Whether you run an eCommerce website or your website acts as your number one tool for bringing new customers into your business, you need to optimise your sales process to ensure maximum conversions.
From website design tweaks to implementing an effective abandoned basket email strategy, there are several ways to boost your conversion rate. But what should you be aiming for and what is considered a ‘good’ rate of conversion?
What is considered an excellent conversion rate?
If you’re anything like as nerdy as we are, you’ll spend a substantial proportion of your working hours evaluating yourself against other businesses to see how you’re faring. While that’s useful in some regard (when not pursued to an unhealthy extent!), you need to keep your industry in mind to ensure you’re comparing apples to apples.
For instance, eCommerce websites, in particular, are famous for their low conversion rates. The global median CVR (a cool abbreviation of conversion rate) is a mere 1.84%. Yes, that’s right; less than 2%. By contrast, if you’re in the finance space that median more than doubles to 5.01%.
So always make sure to gather some industry-relevant data to benchmark your results before you cry yourself to sleep about how poor your conversion rate is (or is that just us?).
If you want to make the mistake of comparing yourself to the rest of the internet, or you can’t find industry-relevant data, these are some ballpark figures from a recent WordStream study (which is also the source for the statistics quoted above):
- Average – 2.35%
- Top 25% – 5.31%
- Top 10% – 11.45%
So now you’ve researched what you should be aiming for, how can you go about increasing those all-import conversion rates? Here are 5 basic starting points.
#1: Social proof.
Ask yourself this question, when evaluating a product or service, what do you do? We’re guessing you’re like us and spend time pouring over reviews online and asking friends and family whether they have any experience with the company and/or goods in question.
In essence, you’re looking for ‘social proof’. You want confirmation that the purchasing decision you’re about to make is a good one. As a website owner, you can harness this power for your own benefit by giving it to your customers on a silver platter.
Firstly, as many as 97% of customers admit that online reviews influence their purchasing decisions. So make sure to display customer reviews of your products in a prominent location.
You can also increase social proof by implementing those recent customer activity boxes you see on many leading eCommerce sites. Just by displaying a simple message such as, “Jim from Gloucester bought this item 16 minutes ago” can be the nudge someone needs to pull the trigger.
Better yet, with a seasoned team of user experience UX designers on your side ;o) this site upgrade can be initiated in as little as a few hours and boost conversions by as much as 15%.
#2: Add extensive website tracking.
Ever wondered where it’s all gone Pete Tong on your website? Do you have any idea what effect the changes you make to your website are having on your conversions? If you don’t, it’s because you don’t have accurate website tracking.
Installing a Google Analytics code on your website is an absolute necessity. You can pour through all kinds of metrics such as exit pages, which will tell you exactly where your visitors are leaving your website.
You can also install additional website tracking tools such as a Facebook Pixel, which will help to see where you’re going wrong in your quest to acquire customers via Facebook advertising.
Between both Google Analytics and a Facebook Pixel you can track things like…
- Website traffic sources i.e. where your visitors are coming from and how they found you.
- Pages on your site which hold engagement for the longest.
- Demographics such as the average age range of your visitors, the devices they use, the towns they live in etc.
- Exit pages (as mentioned above).
- And a whole lot more.
If you’ve not mastered Google Analytics or the Facebook Pixel, you’re almost definitely leaving money on the table.
#3: Add live chat functionality to your website.
Ever wanted to ask a quick question about a product but found that you could have to wait 24 hours before someone responds to a customer service email? Or you’re online shopping over the weekend, and there’s no one you can call to clarify something? It’s annoying, isn’t it? But it’s worse than that. For the owners of those businesses, they are unintentionally ignoring and driving customers away.
The good news is, with the implementation of the live chat feature (or even a chatbot), you can provide answers to customer queries instantaneously. Being available to your customers at the exact moment they need you, is a conversion boosting monster!
Top Tip – Some live chat integrations allow you to initiate the live chat by notifying you when a visitor is on your website or looking at a specific product or service. This is just like having a physical shop and walking up to a customer and asking if you can help them.
According to conversion experts Invesp, if a visitor engages with a live chat agent, they’re 2.8 times more likely to end up purchasing a product. In fact, 38% of customers reported making a purchase after having a good session with a live chat agent.
Overall, they found that adding a live chat feature on a website typically leads to a 20% increase in conversion rates.
#4: Create abandoned basket email/message campaigns.
There’s nothing worse than a customer going 90% of the way to buying from your online shop and then jumping ship at the last minute. But it’s actually incredibly common. The average basket abandonment rate for eCommerce stores is almost 70%!
There are many reasons for abandoned baskets, but the most common ones are shipping costs and/or VAT added to the basket total at checkout.
The good news is that you can still tip those users over the edge into buying your products or services. The even better news is you can automate the entire process!
With the right software and a bit of know-how from a team of crack digital marketers ;o) you can send a carefully-orchestrated, automated email/message campaign to nudge would-be customers into checking out.
You could simply choose to remind them about the items they have in their basket. Or to really boost conversions you could offer them a time-sensitive discount code to create the sense of urgency they perhaps lacked the first time around.
The average conversion rate of a cart abandonment follow-up email is more than 10%, so it would be crazy not to implement this strategy for your website.
#5: Utilise automated marketing/nurturing emails.
Ok, so we’ve covered emails after someone has visited your website. But what about tempting them to come and browse in the first place.
Remember, converting ice-cold traffic is infamously challenging. In fact, the average customer needs at least eight interactions with a new brand before making a purchase.
But what if you could inform a customer of every possible reason to buy your product or service over the course of four or five emails? What if by the time they arrived at the product page, they already knew everything about it and couldn’t wait to fill out their payment information?
Not only is this possible, but it can also be put on autopilot. Email marketing experts can set up automated funnels that have numerous messages that initially inform customers before creating urgency to buy the product or service. This can also be backed up with social media advertising and targeting the same individual who is currently in your automated funnel.
Not that we like to blow our own trumpet, but this is something that we’ve done plenty of times in the past for our clients, with some pretty emphatic results ;o)
Increase your conversion rates with the help of digital marketing experts.
‘Conversions’ are probably the most vital metric for any website owner. Whether you sell your services to other business, or you’re a consumer-facing eCommerce store, the more visitors you can convert, the more money you’ll make.
With the popular strategies laid out above, you’ll be well on your way to boost your conversions. But there are plenty more tried and tested methods that we’ve implemented for our clients over the years that have secure some pretty astounding results.
So if you feel unsure about where you are losing your customers, or you’re convinced that your revenues aren’t matching your traffic numbers, get in touch to discuss the conversion issues you’ve been facing.
This blog article was also published on our main website, Nous Digital.