Maximizing sales through Website Conversion Funnels.
An optimized conversion funnel is that missing link that will bring your non performing ecommerce website to a profit making business.
The whole aim of a website conversion funnel is to maximize the profit that you can get from your offline and online marketing campaigns.
Every website has an action plan for the website visitors. It could be signing up for an emailer or sending an online inquiry or adding products to a cart for online purchases. But fewer than 15% of websites have an optimized conversion funnel to maximize their returns from the website visitors.
What is a website conversion funnel?
A conversion funnel is nothing but a visualization of the flow of the website user traffic from the landing page to the purchase thank you page.
How to get traffic to your website?
While it’s a whole another topic, but traffic can be brought to your website through different types of sources like, organic search, paid ads, social awareness, cold calls, print media, etc.
Basically, a conversion funnel is nothing but the process of getting people to the website and make them take the desired action.
Step 1: Build brand awareness amongst the carefully curated Interest Based Audiences. This is done through multiple channels like organic search, social media marketing, ads, etc.
Step 2: A percentage of the targeted audience to engage with the brand by visiting the website.
Step 3: Create desire through offers / discounts / product exclusivity.
Step 4: Drive the highly desired audience to take an action on the website.
How to create a website conversion funnel?
It takes time to create an ideal website conversion funnel as it’s a step-by-step process. But this is what will help you maximize your revenue through the website.
1. Create an ideal buying process: This is described as the number of steps it takes to convert a person from being a website visitor to a successful purchaser. After entering the website, a prospective customer is filtered at various stages. Out of 100 visitors, 35 would view the product pages while others would exit the website. Out of 35 product page views 15 would add a product to the cart. Out of these 7 would initiate the checkout process and finally 4 might end up buying your product.
2. Identify leaks in the buying process: As discussed above, there will be dropouts at every stage in the conversion process. So the target should be to now fix these drop out points by optimizing the pages or content or pricing or introducing better offers. Retargeted campaigns would help you target all the dropouts with lucrative offers for them to visit the website again and finally make a purchase.
3. Optimize the checkout process: It is always a good idea to reduce the number of steps that in a conversion process. Things like, having simple products that can be directly added to cart instead of customized products that makes users to make selections in the product page or limiting the checkout steps by gathering all required information in one short form instead of having multiple pages for checkout or having proper form field validations to limit users from filling out the entire form and then getting to know the mistakes made in the form fields.
4. Additional offers to abandoned carts: Abandoned carts are the most serious dropouts from the conversion journey. It is always recommended to have separate emailer campaigns with OTO (one time offers) or discount codes to make them finish their purchase. A great abandoned cart targeting program could increase the purchases by 16 – 18%. This way your conversions could be 5% instead of 4%.
5. Determining the best traffic source: Through the entry points in the funnel, you could, over a period of time analyse, which traffic generating source works the best for your website. You could then optimize the creatives specifically for these traffic generation sources to generate more traffic to your website.
6. Effective email marketing campaigns: Email marketing campaigns with special offers for website visitors could generate better traffic to your website for additional conversions.
Developing a website conversion funnel could be challenging and time consuming but with time and proper analysis, the conversion funnel can make you plan your next best action to maximize conversions through your website.
Ricky Khatwani, Head of Performance at McCollins Media