How to Increase Your Conversion Rates
A conversion rate measures the rate at which businesses can convert those who view their sites and turn them into customers. Most businesses typically sport a 2-3% conversion rate, meaning that for every 100 people that view their site, only 2-3 will buy their product.
Conversion rates can be very telling. Not only do they reveal a company’s success- but also their ability to build close connections with consumers. Businesses should strive to improve their conversion rates.
Here are some methods to adopt:
A/B & Multivariate Testing
A/B Testing is a commonly used method of research testing in which two groups are compared – Group A and Group B. From here, data is taken on which group the audience felt a stronger connection towards. The contents of Groups A and B do not have any boundaries, as they can range from a different font on a logo to a change in the entire way a company’s website is structured. These forms of testing allow businesses to examine what works best for them, in terms of attracting the maximum number of customers.
Another commonly used form of research testing is multivariate testing, which displays multiple variations of the same graphic and hones in on which one the audience found to be the most engaging.
The key difference between A/B & Multivariate Testing is that multivariate testing offers a wider selection of variations to work with, as opposed to A/B testing which only has two variations.
Localizing your content
Localizing your content allows you to appeal to those around you that may be in need or have shown interest in your specific product. Often, companies tend to broaden their horizons which is an effective way to increase engagement, however, it decreases your conversion rates.
While you are attracting more viewers, it is important to consider how many of your viewers are attracted to your business. When localizing your content, your business can cater toward your intended audience, which may not bring in more viewers but will bring in more customers.
Know your organizational values
When promoting your business to the public, it is important to ensure that you have a confident proposition in your head of what your company values are. Under the circumstance that a company is unaware of their organizational values, their audience will also be unaware, leading them to feel uninformed and vulnerable.
Displaying this confidence in your company will allow you to build more trust within both current and future clients, who will feel a sense of security with your company.
Analyze competition
When there is a company that operates under the same industry as your own but brings in more customers with a higher conversion rate than your business, there is most likely a reason for it. Through examining the ways in which your competition is run, you are able to view the actions they take that have led them to this success. Once you feel that you have an understanding of what makes them successful, it is important to not directly copy their ideas – but put your own unique twist on them that still effectively increases your conversion rates.
Ensure the quality of your product
Whether your company is selling a physical product or a service, it is crucial that you ensure your product is of the finest quality. This is because, if a customer has a negative experience, the situation will most likely conclude with you losing a customer. In turn, this lost customer will share their review or input, taking other customers out with them and preventing potential customers from purchasing your product or service.
To prevent issues like that from arising, you must verify that the condition of the product you are selling is up to the standard that you hold your business to.
What else should you know?
Other strategies to increase your conversion rates include, but are not limited to:
- Knowing Your Audience
- Creating Incentives
- Embrace Negative Reviews
- Establish a Sense of Trust
Upon understanding the concept, it is important to implement any of the mentioned methods, or even pursue some of your own research. Either way, be sure to pursue a compassionate approach when it comes to driving up those rates of conversion!
