The first rule of marketing, particularly in online marketing where there is a clear acquisition cost associated with every customer, is to KNOW your target audience(s) extremely well. How much do you know about your existing customers? How do your prospects differ from existing customers, if they do? What are the segments among prospects and customers — how do they differ in terms of their demography, psychology, and behavior? Which ones are more influential in the category you’re addressing? Know these answers and you will be well on your way to optimal conversion. You’ll spend less to acquire customers if your targeting can be laser-sharp, you’ll be able to dynamically message prospects and customers based on what you know about them, and your offerings will better reflect what they need and want.
How do you find out what you need to know? We work with our clients to build affordable feedback systems that can be easily implemented and continuously supply information about their target markets, so they’re never in the dark. Furthermore, we link this to additional data sources so that prospects and customer characteristics are well understood, then we supply analytics that are a virtual fire hose of meaningful insights. Taken together, an online business can maximize the lifetime value (LTV) of every customer, and dramatically lower the costs of acquiring new customers, while increasing the satisfaction and engagement of their customer base.
2. Streamline messages.
Too many unfocused messages on a site or within a campaign kills conversion. Know the customer, then create simple, targeted messaging that clearly defines the goals and benefits of the offering.
3. Create a clear conversion path, then measure performance.
What is the most direct route to conversion on your site? That is the “conversion path.” It should obviously be straightforward and goal-oriented. It should successfully lead the prospect to the sales conclusion with minimal attrition.
Once a site design reflects a clear conversion path, it’s critical to accurately measure its performance. Most sites have some kind of traffic analytics set up, but most do not realize that systems such as Google Analytics offer little value right out of the box. It takes considerable expertise to set up features such as ecommerce tracking, Goals (Sales Funnel) and track all relevant events. These metrics will provide a clear view of how prospects are converting, where they might be getting hung up, and indications of what to do to solve any observed problems.
Author: Research Director
April 20, 2015 03:01 ET
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