While most business owners are either already aware or are just becoming aware of the importance of having a quick loading website, many don’t know just how vital it is. We hear the question all the time: “How much money am I losing due to slow website speed?” The answer, unfortunately, is much more than you think.
Just think of it this way: how do you feel when you visit a poorly-performing website? Are you willing to wait around while a slow site loads? Are you less than impressed when elements fail to appear? If you are, you’re not alone. According to recent surveys, nearly 90% of customers say they are less likely to return to a website after a bad experience. More than 75% of people reported leaving a slow-loading website for a competitor’s site.
To improve the user’s browser experience, Google has reportedly made site speed a factor when it comes to ranking websites. This means that a slow website may no longer show up at all for those valuable keywords that your business relies on.
Calculate Your Losses
So, is there a way to calculate how much business you could be losing due to a slow website? To find the cost, use this formula:
(Monthly Traffic * Estimated Visitor Loss) * Conversion Rate
Let’s say, for example, your traffic is 10,000 and you’re losing 10% of your visitors:
(10,000 * 0.10) * 0.05 = 50
If 20% of conversions become cases and the average case is worth $10,000, then:
(Conversions * Case Rate) * Average Case Value
(50 * 0.20) * 10,000 = $100,000
Cost = $100,000 per month
So, now that you know how much money you might be losing due to slow site speed, how do you fix it? First, make sure that the company that manages and hosts your site performs a site speed test to identify any issues that might be slowing it down.
Your provider will check to make sure that all the images on your site are optimized (or compressed for the web) and sized correctly to make sure that they don’t slow down the load time. They will also make sure that your site passes the scalability test, which means that your site can handle any potential spikes in traffic.
Turbocharge Your Website
If you’re ready to get your site up to speed, contact The Search Engine Guys today. Our web designers have the expertise to boost your site’s speed so you can retain more of your income. Contact us at (512) 806-7955 or online to get off to the races.