Face it. Business has but one purpose: moving visitors toward conversion and ensuring they become loyal advocates for the brand. Period. That’s it.
Whether the consumer visits your brick and mortar store or the one you host online, your job is to move them down the conversion funnel until they become brand evangelists. Although the concept is simple and straightforward, implementation is challenging. That’s because moving visitors toward conversion involves so many activities, often controlled within different functional areas (not just marketing) and, often, managers in those areas have different goals.
While we could go off in many different areas with this, mentioning the importance of managing human capital, having great customer service, and creating an atmosphere that is a good fit for your target market, today I’d like to focus on the role of content in moving visitors toward conversion.
Moving visitors toward conversion: Overview
Obviously, the more visitors you move down the marketing or conversion funnel (also called the sales funnel) to higher your ROI. Which is a good thing.
First, though, let’s take a look at the conversion funnel.
Here’s the typical conversion funnel, just so we all know what our goals look like:
Image courtesy of MarketingProfs
But, we know it isn’t quite that simple. So, let’s add some complexity to our model of conversion.
- This funnel is leaky. Not everyone who starts at the top of the funnel-awareness-will flow through to conversion and not everyone who buys will return or recommend your brand.
- This isn’t a linear process. Visitors cycle through various stages rather than moving straight down the funnel.
- Retaining customers is super important. Relationship marketing tells us that it’s 5X more expensive to replace a dissatisfied customer than to keep them.
- Flow-through to conversion is too low.
- Not all conversion is created equal. Some visitors are “better” than others.
An alternative model is the one below on content layering (which I love because, well, who doesn’t love cake). It fixes a few problems mentioned above. But, let’s dig a little deeper and figure out how to fix all the problems above so we optimize our market returns. Since my focus is on digital, the discussion will primarily relate to online retailing.
Image courtesy of i-Scoop
Problem 1: Leaky funnel
The shape of both models of moving visitors toward conversion inherently reflect the leakiness of the funnel. In reality, the average conversion rate for landing pages is a little over 2%, while the highest performing landing pages convert over 11% of visitors [cite]. It’s a little better for brick and mortar retailers, at around 20%, but that rate includes higher costs and, often, lower rates of visitors [cite]. Neither one is all that great.
Fixing the problem
Image courtesy of Coast Digital
The first step in fixing the problem is to monitor conversion rates. Online, that seems easy: you track Go to the full article.
Source:: Business 2 Community