How to Boost Your Conversion Rates
Nowadays, most businesses rely on customers. The primary goal is to convince as many consumers to buy from you so that your business can grow and develop further. In addition, the whole purpose of marketing and other activities is to get people interested enough in your products and services, so that they can make a purchase and become your trusted customers. That’s why the conversion rate is so important.
Simply put, a conversion rate is the number of your website visitors who decided to become your customers by purchasing something on your site. Conversion rates are expressed in percentage, so if you have 100 website visitors and only 10 of them made a purchase, your conversion rate would be 10%. Improving conversion rates means improving profits and revenue, which allows your business to grow. Therefore, here are a few ways you can boost your conversion rates.
Create a conversion funnel
A conversion funnel is a strategy that helps you generate interest for your products or services, with a goal of encouraging potential customers to buy from you. Conversion funnel mainly consists of four aspects: awareness, interest, consideration and conversion.
- Awareness – You create marketing campaigns that will promote your products and services to your target audience. You use different methods, such as social media campaigns, email marketing and so on. Basically, you generate leads for your website.
- Interest – Consumers that land on your website are interested in your products and services and want to know more about your offers. Make sure you provide additional information about your offers, through good content, demo videos and other methods so that potential customers can familiarize themselves with your products or services.
- Consideration – Potential customers will continue to do research and compare prices on other sources, in order to ensure they get the best value for their money. It’s up to you to convince them that your products are right for them through custom promotions and personalized offers.
- Conversion – The potential customer decides to buy from you, which converts them into an actual customer.
Provide value to customers
Your goal to boost the conversion rate doesn’t end with more visitors deciding to buy from you. What’s more, you want the best value from your existing customers. In order to achieve that, you must deliver value to your customers, in order to encourage them to buy more from you. That’s why it’s important to monitor customer lifetime value metric or CLV. This metric shows how much revenue your company gains from a single customer during their lifetime as a customer.
When compared to customer acquisition cost (CAC) metric, the CLV can mean the difference between profits and losses. For instance, if it costs more to acquire a customer than that customer actually spends at your store, then your conversion rates won’t matter much for your profits. That’s why you must implement strategies to deliver more value to customers through your offers in order to successfully retain them. You can always consult with this business coach from Sydney if you have difficulties implementing the right strategy.
Optimize your landing pages
First impressions matter the most when it comes to conversions and it won’t matter how effective your marketing is in generating leads if your website visitors bounce from your landing pages. Landing pages are any web pages of your website that consumers land on after clicking on a paid ad or external link you have in your marketing campaign. That’s why they must be optimized properly to encourage consumers to take the desired action.
Make sure your landing pages are visually appealing. Also, include all the necessary information about your products or services, as well as the list of benefits your product features provide. However, don’t overwhelm your visitors with information to avoid them bouncing off. Furthermore, place your call-to-action buttons the right way, so that they encourage visitors to click and not drive them away.
Track website traffic sources
Having good website traffic doesn’t mean you’ll have more conversions. In order to boost your conversion rate, you must understand where your website traffic originates from and what the purpose of your website visitors is. For instance, your organic search traffic shows how many people came to your website by doing research on search engines.
Not every visitor came to your website with the intent to buy. Some are there to compare prices, others came to see what you have to offer. In any event, determining the source of web traffic allows you to identify more qualified leads. In other words, visitors who are more interested in becoming customers. That way, you can target them with more personalized offers, in order to encourage them to make a purchase and boost your conversion rate.
Boosting the conversion rate isn’t easy. You must carefully plan out your marketing to generate interest and then lead your potential customers down a funnel to help them convert. By improving your conversion rate, you allow your business to develop and grow further, while you enjoy the benefits of having good profits and revenue.