Make optimising your conversion funnel one of your key goals
Don’t be intimidated by the words “funnel.” If you’re selling anything online, whether that be a product or a service, you already have a ‘conversion’ funnel. Now, you just need to optimize that funnel to maximize your results.
Think of this as if you are about to walk into a physical store. What was it that got your attention to go into that store? Once arrive in that store, there is a multitude of salespeople vying for your attention. Some stores have excellent sales staff that draw customers in and keep them in the store, and ultimately take the customer on a journey until they buy a basket filled with a load of products.
The same process takes place online. And that ‘journey a customer takes’ we call this the ‘online conversion funnel’.
Not sure where to start in looking at your conversion funnel? Don’t panic. At e:command, we’re here to give you some thought starters around what you can do to implement Conversion Rate Optimisation tasks.
Now, let’s look at that funnel…
The entire point of ‘optimising’ the steps in the funnel is to increase those ‘conversions’, whether that’s by increasing product purchases, purchases of a service or customers signing up to something (taking some form of action that your business ultimately needs them to take). In this image here, we are calling these people ‘buyers’.
Understanding how prospective customers are using your website and understanding blockers that stand in their way throughout their journey to convert is crucial. Small tweaks throughout this journey can have a significant impact to your bottom line.”
There are 5 stages in the customer conversion ‘funnel’:
This is where you are working to make prospective customers aware of your brand and website, and you run various activity to draw these customers in to actually visit your website
This is the process by which you are enticing your site visitors to have an interest in the products or services you have to offer
This is about really showcasing elements of your products or services that are special, and this can be done by showcasing detailed photography, video content, or user reviews, or showcasing all of the above to really convince the visitor that it would be extremely rude not to ‘buy’ or ‘sign-up’ to your service
This is at the point where the customer is about to sign on the dotted line to get the product/s or service/s. DO NOT make it difficult for them. Make it a no brainer, easy and simple process for the customer to commit to purchase
This last step is extremely important for eCommerce sites, and one of the points that is often overlooked.
Remember, it’s much more expensive to acquire a new customer than it is to re-engage and re-sell to an existing customer.
So re-engagement with customers that have bought from you before should be a key action in your plans. Making sure to have an ‘opt-out’ to newsletters (a pre-ticked opt-in) during your shopping cart step and you will be guaranteed to get a number of customers signing up to your communications.
Then, make a plan to have regular and interesting email communications to your customer database to entice them to keep coming back to buy again.
What areas in the funnel can be optimised?
There are many things that can be done to optimise your website and your customers’ experience of it.
But here are some pretty quick-win elements within the ‘funnel’ to look at when it comes to ‘optimising’:
Traffic: how good is your traffic and where is it coming from? Increasing the traffic, and making it good quality traffic means you have more chances of pulling more relevant visitors through
Bounce rate: Do you know what the number of customers are that come to your website and then instantly go somewhere else (away from your website)? This is called a bounce rate. By reducing your bounce rate by 20%, mixed with an increase in traffic can have an even greater affect on conversion.
Conversion rate: UK eCommerce industry average for conversions is around 2-3%, so if you are hitting this you are doing well. If you are above this, you’re amazing. But, there is always room for improvement. Increasing your conversion rate even by .5% can mean a significant increase in revenue. And, who wouldn’t want to achieve that?!
AOV (= Average Order Value): Looking at all orders over a 12month period and average them, will give you your AOV. Implementing tactical changes during the checkout stage of your website, or encouraging customers buy complimentary products will drive your AOV higher. Amazon does this very well.
So, an increase in conversions by .5% and an increase in AOV by £10.00… over a 12month period… BOOM. You do the math!
But CRO (Conversion Rate Optimisation) doesn’t just stop there. It’s an on-going process to optimise, improve and drive sales or actions higher.