In our previous blog post, we talked about some important averages: our marketing Benchmarks Groups data shows that on average, UK mid-sized B2B businesses receive:
We discussed why these are important metrics to track – for the purpose of this post, you’ll need these numbers to help you do a little light maths (we promise you don’t even need GCSE Maths for this one).
Our aim is to answer the question: are 3,380 website visits and 2,490 monthly website visitors enough to sustain and grow your business through unpredictable economic times?
This is a question we hear a lot from our clients. In the case of our marketing Benchmark Groups data: is 3,380 visits a month enough? Are 2,490 users enough?
The short answer is: it depends on what you’re doing with those users once they arrive.
If we turn to a shop analogy for a moment…
Or maybe you have 2,000 shop visitors a month, half of whom browse and leave, a quarter of whom buy mints at the till, and a quarter of whom fill up a trolley and buy a big shop.
If a few till sales is enough to sustain your business, then your current traffic is fine. But if you need to grow, you’ll need to increase traffic and/or get some of those full-trolley sales in. The only way to answer whether your website traffic is enough, is to establish how much traffic you need to make the sales you require.
There’s a simple bit of maths required here – stick with us.
To solve these sums, you’ll need to look at your historic data to find out:
If your monthly revenue goal is £30,000 and your average sales price is £5,000 your minimum monthly sales = 6.
If your minimum monthly sales = 6, and your average closing rate is 60% (around 60% of your enquiries become paying customers) then you’ll need 10 monthly leads.
If you need 10 monthly leads and your website conversion rate is 5%, you’ll need your website traffic to be at least 200 unique users.
These sums are generally true of service-based businesses, but you may need to calculate this differently.
Adjust these goals according to your growth aspirations. If, for example, you decide you need your monthly revenue to be more like £50,000, you’ll have to get more ambitious about the other numbers to help you get there. So if on average each month, mid-sized B2B UK businesses are tracking:
…those numbers sound positive, right? If all you need is 200 users to generate £30,000, then in theory 2,490 users should be generating more than £300,000. But hold your horses…
You’re only going to sustain that 5% conversion rate with a higher volume of visitors and sessions, if:
In our next post, we explore how to keep visitors on your website once they arrive, and how to turn them into those all-important conversions.
For now, remember that “enough website visits” completely depends on your own goals. While it’s interesting to benchmark yourself against similar-sized and geographically placed businesses, the focus should be on your individual numbers to ensure you aren’t comparing just for the sake of it, but strictly keeping in your own lane, forging a path towards your own success story.
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