Visitors to Customers
It is common to see millions of unique visitors to the digital properties and only few thousands of those visitors buy our products and services. The conversion rate can be as low as 0.1% on some properties. What can be done to increase the conversion rate significantly?
We know that our marketing outreach is working reasonably.
The number one challenge is to make sure that the visitors are finding what they are looking for effortlessly and are able to navigate the digital media intuitively, so they don’t leave the property and never come back.
On some properties we find that 25% of all customers become customers on the first visit to the media implying that a significant number of visitors come to the media with the intention of buying the product/ services. A significant number of the visitors who don’t find what they are looking for never revisit the media.
Once the visitors find what they are looking for the key levers to help conversion are
- Package: Is there a combination of products and services that meet their needs best? In a world where we are competing with other providers the right package can tilt the choice of the media significantly.
- Price and Promotion: The right package at the right price, both the list price and the discount on top of the list price, for the final sales price the key determinants of sales. The visitors are not necessarily looking to get the lowest price. More than 60% of the visitors associate the quality and value of the product/service with the price that they pay. Of course 30% to 40% of the visitors are price sensitive some of them highly so. https://apexdecisions.com/Blog/perceivedvalue-price.php
- Personalization: Most of us like to be treated as individuals and any recommendation, offers and interactions that are personalized to a given visitor increases the chance of the visitor selecting the media.
- Timing of the offers: Making the promotion or discounting offer at the right time, when they are ready to buy is critical as making lots of offers is not only expansive, it also turns our communications into spam and not paid any attention to. If we make the offer of the right package at the right discounted ( or undiscounted) price with a believable list price with the understanding of what the visitor values in our product over our competitors, we can make a significant impact on the conversion rates.