According to statistics, acquiring a new customer will cost businesses 5 times more than retaining an existing customer. Moreover, the success rate of selling to an existing customer is somewhere between 60% to 70% while the success rate of selling to a new customer hovers anywhere from 5% to 20%.
Despite this, most businesses still divert all their resources towards acquiring new customers to grow their user base. Instead, they are better off converting visitors that have already shown interest or come in contact with their brand. That is where conversion rate optimization comes into play.
With conversion rate optimization, you can not only reduce the customer acquisition cost but can also increase customer lifetime value. In addition to this, it can also boost your website revenue. In this article, you will learn about effective strategies you can adopt to boost your conversion rate in 2022.
Highlight Your Unique Selling Proposition
What makes your brand stand out from your competitors? Why would someone choose your brand over other options? Answering these two questions will help you identify your value proposition. Collect as much information you can about your target audience and create a buyer persona.
When you know about your customer behavior, preferences and pain points, you can write hyper-targeted and persuasive copy, which conveys the value proposition of products and services. Instead of telling your target audience about features by using technical jargon, you are better off telling them how your product can help solve your customer’s biggest problems.
Keep Your Forms Short
Nobody loves to fill lengthy forms with dozens of form fields. Lengthy forms make it tough for your prospects to take advantage of your offers and if you want to boost your conversion rate, your goal should be to make it as easy as possible. One of the best ways to do that is to reduce the number of form fields. Only ask for the information you really need. The lower the number of form fields the more likely a prospect is to fill out the form.
Conduct A/B Testing
Just because something is working for your competitor does not mean that it will work the same way for you. There is no one size fits all formula here so you need to test different combinations to see what works and what does not. Making small changes to elements such as changing the color of the call to action button or changing the font or text color can make a huge difference to your conversation rate.
Improve Page Speed
Did you know that 40% of your website visitor will abandon your website if it fails to load in less than three seconds?
Have you ever landed on a website that takes ages to load? What will be your reaction? You will hit the back button and abandon your website. This will increase the bounce rate of your website and reduce your website conversion rate. HubSpot published a comprehensive case study in the form of an infographic to evaluate the impact of page speed on conversion rates and bounce rate.
They found that the lesser time a page takes to load the higher will be the conversion rate and the longer a page takes to load the higher will be bounce rate. According to the infographic, a one-second delay in page load time costs Amazon 1.6 million in sales every year. That is not even specific to online shopping websites. Did you know that a one-second delay on business websites can reduce their conversion rates by 7%? With search engines like Google considering page speed as an important ranking signal, it will continue to play an important role in your conversion rate.
With more and more people accessing your website from a mobile device and search engines like Google releasing a dedicated index for mobile, having a mobile-optimized website or mobile app is no longer an option anymore. If your business website is not delivering a great experience on mobile devices, search engines will push it down its search index. Same goes for mobile apps as well. That is why you should always hire the best website design and mobile app development company. On the contrary, a responsive website that delivers a great experience on small screens can drastically increase the number of leads your website generates and increase your conversion rate.
Improve Your Call to Action
What if your website visitor is spending a lot of time on your website but still not converting? This is an indicator that the call to action you are using on your website is not enticing enough or promising value which could persuade the visitor to take action. Try adding more powerful words to your call to action and highlight the benefit in such a way that the users can not resist clicking on your call to action button.
Add Live Chat
Why would someone visit your website? They either want an answer to their question or looking for some information. You can fulfill both these purposes by incorporating chatbots on your website. Numerous studies have proven the benefits of live chat.
Integrating live chat on your website can:
- Increase conversion rate
- Boost sales
- Save money
- Increase customer satisfaction
- Boost customer loyalty
- Increases customer willingness to buy
Offer a Guarantee
When a prospect lands on your page who have not heard about your brand before, they would think twice before opening their wallet. Did you know why? Because they don’t trust your brand and are worried about losing their money, As a business, you need to get this fear out of their mind by offering them a guarantee. By offering them a money-back guarantee, you are encouraging them to try your products without having to perry about losing their money. This eliminates any confusion your customers might have about investing in your products and services. Make sure you follow the claims you make to win the trust of your customers.
There are instances when text can not do justice to your products or your target audience want to see your product in action before they could buy your product. That is where using a video can come in handy. A video is a powerful tool that not only keeps the prospect engaged but also increases your conversion rate. According to research, adding a video to your landing page can increase your conversions by 80%. Since a majority of customers now watch a product review video before making a purchase decision, including a video showing your products in action can improve your sales.
Include Social Proof
“Man is a social being; it’s not surprising we love social proofs, it sells brands fast.” ― Bernard Kelvin Clive
According to a survey, 97% of customers consider customer reviews as an important factor in their purchase decision. 92% of customers hesitate in making a purchase if there are no customer reviews present on the website. That is how important social proof such as customer reviews, ratings, and testimonials actually is. It shows prospects the kind of experience other customers had with your products and services. If their experience is good, it will encourage prospects to buy your products or services.
Which strategies and tactics do you use to improve your conversion rate? Share it with us in the comments section below.
Irfan Ak is an tech savvy & experienced digital content strategist. He is a regular contributor on various websites. He has worked with several brands and created value for them.