Think of your website as an investment rather than an expense. Building a website is the same as opening a new storefront. Like a physical building, your website is an investment that is supposed to produce a return, not be a liability. For those whose websites are not performing, let’s discuss how you can increase profits with a website redesign.
Do Your Research!
Warren Buffet says that the biggest secret to understanding investing is learning about ‘Opportunity Cost’. The question is where would you get the most value overall for your marketing dollars?
Questions to Answer When Considering a Website Redesign
- How much business am I currently doing?
- What is the cost of redesigning my website or building a new one?
- Are there untapped niche markets I can reach through my website?
- What are the costs of upkeep?
- How much risk factor is involved?
Calculating the Potential ROI
Potential is just that… potential. So, calculating the profitability of a new website requires a bit of data analysis and extrapolation.
First, you need to know how what your sales dollars are currently.
Sales on the web reached $394.86 billion in 2016, a 15.6% increase compared with $341.70 billion in 2015. So, take 15.6% of your total sales dollars and use this figure as a target for increased sales over the next year.
The average website needs to be updated every 3-5 years. If you take the cost of your website and divide it by five and subtract that from your target amount, this would give you the upper end of what you could expect in increased sales after website costs.
You can, of course, adjust those numbers to see where your profitability fails. The bottom line is that it’s not how much the website project costs, it’s your return on investment that brings you the highest net returns?
Identifying New Markets
Do you remember a time without the internet? Back in the good old days, you shopped catalogs or looked for advertisements in magazines to find hard-to-procure items. If you were a mom-and-pop store, then local markets were your ONLY markets.
That is not the case anymore. ALL businesses now have a global market, but this is only possible if you have a website. I’d go even further and say, it is only possible if you have a GOOD website.
So, the next step in determining if you can increase profits with a website redesign is to identify new markets. Can you target new clients with niche marketing? Will your website allow you to cross borders and sell internationally? What about ease of purchase? Will your clients find it easier to do business with your company online as opposed to over the phone or in person?
What Does Website Maintenance Cost?
The cost of building a website or redesigning one is not the only factor you have to consider. You also need to consider the cost of upkeep. If you do a lot of e-commerce business, then product descriptions, banners, and email campaigns are a consideration. What about the backend? Who is going to update themes, plugins, and monitor website performance? Either you will need someone inside your organization or you will need to hire a web agency to do it for you.
How Much Risk Is Involved?
“The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn, feel, change, grow or love. Chained by his certitude, he is a slave; he has forfeited his freedom. Only the person who risks is truly free.”
― Leo Buscaglia
Risk is not a bad thing. Only by putting yourself out there can you reap any rewards. However, calculated risk generally brings the highest return. So, here is a really good deal that is calculated to reduce the amount of risk you are forced to take.
We build a mock-up of your website redesign for FREE.
If you take one look at it and say “not for me,” then no harm, no foul. We part friends OR we can redo it to your specifications.
Increase Profits With a Website Redesign
The bottom line is that you can see exactly what you are getting before you ever pay a penny. We will also help you lay out a marketing strategy for your new website that will increase your visibility, traffic, and conversions.
With Thomas Digital Design, it’s not “how can I increase profits with a website redesign.” Instead, it is, “how can I NOT increase my profits”? We build all our web designs 100% custom and targeted to reach your clients with the best UX Design possible. Invest in the possibility of greater profits, contact us TODAY for a Free Mock-Up of your new website.