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Which are the best practices to boost conversion rates?
Please give me some advice to increase our store's conversion rate? Is giving the discount or coupon the best one?
Here are some of the tactics I use and my client use to improve conversion rates:
1. Newsletter Discounts - Have a popup that gives a 10% to 25% discount if they give you their email address. If you want to take it a step further, deliver the coupon code to their email inbox so they have to give you a real email address.
2. Cart Abandonment - Depending on your eCommerce platform, you can show a popup with a discount code if it looks like someone is leaving the site or email them an hour or so later asking them if they need help with their order.
3. Free Shipping - I bet half of your customers add products to their cart but then go to Amazon to see how much the product is and if they can get free two-day shipping. You will probably see an improvement in conversion rates if you offer free shipping at a specific cart value.
It's hard to say what tactic will be best without knowing anything about your store, customers, marketing efforts, etc. That being said, there are two basic ways to improve conversion rates.
1. Increase motivation. This is tricky because much of it is out of your control. If someone doesn't have the problem your product is trying to solve, there's not much you can do. Here are some things you CAN do:
Improve your targeting. You want to make sure you're getting the right kind of traffic to your site. Carefully analyze your ads, keywords, etc. to make sure they are attracting qualified prospects at the right stage. Also check your analytics to see if there are any significant differences in conversion among traffic sources. Focus more resources on the ones that produce better results and less on those that underperform.
Determine and amplify the right appeals. Are you hitting on the pain points and emotions that are behind your audience's motivation to purchase? Make sure your copy is full of benefits, not just features and speaks your prospects' language. And keep in mind that the same benefit may mean different things to different people. For example, a good return on a financial investment may represent financial freedom for some, while others may be more motivated by becoming a better financial provider for their family.
2. Reduce friction. Friction is anything that gets in the way of someone making a purchase. Examples include:
Price. Anything over free adds a certain amount of friction, and the level increases in proportion to the cost. That doesn't mean you should make everything cheap. A certain amount of friction is unavoidable and you are in business to make money. But it is a factor you should be aware of.
Uncertainty. What will happen if I buy something and it doesn't work as I thought it would? Is there a better option somewhere else? Is my private information safe with this company? These are the types of things that keep people from ordering. You need to anticipate and address these questions and potential objections.
Confusion. Make sure everything the prospect needs in order to complete a purchase is 100% clear. Most people won't ask for clairification. They'll simply move on.
Difficultly. If it's not easy to find and order what they need, people won't. Eliminate all unnecessary steps and requirements in your process and optimize your UX.
Inertia. The default for a prospect is to not do anything. A body in motion tends to stay in motion. Adding urgency is a good way to give a little nudge, but there are other incentives that can also work.
My thoughts about discounts and coupons are that they can help when used strategically, but I wouldn't rely on them for every sale. That will lower the perceived value of your products and attract people who shop mainly on price (who aren't loyal customers. They will jump to any other company that offers a lower price.)
I would discounts to introduce new products or try to lure first-time buyers. The exception would be for shipping costs. Those are a major annoyance and many people will even pay more for a product simply to avoid them. So I wouldn't be afraid to offer free shipping with any and all orders.
Best of luck.
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