Maximize Your Conversion Rates
When making your business processes more scalable, the ultimate goal is to increase conversion rate of your business. Your conversion rate represents the percentage of visitors (to your website, your great blog, social channels, ads, newsletters, et cetera). That actually takes an action by buying your product or service and becoming a customer.
In other words. Your conversion rate represents how effective your messaging is and how strong your product or service behind the message is.
Read on to learn what a good conversion rate is, how the landscape has changed. And what you can do to maximize your conversion rate.
Setting the Scene
Let’s start by looking at an example: In the month of April, 100,000 people visit an e-commerce site. During that month, 2,000 users purchased something from the site. Thus, the site’s conversion rate (2,000/100,000) is 2%.
The broader your scope and the more marketing activities you use (webinar registrations, emails, landing page signups, etc.). The more you can increase your conversion rate.
What’s a good conversion rate? Frankly, a good conversion rate is one that is higher than it is now. In 2020, the average conversion rate for e-commerce websites is 2.86%. The average e-commerce website conversion rate in the U.S. is 2.63% compared to the global website conversion rate of 4.31%.
Today’s marketing and sales landscape looks vastly different from that of just a few decades ago. With the advent of the internet, blogging, social media, and a myriad of digital communications channels, the path to purchase is not a simple straight line, but a complex and varied web of twists and turns — and touchpoints.
Today’s consumers are also increasingly immune to traditional advertising and sales methodologies, meaning they conduct more independent research and take more convincing before they’re sold on making a purchase. That’s why the buyer’s journey may differ from one consumer to the next: They’re not all listening to the same radio spots to learn about your company. They’re not even being exposed to the same information about your brand from the same sources. Some may have discovered your company on the web, while others learned of your products or services through word-of-mouth recommendations. Some may read online reviews before engaging with your marketing team or filling out an online request for more information. Others will visit your website, read your blog, and evaluate your competition before engaging with your company.
Better Targeting, Better Results
In addition to leads finding and developing affinity for your brand through different channels, when leads are passed from marketing to sales, they’re expected to be “sales-ready,” or at the decision-making stage in the buying journey. The myriad paths to purchase makes it increasingly challenging to qualify leads effectively as sales-ready.
Consider this: It takes 18 touches on average to generate a viable sales lead. That means it takes multiple touches for a consumer to make the choice to request information — and even more for marketing to gather the information needed to determine whether a lead is ready to be passed to sales. At the early stages in the buyer’s journey, consumers are often merely gathering information and building awareness about your products and services. Often, these interactions are not in-depth enough to provide the information necessary to qualify as leads.
As you further structure and optimize your marketing and sales channels and tracking, keep these factors in mind. Not only is it part of creating a flexible and scalable roadmap, but if you can’t regularly improve your conversion rates across the board you’re throwing money out the window.
Become a Successful Scaleur
Scaling is a strategy that can only be mastered by a scaleur who is a dedicated learner and considers real-time business priorities. I hope the article above has helped! Marketing Scaleurs is a scaling company that helps entrepreneurs scale their marketing efforts. We’re experts in growth marketing, product development, and more, creating custom growth plans for startups, entrepreneurs and scaleurs in order to help them gain traffic, generate leads and increase their revenue.
If you want traffic, leads and sales, get in touch and you’ll start getting results in no time!