How to Improve Customer Conversion Rate?

Customers are the most important part of your business. In this era of tough competition, retaining old customers is tough, while winning new ones is really challenging. Your business should be able to attract new customers as well as retain old customers. For every business to be successful, increase in Customer Conversion Rate is necessary. But what exactly is this Customer Conversion Rate. In simple terms, Customer Conversion Rate is percentage of visitors converting into buyers. Improving Customer Conversion Rate will dramatically increase profit.

Below are few ways to increase Customer Conversion Rate for online/offline businesses:

• Identify the latest trending products: You need to identify the products that are selling most these days, and use this information to acquire new customers and retain old customers. Display your bestsellers on the home page, in mails or social media ads.
• Guarantees: Offer the guarantee which helps you to gain customer confidence, increasing the conversion rate. Having a longer guarantee (e.g., 365 days vs 30 days) will generally increase conversions even more.
• Identify big spenders: Identify the customers who like to spend more and again and again and keep them coming back. You can do so by increasing loyalty points, giving loyalty gifts etc.
• Identify Inactive Customers: There can be customers who might not have purchased your products or services in a while. You need to identify these customers and make several offers to win them back like cashback or free shipping. Remember, it is always easy to bring back old customers than to win new customers.
• Use social media channels: Use Facebook or any other social media channel to display your best sells to attract the new customers.
• Improve the Landing Page: Improve the layout, content and style of your home page. You can display various offers, change the themes as per the season or festival, bestsellers, discounts etc. Make it easy for the customer to navigate through the offers that you are offering.
• Add social proofs: Add social proofs like customer reviews, testimonials, case studies, likes by customers, FAQs, results of scientific studies and tests etc. for a product.
• Contact Information: Add your contact information like phone number, Help Desk email id, Head office address, customer care phone number, live chat box etc. on your website to increase customer trust.
• Trust Seals: Verify and add trust seals on the product like Verified or a check box that you have verified the product and is completely genuine.
• Trouble Pages: There can be few pages in your site that might be causing trouble to the customer like taking time to load, or not loading at all. You need to identify these pages and fix them.
• Understand why customers don’t buy: You need to understand why customers are not buying a particular product. Identify the issue in the product and fix it.
• Staff in stores: While in stores, ask your staff to encourage customers to try new products, or explain the features of the products.
• Set target goals: Setting goals and targets are important. This will help the staff to stay motivated and increase the conversion rate.
• Make your website easy to use and navigate. Tell your customers what to do next. Ask to fill as few fields as possible.
• Improve the content and offers regularly.
• Send messages and notification of offers to the existing customers.
• Offer free shipping as much as possible.
• Encourage them to buy more.
• Do not use fancy and complicated jargon or business language.

 

Introduction to Customer Analytics

Customer Analytics is a process by which raw data can be turned into informative data which helps us to make important business decisions. We can use this analysis to retain old customers, acquire new customers, grow lifetime value and to enhance customer loyalty. There are easy-to-use analytics tools available in market for small and big businesses. These tools will collect and analyse the data to make predictions regarding customer behavior which in turn help to make business decisions. This is a necessity for competitive businesses.

In simple terms, Customer Analytics is the examination of customer information and behavior to identify, attract and retain the most profitable customer.

These days customers have access to information anywhere and anytime. They know what to buy, from where to buy, how much to pay etc. This makes it necessary to predict how customers behave while interacting with your organization, so that you should know how to respond. You can also plan how to change the product offers and prices, and look and feel of your product to attract new customers. You have to be future ready, this is how you can be successful in your business.This data can be anything climate information, posts by users on social media, digital pictures and videos, etc.

Customer Analytics helps you to acquire customers, grow revenue, maintain loyal customers, increase customer response rate and reduce campaign cost by targeting those customers more likely to respond.

Below are the four Vs which helps in analyzing the data:

• Volume: The amount of data that we need to analyze.
• Variety: Data is available in below forms:
  • Structured Data which is put into the form of rows and columns like Excel sheets.
  • Unstructured Data which is in the form of images, videos, audio, text etc. Most of the data we have is in unstructured form.
• Velocity: The pace at which the data is increasing, and the way in which the customers are gaining knowledge of digital media, this data increasing at a very high pace.
• Veracity: You should be able to make predictions about data.

Audit your data regularly to make it more valuable.
Focus on below areas while conducting data analysis:

• Use various modes of statistical analysis to segment your customers.
• Perform various data mining algorithms to find the hidden patterns and associations in the huge customer data.
• Track individual customer on their tendency to respond, purchase or churn your product or service.
• Perform analysis to understand the unstructured data like images, social media posts, audios, videos etc.
• Use various planning and reporting tools available to understand the impact of your analysis on your business.
• You should be able to predict the next best action for the growth of your business.

Always focus on increasing the below factors of your business:

• Revenue
• Customer Conversion Rate
• Return on Investment (ROI)
• Customer Satisfaction KPIs