Your new website hasn’t even launched, but it may have already lost you tens-of-thousands of pounds in sales.
Lucky you, you’re getting a new website. I’m jealous. It should be an exciting time. Whether your current site is getting a significant facelift or a complete re-design, you have a chance to iron out some of the things that infuriated you and crucially your users on the current site.
Hopefully the biggest improvement will be a site that will see users converting (buying/signing-up/asking for a quotes, etc…) at a much higher rate. Brilliant.
Right now you should be feeling a little bit warm and fuzzy.
Here comes the sucker-punch. Your new site could lose you tens-of-thousands of pounds before you even launch it (and I’m not even counting developer costs). From the moment you got the go-ahead for your new website you've probably entered "the big freeze". All work on the current website has stopped and opportunities for improvement are being missed. This hiatus often lasts for up to 6 months until the new website is completed.
Time for some simple maths:
For this scenario let’s pick some possible figures.
- Website conversion rate: 2%
- Monthly Revenue: £100,000
- Development time for new site: 6 months
If you could improve your conversion rate by 10%, so 2% changes to 2.2% then you stand to make £110,000 a month. An additional £10,000 a month would leave yo with up to £60,000 in the bank over a six month period.
But what if you were more ambitious than the figures above. What if you targeted and achieved a 50% increase in conversion rate? In this case 2% become 3% and you stand to make £150,000. That’s an extra £50,000 a month and potentially £300,000 by the time that your new site arrives.
And what happens if, heaven forbid, your new site is delayed by 2 months? That's another £20k-£100k lost. Ouch! On a serious note, we regularly see websites that are later than planned and you should be aware of the impact this will have for your business.
Granted, there are costs attached to optimising your current/old site, but you could still bring in a great ROI on these projects and be left with a healthy profit.
You probably won’t want to start an in-depth six-month project and speed will be important in order to maximize the return on your investment. But in our experience we regularly come across conversion killers that can be addressed quickly and without lots of effort.
If you have a new website in development, but it’s taking longer than expected to materialise and you're worried that you’re neglecting your current/outgoing website, why not get in touch.
Let us know in the comments below if you’ve had any new website nightmares!