“It’s much easier to double your business by doubling your conversion rate than by doubling your traffic,” – Jeff Eisenberg
E-commerce has emerged as a fact in the commercial world in recent years. The unique business model that underlies such commercial activity has been employed by such enterprises in a bid to create a distinct identity. We must note that online businesses typically thrive by converting visitors into paying customers; this process hinges on conversion rates that can be boosted by employing a variety of techniques. We must bear in mind that ideally, an online business should continuously work to expand the base of paying customers and this alone can enable business profitability, the ability of a business to serve its customers, to offer a distinct value proposition, and to boost the viability of its commercial operations. We could say that conversion rates represent a key aspect of online business operations because this particular metric represents the percentage of online visitors that engaged with a business enterprise – through a transaction or other actions.
An online business can choose to boost its conversion rates by initiating an information-centric approach to the stated metric. This implies that the business pays sharp attention to the proportion of online visitors that registered above average interest in the offerings of said business. The constant monitoring and analysis of the metric affords the business deep insights into customer behaviour, the ability to examine issues that may be decelerating selling mechanisms, the general levels of success of marketing campaigns, etc. We must note that the information that emanates from such analyses can be used to refine and re-engineer business processes, re-examine the core value proposition offered by a business enterprise, and to re-visit fundamental business practices. In addition, we note that the monitoring of conversion rates can reveal any underlying pain points, the key customer attractions, and can help to uncover customer motivations.
Conversion rates can also be boosted when a business works to expand its activities in public relations exercises. These include sponsored advertisements in print media, television commercials, direct email campaigns, and sponsored live events. The efficacy of such a strategy lies in the fact that it helps to enhance the outreach of an online business enterprise, thereby fuelling higher exposure and boosting visibility among members of the public. We may state that such a strategy essentially hinges on raising the public profile of an online enterprise for offline audiences. The outcomes of such business strategies can manifest in a larger number of online visitors, higher conversion rates, and a deeper integration of the said business in the commercial fabric. The management cadre of a business enterprise must seriously consider the possibility of regularly investing in the previously mentioned activities in the interest of boosting business outcomes.
The use of online contact forms should be encouraged by businesses that pursue the target of boosting online conversion rates. Prima facie, the online form is an attempt to elicit standard information from online visitors, but the intent of such activity extends to boosting customer interaction with an online business. We must note that the presentation of online forms represents an invitation to further the cause of customer engagement because an interested customer is more likely to fill in information on said form. In addition, the information captured by an online form can be leveraged by businesses to send online newsletters to customers, generate and broadcast business text messages, and to enrol the customer’s participation in future business actions. Further, online forms remain a viable tool to boost conversion rates because the customer’s interaction with such media increases customer interest in the business enterprise. All these factors must be considered when a business chooses to deploy online contact forms for every individual customer.
Broadcasting business information through emails can be a useful strategy for businesses that are interested in conversion rates. A standard email template can be designed for disbursal among existing customers and business prospects. This technique can be repeated at regular intervals and may include embedded web links that point the customer to various facets of the online business. We may state that this strategy essentially works as a targeted advertisement and bears the potential to expand the ambit of conversion rates. In addition, an intelligent business enterprise may choose to append special business offers to said emails in an attempt to pique customer interest and boost the chances of customer conversion. We must acknowledge the fact that email continues to be a relevant vehicle for promoting business and should be considered seriously by modern businesses.
The modern connected business enterprise should actively contemplate the creation of a vibrant presence on social media platforms in an attempt to power conversion rates. This technique holds significant relevance for all business operators because the maximum number of online consumers and customers actively endorse the use of social media. Ergo, businesses must cultivate an active social media persona to attract customer attention, boost their presence in the public eye, and significantly increase the possibility of online transactions. We note that this strategy essentially hinges on the immediacy of social media interactions wherein, a business can choose to initiate and sustain an on-going dialogue with its fan base and customers. These interactions are essentially conversations that help the business enterprise to get a sense of customer expectation, gauge customer requirements, and reduce the distance between the business and its customers. We note that such actions invariably increase the quantum of customer engagement, expand the scope of business profitability, and boost the competitive element in a business enterprise.
Live conversations can be used to deepen the customer experience with a business enterprise and to optimise conversion rates generated by an online business. The use of live chatting typically serves to remove customer misgivings about a product or a service and can therefore assure online customers regarding the efficacy of business transactions. We must note that businesses should employ human staff members to operate such online conversations because the human element remains basic to the selling experience. Live chats also enable customers to open a direct line of communications with the business, therefore augmenting customer confidence and generating goodwill in the long term. In addition to answering customer queries, live chats can help to create an independent rapport among businesses and their customers. This can be extended to the concept of customer advocates, wherein committed customers can use a variety of platforms to convince other customers to transact with a business. In light of the above, businesses would be advised to include live chat options on their websites as a mandatory tool designed to optimise conversion rates.
In the preceding paragraphs, we have analysed some of the mechanisms that can be deployed to boost conversion rates for online businesses. Businesses must realise that the multiplicity of brands and online commercial operations make for a very busy marketplace that can confuse the most determined customer. Therefore, every business must make it a priority to create, develop, and sustain a unique brand proposition that will attract customers and expand profitability. Business owners and the management cadre of online enterprises must make it a point to create a fine entrepreneurial culture that dovetails with commercial obligations in the interests of boosting the desired business outcomes.