In a competitive business world of big ideas and small attention spans, it is a challenge in and of itself to compel onlookers to turn into customers. What a lot of industries fail to recognize is that by giving these onlookers subtle, but very real, incentives to buy your product or service, you are substantially increasing your odds of converting sales. Below are 5 ideas as to how you can, and will, do just that:
Limited Time Offers
By pushing a limited time offer onto your potential customers, you apply a sense of pressure (but nothing invasive) to viewers who are on-the-fence about your product or service. Simply put, people feel compelled to meet deadlines, especially when there is the notion of scarcity. In this case, time is of the essence. For example, the world renowned Air Jordan sneakers have seen time and again the lengths people will go to get their hands on a limited product.
Content, Content and Content
Offer your prospective customers something other than just a product or service. Everyone does that already. By blogging or supplying them by other means with extensive content related to the field in which you work, you can effectively tie your message back into the thought-provoking, funny or interesting content you already provided. The reader did not just learn something new, they learned it from you. There are several other positive side effects to this. For one, your company’s SEO portfolio will be enhanced as a byproduct. That means while you already provide those familiar with your company with tangible content, you can also increase your odds of attracting new people via Google searches. Two, you can implement call-to-action buttons. Though there are several different methods of using call-to-action buttons, it all serves one purpose: to compel your viewers to do something extra as it pertains to driving your online engagement and sales. It really is no wonder that, among other indicative statistics, nearly half of all marketers say that blogging is the most important portion of their content strategies.
Offer to Split Payments
By removing the financial burden of buying nice, shiny new things, offer your customers the ability to make incremental payments if they desire to do so. Researches have noted the effectiveness of this buyer-option, seeing that it leads to a 10% increase in sales and 12% increase in average order value, and it is no wonder why. With the option to pay incrementally, buyers are relieved of the bigger hit to their bank account. It helps you sleep easier knowing that a smaller percentage of your paycheck is going towards your new purchase.
Retargeting ads, put in layman’s terms, attach tracking codes and cookies to your visitors as they depart from your page. In doing this, you are effectively implanting yourself into their day-to-day web browsing. These tracking codes and cookies will cause your ad content to appear in other places that your viewers visit online. This can genuinely turn into amazing sales opportunities for your company. Think about this: the average webpage earns about 3 page views per visit. This means that people that would be customers missed out on the product that fits for them. Enter retargeting ads, stage right. Strategically implementing retargeting ads can bring back a former page visitor by showing them a service or product they did not know you offered, and turn them into a happy and loyal customer for years to come. Check out the statistics in this infographic that breaks down the numbers behind retargeting ads.
Understand your Data
While selling online the retailer can’t operate in a silo or only look at their own historic data – the retailer at all times need to keep watch on its competitors’ catalog and pricing/ discount movements. While selling online the retailer can’t operate in a silo or only look at their own historic data – the retailer at all times need to keep watch on its competitors’ catalog and pricing/ discount movements. The millennial shopper today is a hyper-aware shopper who knows the best prices and deals before he decides to shop, and it’s time the online retailers kept pace with this shopper. With tools like the Incompetitor, retailers get visibility into their competitors’ catalog and price movements in real-time to enable them to mark down or take advantage of an Out of stock (OOS) scenario ensuring the highest margins at any given point in time.
Of course, this seems like a given. But the truth is that data in and of itself is not exactly useful. It is a matter of what you choose to deal with it. It is like weighing yourself on a scale: what would be the point of doing it if you did not plan to do anything with the information it gives you? You probably wouldn’t; the information would not compel you to do anything. The newfound idea of “revenue hacking” and “growth hacking” are data obsessive. If the statistics did not imply the other four strategies translated into real sales, we would not provide these solutions to you. Revenue and growth hacks focus exclusively on the measurable impacts of what strategies clients implement into their marketing campaigns. By recruiting useful programs like Google Analytics and SimilarWeb, for instance, you have the tools to calculate how to best take the next step. Living and dying by the numbers means that you are not being partial to a marketing campaign you put your heart into. Numbers do not lie, and are to be taken seriously within anybody’s marketing ventures.
There are a million ways to skin a cat. Selling online, like all other marketing strategies, are a matter of throwing things at the wall and seeing what sticks. Yes, this sounds strange, but it’s so true. There are obviously the go-tos, but being the best isn’t about being a follower, it’s about trailblazing.
Though there are a lot of uncertainties, the data implies that pushing limited offers, producing content, creating split payments, retargeting ads and understanding all the data around that will liken your odds of successfully marketing your product while yielding the most conversions possible.