(photo by Kevin Dooley)
If you’re running your own online businessNothing is more important to the bottom line then your ability to convert customers. As your customer conversion represents the number of people who actually purchase your product or service, this is the statistic that will keep your company in business and your employees happy with a paycheck.
Here are a few techniques you can employ to increase your customer conversion by optimizing your conversion rate.
1. Market segmentation strategy
What market segmentation strategy means in the online universe is taking Pareto’s rule to the extreme. With all the free analytics that you can get through the major search engine companies, you have all of the statistics that you need to segment your market into the people who provide you with most of your sales versus the people who just stop by and visit without buying.
Before you get into converting the visitors, you must optimize your core audience. Do so by testing different pricing strategies and action campaigns on that particular segment. Give them the majority of the free deals and the introductory offers. If there is someone with the same demographic as your high conversion audience that has not been converted, they should be your first priority.
2. Optimize your stickiness
The longer that people stay on your website, the more likely they are to become a true customer. After 5 min., according to MarketWatch, their potential for conversion goes up 10% for every additional minute they spend.
You can optimize your stickiness by streamlining your organization straight to the sale. You can do this by offering your loss leaders quite early, especially on the mobile platform. On the mobile platform, people are 90% more likely to be in a “purchasing mood,” which means that you can get them used to purchasing your products almost immediately. Do not be afraid to put your best deal on the landing page and a link directly to your e-commerce cart.
3. Increase your search engine optimization listings
Studies have shown that not only do people click on the listings that are ranked more highly in search engine listings, but they trust them more as well. There is also another stat known as “ubiquity” which is gaining traction as a way to gain trust more quickly with your customer base, which has a direct effect on your customer conversion rate.
Ubiquity means the amount of exposure that you receive on the Internet at same time, giving you the impression of being an established brand. One instance of ubiquity would be if you had your landing page, your how-to blog and your Facebook page as the top three search results under your chosen keyword. This not only gives you a higher instance of click through rates, but also a higher instance of customer conversion.
4. Price strategy
Your problem with low customer conversion rates may be your pricing. With all of the analytics around, it is sometimes easy to overlook the old school reasons that visitors to your site may not become conversions.
Take a look at the pricing on your website versus the pricing of your competitors. Once you have this hard data in hand, you can very easily segment your audience into those who are looking for price discounts and those who are more value-oriented. If your price is higher than that of your competitor, then you want to take your development back to step one and further segment your audience.
A new strategy that many people are using online is to divide their products into different brands, with different URLs and all. Many times, people will not even know that the same company owns two websites.