How to Increase Purchase Conversion
Originally published: 10/05/2017 10:03
Last version published: 21/06/2017 11:08
Publication number: ELQ-10447-2
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How to Increase Purchase Conversion

7 Steps to help you develop a well-planned conversion campaign that can transform your business.

b2b strategyconversation ratesmarketingproduct launchstartupsstrategy

Introduction

We’ve become used to seeing headlines about the latest "gotta have it" device or the new app that’s taking the world by storm. But, more often, your company develops and builds a new product/service/app, tests it, spends a bunch of time and money, and then…crickets. Nothing. Why? Because there was never a plan on how to get people to buy.

Some of you may be asking, what if my company doesn't have thousands of social media followers? Or, what if the product you’re launching only appeals to a narrow B2B customer segment? The answer is that your company’s brand image does not matter nearly as much as your plan to convert prospects into buyers. If you have customers you want to reach, these steps can help you develop a well-planned conversion campaign that can immediately transform your business.

Whether you are part of a company that’s been around for decades or at the head of a newly funded start-up, the one thing you can't do is waste company time and resources figuring out your marketing strategy after a new product has launched. To make that giant leap forward, the following steps need to be planned and developed before your product is released.

  • Step n°1 |

    Define the problem (Don’t skip this step)

    Start off with these questions: 

    1/ What is the correct market?
    2/ Who is your target customer?
    3/ What pains are they experiencing that will drive them to purchase?
    4/ Can you articulate this value to the customer?
    5/ Who is your direct and indirect competition?
    6/ How are they reaching the market?

    Understanding your target consumer is one of the key factors to whether or not you see profit and growth in your future years. You need a target market profile which includes demographics, psychographics, geographies and even behavioral information about your target consumer. Having this data helps you plan your product launch campaigns with positioning statements that bring results.


    Obtain market research through studying trends, using surveys, interviewing potential clients and even holding focus groups. This will give you a better understanding of what types of customers are interested in your product, as well as their reasons for making the purchases. You should also request testimonials from current customers, and pore over any reviews of your products and services. You always want to keep your ideal customer in mind when marketing and developing new products.

    From that point, you should create a spreadsheet to outline your target market profile. It should have headings based upon the customer criteria you have set. Within their corresponding columns notate information such as age, marital status, income, level of education, occupation, lifestyle, hobbies, and behaviors.

    You also want to understand whether or not your target client is motivated by price, prestige or brand loyalty. What is their ultimate goal in life? Is it to be a successful CEO, a good parent or a globe trotter? Having the answers to these questions at the forefront of preparing your marketing strategy is essential to getting the most interest out of your target customer.

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  • Step n°2 |

    Choose a traffic source

    Traffic can come from the obvious paid sources such as advertising and Google PPC. While this will produce a short term bump in traffic, it shuts off the moment you pause the campaign. On the other hand, you might also invest in what is called ‘Zero’ cost marketing with PR, SEO, Twitter, Instagram, blogging, email marketing and sources such as partner or affiliate marketing. But, you will soon find that these sources of traffic are far from ‘free’, and require serious nurturing and constant upkeep.

    Rather than looking at a single traffic source, you should try several approaches at the same time. Once you’ve determined where you’re seeing the greatest return you can double your efforts and then slowly add in traffic from a second or third source.

    Remember that you do get what you pay for. Even if you have a small budget, you should use the most reliable services and companies for obtaining traffic. It might even serve you well to step up your advertising budget while you are still in the prospecting phase. 

    lightbulb_outlineOnce you get a consistent base of customers, you can start to taper off some of your advertising budget or move some of those resources into research.

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