grow revenue in all aspects of your business, but it’s also the key to learning what works for your audience.
And the better you understand your audience the more you can leverage that power. Because the business that knows it’s customers best will always win.
A/B testing not only gets you a lift in revenue but also a learning about your customer…
The real ROI of conversion optimization comes from understanding your visitors behavior.
Never stop learning, never stop testing.
Originally published at http://creativethirst.com/blog/