Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your...

20
Optimize Your Conversion Rate Optimize Your Conversion Rate Optimize Your Conversion Rate Optimize Your Conversion Rate Best practices Tetyana Franke, Business Unit Manager

Transcript of Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your...

Page 1: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Optimize Your Conversion RateOptimize Your Conversion RateOptimize Your Conversion RateOptimize Your Conversion RateBest practices Tetyana Franke, Business Unit Manager

Page 2: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionConversion Conversion Conversion Conversion raterateraterate is the ratio of visitors who convert casual content views or website visits into desired actions.

Page 3: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

On-Site OptimizationOn-Site OptimizationOn-Site OptimizationOn-Site Optimization

Page 4: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase Conversion

� Keep the navigation very simple on your Keep the navigation very simple on your Keep the navigation very simple on your Keep the navigation very simple on your pagepagepagepage

The more options or confusing your page is, the worse your conversion rate will be. That ’s

why you see many sales pages with almost no navigation at all.

� Get Get Get Get the point as quickly as the point as quickly as the point as quickly as the point as quickly as possiblepossiblepossiblepossible

� Give proof for anything you Give proof for anything you Give proof for anything you Give proof for anything you saysaysaysay

Your visitors don’t believe you. Give them facts, samples, videos, and demos.

Show checks, charts, endorsements, etc. If you can’t back it up, they don’t believe it.

Page 5: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase Conversion

� Check Check Check Check your page load your page load your page load your page load speedspeedspeedspeed

On long sales copy sites, you may want to break up your tables with one table up top with

a page or so of your text, and the rest in a second table. The top table will load up first .

� Have a potential customer go through the site for you. Have a potential customer go through the site for you. Have a potential customer go through the site for you. Have a potential customer go through the site for you.

Is there any parts you’ve missed? How can you better explain it? Is there anything they

don’t understand?

� Have a second opinion from another Have a second opinion from another Have a second opinion from another Have a second opinion from another content writer.content writer.content writer.content writer.

It’s very easy to miss something on your own sites. That’s why you should always have another

content writer take a look.

Page 6: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

� Offer Offer Offer Offer basic and deluxe options to your basic and deluxe options to your basic and deluxe options to your basic and deluxe options to your offersoffersoffersoffers

While this may or may not increase your conversion, it will increase your income per

visitor. Some will choose the basic. The ones who choose the deluxe boost your

profits.

� Use bullets whenever possible to describe your offer benefits.Use bullets whenever possible to describe your offer benefits.Use bullets whenever possible to describe your offer benefits.Use bullets whenever possible to describe your offer benefits. Very few people “read” online sales letters. They skim them so use bullets, sub-heads,

graphics, etc. to keep pulling them back in.

�Restate Restate Restate Restate the offer and guarantee on the order forms. the offer and guarantee on the order forms. the offer and guarantee on the order forms. the offer and guarantee on the order forms.

Shopping cart abandonment is always an issue. Do your best to curb this by making

the offer again on the order form.

Page 7: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

� Offer cross- and upselling, outstanding guaranteesOffer cross- and upselling, outstanding guaranteesOffer cross- and upselling, outstanding guaranteesOffer cross- and upselling, outstanding guarantees

On average, 20% of cross-sell offers convert and a properly designed upsell will convert at

50% on average.

Many companies offer full money-back guarantees. You can offer double your money back

guarantees, keep all the bonuses guarantees, etc. Offer a guarantee that’s unusual!

� Use audio and video to demonstrate use of your Use audio and video to demonstrate use of your Use audio and video to demonstrate use of your Use audio and video to demonstrate use of your productproductproductproduct

This has to be tested, but well done video demos of the product will often improve

response.

� Test headlines, intro paragraphs, graphics, pricingTest headlines, intro paragraphs, graphics, pricingTest headlines, intro paragraphs, graphics, pricingTest headlines, intro paragraphs, graphics, pricing , etc.

Page 8: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Price and Rate ModelsPrice and Rate ModelsPrice and Rate ModelsPrice and Rate Models

ServicesServicesServicesServices

Dynamic prices: Dynamic prices: Dynamic prices: Dynamic prices: The price depends on supply and demand side.

� This pricing model can be used for additional services like support services.

� Dynamic means that the prices vary during a period depending on supply

capacity and demand on the consumer side.

� Prices can also be used to allocate service classes to different uses and recover

costs of providing services.

� Support service classes: A-customer, AA-customer and AAA-customer

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

Page 9: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Price discriminationPrice discriminationPrice discriminationPrice discrimination

� Price discrimination is aimed at different types of customers.

� An example is to offer students and educational institutions a discount.

� By selling goods to people and using „point-to-point“ technology, it is possible to

arrange multiple and even personalized prices.

� Personalization is an important concept in Electronic Markets

� Theoretically, it assumes the customer‘s willingness to pay and extract the full

value of his or her consumer surplus.

� Personalization technologies significantly increase the ability of sellers to

employ first degree price discrimination

� Methods include segmentation by geographical (IP address) or demographical

criteria (age, users of a certain hardware).

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

Page 10: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

VersioningVersioningVersioningVersioning

� Versioning is an opportunity to create a new product line with very low costs.

� It is a part of vertical price discrimination

� Goal is to create qualitatively different versions of software.

� Various empirical investigations recommend to offer 3 instead of 2 versions, as

the average customer will most likely opt for the middle version.

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

Page 11: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Our experience on pricingOur experience on pricingOur experience on pricingOur experience on pricing

� The pricing structure of multimedia software and utilities shows clearly that the

representative price is USD 29.95 (for multimedia, standard solution) and USD

39.95 (for utilities).

� Different price groups can arise from the fact that there are different versions

available (pro, standard, suite).

� Multimedia software and utilities software is difficult to classify because there are

several versions and special price strategies.

� A lot of software companies prefer subscription billing to fit their customers‘ needs.

� Apart from this they offer suite-versions to combine products of product families.

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionProduct PropositionProduct PropositionProduct PropositionProduct Proposition

Page 12: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionShop OptimizationShop OptimizationShop OptimizationShop Optimization

� Make Make Make Make the checkout process simple with as few clicks as possiblethe checkout process simple with as few clicks as possiblethe checkout process simple with as few clicks as possiblethe checkout process simple with as few clicks as possible

The more pages you add in between the sales page and checkout, the more

dangerous your sales process becomes.

�Collect opt-in email leads and Collect opt-in email leads and Collect opt-in email leads and Collect opt-in email leads and follow-upfollow-upfollow-upfollow-up

At least get their email address. Get their physical address and phone number

for even higher response.

�Keep the navigation very simple on your page. Keep the navigation very simple on your page. Keep the navigation very simple on your page. Keep the navigation very simple on your page.

�Offer different Offer different Offer different Offer different payment options payment options payment options payment options or or or or even a try before you buy offer even a try before you buy offer even a try before you buy offer even a try before you buy offer (30 (30 (30 (30

daysdaysdaysdays))))

�Display safe shopping logos Display safe shopping logos Display safe shopping logos Display safe shopping logos

�If your product is high ticket enough to pay for live supportlive supportlive supportlive support, run a live support

button on the website…and have your operators actively contact the visitors.

�Add more testimonials. Add more testimonials. Add more testimonials. Add more testimonials.

The closer those testimonials are to your target audience, the better they are.

Your visitors want to see testimonial from people just like them.

Page 13: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

• be different! be different! be different! be different! • be relevant!be relevant!be relevant!be relevant!• be credible!be credible!be credible!be credible!

E-Mail Marketing:E-Mail Marketing:E-Mail Marketing:E-Mail Marketing:

Ways to Increase ConversionWays to Increase ConversionWays to Increase ConversionWays to Increase ConversionShop OptimizationShop OptimizationShop OptimizationShop Optimization

5% to 10%+ lift5% to 10%+ lift5% to 10%+ lift5% to 10%+ lift

Page 14: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Source: Forrester 2009/2010

Search is the most effective acquisition tactic, but email is Search is the most effective acquisition tactic, but email is Search is the most effective acquisition tactic, but email is Search is the most effective acquisition tactic, but email is most effective overallmost effective overallmost effective overallmost effective overall!!!!

Overview - Overview - Overview - Overview - Optimizing Your Conversion RateOff-Site OptimizationOff-Site OptimizationOff-Site OptimizationOff-Site Optimization

Page 15: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Source: Forrester 2009/2010

Email is the most successful tactic Email is the most successful tactic Email is the most successful tactic Email is the most successful tactic overalloveralloveralloverall!!!!

Overview - Overview - Overview - Overview - Optimizing Your Conversion RateOff-Site OptimizationOff-Site OptimizationOff-Site OptimizationOff-Site Optimization

Page 16: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Source: Forrester 2009/2010

Overview - Overview - Overview - Overview - Optimizing Your Conversion RateOff-Site OptimizationOff-Site OptimizationOff-Site OptimizationOff-Site Optimization

Page 17: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Source: Forrester 2009/2010

Email Segmentation tops the list!

Overview - Overview - Overview - Overview - Optimizing Your Conversion RateOff-Site OptimizationOff-Site OptimizationOff-Site OptimizationOff-Site Optimization

Page 18: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

RecommendationRecommendationRecommendationRecommendation

Things to consider

� Consider alternative offering and marketing methods (for upgrades,

subscriptions) to raise customer retention

� Use volume licensing to reach new customers in appropriate market

segments

� Flexibilize offers to target new markets

� Offer various support service classes to address differing customer needs

� Use discounts and promotions to build reseller and affiliate channels for

your products

Optimizing Optimizing Optimizing Optimizing Your Conversion RateYour Conversion RateYour Conversion RateYour Conversion Rate

Page 19: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

� Seasonal pricing drives revenue in high-demand periods

� Know your software´s worth in your channels to increase your conversion

rate effectively

� Raise AOV and your bottom line

� Optimize your business by combining your strategies

RecommendationRecommendationRecommendationRecommendation

Optimizing Optimizing Optimizing Optimizing Your Conversion RateYour Conversion RateYour Conversion RateYour Conversion Rate

Page 20: Ways to Increase Conversion · Ways to Increase Conversion Keep the navigation very simple on your page The more options or confusing your page is, the worse your conversion rate

Thank you!Thank you!Thank you!Thank you!

Your questions?Your questions?Your questions?Your questions?