Without a doubt, conversion rates are critical to the success of any business. After all, a company can’t make money if its prospective customers don’t become actual paying customers. But what many business owners don’t realise is how significant achieving your desired website conversion rates can be for your company’s bottom line. In APAC, recent studies show that shows e-commerce sales in the region are set to nearly double by 2025.
Consider this: If your company has a 1% conversion rate and generates $100,000 in revenue per month, increasing your conversion rate by just 1 percentage point — to 2% — means you’ll generate an extra $100,000 per month. That is an additional $1.2 million per year.
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Increasing your conversion rate is, of course, easier said than done. But it’s far from impossible. Here are a few pointers to help you boost those numbers and maximise your revenue potential:
Analyse your funnel
Funnels can be as simple as an ad, a sales page, and a delivery email or as complex as several ads leading to segmented landing pages leading to a sales call leading to revenue. Your funnel either loses people or moves them to the next stage at any point in the process.
If you don’t perform a funnel analysis on a regular basis, also known as an audit, you could be losing out on revenue that could be game-changing for your company. As an example, consider a simple evergreen webinar funnel with a “buy now” option for a $2,000 offer. We’ll keep things simple and assume you’re sending just one email to your original group to direct them to the webinar registration page. Your funnel should look like this:
- The email conversion rate is 50%.
- 15% off the registration page
- Webinar attendance is 20%.
- The conversion rate of orders: 0.67%
With the conversion rates mentioned above, you’ll make $2,000 or one sale of your product/service. We don’t need to change anything about your email, but what about the registration page? Not doing so well. We want that number to be at least 25%,
This could imply adjusting the copy, design, images, and even the offer itself until we reach our 25% conversion rate goal on the registration page. All else being equal, that increase in registration page conversion rate alone nets you another sale, bringing your total revenue for this funnel to $2,000.
Segment your email list properly
When it comes to email marketing, quality trumps quantity every time. Because not every recipient will be interested in what you have to say, sending a generic message to your entire list is likely to result in few conversions. By segmenting your list, you can send more targeted, relevant messages that are more likely to convert.
Do you have no idea how to segment your list? Begin by breaking it down into smaller groups based on factors such as geography, age, gender, interests, and so on. Then, create distinct messages for each group.
Optimize your website conversion rates
Because your website is frequently the first point of contact between you and a potential customer, it’s critical that it’s up to par. Is it simple to navigate your website? How quickly do the pages load? Is the copy concise and clear? Is there a clear call to action on every page?
If you answered “no” to any of these questions, it’s time to do some soul-searching for your website. Even minor changes, such as adding testimonials or improving your calls to action, can have a significant impact on conversion rates.
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Personalize your customer experience
Simply having a website isn’t enough in today’s competitive market; you must go above and beyond to stand out. Personalizing the user experience for each visitor to your site is one way to accomplish this.
This is now easier than ever before thanks to technological advancements. There are now a plethora of tools available that allow you to collect data about each user and then use that data to display content that is tailored specifically to them.
Are you reaching your website conversion rates?
Reaching — and exceeding — your desired conversion rate can have a significant impact on your company’s revenue. If you’re unhappy with your current numbers, don’t worry; there are plenty of ways to improve them.
If you would like to speak to one of our consultants about how SYNC can help with improving conversation content on your website page, improve SEO and audit your website to optimize conversion rates, drop us an email at hello(@)syncpr.co.