While most entrepreneurs are either already aware or are just becoming aware of the importance of a quick loading website, many don’t know just how critical it is. We get this question all the time: “How much money am I losing because of my low website speed?” The answer: much more than you think!
Try to imagine yourself this way: how would you feel visiting a poorly-performing website? Would you be willing to wait around while a slow site loads? Are you disappointed when elements fail to appear? If you are, that’s normal. According to recent surveys, more than 92% of clients say that they are less likely to return to a website after a bad experience. More than 77% of people reported leaving a slow-loading website for another site.
To improve the user’s experience, Google has made site speed an important factor when it comes to ranking websites. This means that a slow website will no longer show up at all for some of the valuable keywords that your business relies on.
Let’s see how much money you’re losing
If you’re wondering on how to identify the money you’re losing you’re gonna love this part. To find out how many conversions you lost, use this formula:
(Monthly Traffic *Estimated Percentage of 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 your average order is worth $200, then:
Conversions * Average Order Value
50 * 200 = $10,000
Cost = $10000 per month
So, now that you know how much money you might be losing due to slow site speed, how do you plan to fix it? First, make some tests and find out how your website speed is related to your competitors. If you get something over 4 seconds then, consider investing a bit in speed optimization.
You can use any of these links to check your site speed:
Have someone who knows servers look at your current configuration in your hosting account. Use a caching system, a CDN, and optimize your images.