That should be good news, right?
Well, you might want to hold off on the champagne toast. An increase in website traffic is worth celebrating, but it’s only part of the story.
What happens to these visitors after they spend some time on your site? Are they turning into paying customers? Or are they dropping off after a few minutes?
According to the Baymard Institute, 69.89% of carts are abandoned. That’s a lot of missed opportunities for new customers.
At the end of the day, your digital business thrives on generating new customers. New customers means more revenue which means you can keep building and improving your products and services. It also means your business needs to focus on the almighty conversion rate.
Wondering what you can do to improve conversion rates on your site? Take a look at four simple tweaks you can make today.
1. Ditch the big net approach.Your website needs to cut through the noise of the internet by taking the time to get to know your potential customers and understand their unique needs and pain points.
What is it that keeps them up at night? And how can your software make your customers more productive?
Traditionally marketers have taken the approach of casting a large net in the hopes of catching as many fish as possible. The new approach of Account Based Marketing (ABM) does things a little bit differently. With ABM you business crafts marketing campaigns with tailored messaging for the businesses—aka “accounts”—you’re targeting.
Crafting account-specific messaging allows your marketing campaigns to resonate more with your target audience. The messaging hits harder because its so close to home and shows your customers that you’ve really gone the extra mile to understand their needs.
2. Make the shopping experience fool-proof.Your customers want a hassle-free shopping experience when purchasing your software or service.
You’ll build more credibility in the eyes of your customers by being transparent about your product offerings and showing your customers exactly what they are paying for. On your product pages, include relevant details like product images, price, and key features.
You’ve got your customer’s attention, now what?
The payment process is the one thing standing between your customer and that moment of gratification. Make sure it’s quick and painless.
Implementing self-service features like a “buy-now” button or “add to cart” helps simplify the shopping experience by gently nudging your customers towards checkout. You can even opt for branded popup checkout screens but be sure to stay away from redirects since these can confuse your customers even further. Don’t force your customers to switch between multiple tabs or wait an eternity to buy your software.
Of course the “right” shopping experiences will vary based on your audience and the products or services you provide. Your business should implement A/B testing to see what experiences leads to higher conversion rates for your site.
3. Crunch the numbers early and often.Data analysis should be at the top of your conversion growth strategy. Really look at the numbers and don’t be afraid to ask yourself what they mean for the health of your business.
While conversion rates are an important key performance indicator to consider, other metrics like customer lifetime value and average order value can give you an even more complete picture of how well your SaaS business is doing.
For example, even though your conversion rates are trending upwards your average order value may be lower than normal. This is a hidden opportunity that your business should focus on. Your profits may be suffering because your customers are on average spending less per transaction and your team should strategize ways to drive these order values up!
4. Invest in security.
The majority of consumers are wiling to share data with businesses for clear personal benefit. However, they do not hesitate to take action when they are concerned about their privacy.
When customers are purchasing products off your site, they want to know their account information is secure and they are protected.
Timeouts caused by redirects from buggy third-party checkout pages may cause your customers to question the security of their transaction. Displaying Transport Layer Security(TLS) or Secure Sockets Layer (SSL) certificate badges signals to your customers that you prioritize their data security and helps instill greater confidence in your site’s payment handling abilities.
At the end of the day, conversion rate optimization is an ongoing process. By continuing to exceed your customer’s expectations with a great website and purchase experience combined with great customer service and amazing products, your business will be on the path to long term success.