If there is a “universal need” defined for any ecommerce owner, it would simply be acquiring more customers to the website.
Imagine this – You wake up in the winter morning, grab a cup of brewed coffee and the first thing that hits your mind is “How to improve my website conversion rates?” and after drinking few more sips, another question that pops over your mind is “ How can I get potential customers to stay in my sales funnel?”.
Sounds familiar, isn’t it?
Many writers would quote down top stats and survey results but I’m not going to do that. Actually, there is no point in highlighting it. You know your website stats…. Correct. You know what industry you’re in and where you want to be in terms of conversion … Isn’t it?
So now the obvious and the most appropriate question that strikes my mind is:
How Do I Improve My Conversion Rate?
Well, before going in-depth inside ways to improve conversions, let’s understand whether online promotions in ecommerce website do count and its importance in sales funnel.
Yeah! Online Promotions Do Count!
According To The UK Survey, 50% Of The Consumers Make A Purchase When There Is Any Offer Or Promotions Happening.
So, just think for a moment – More than half of the UK consumers are not making purchases due to lack of offer or promotions.
The survey result also stated that promotion-driven customer increases by 60% whereas 30% of the adults aged between 16-27 still are looking forward to offers.
For instance: Amazon.com is smartly driving more conversions for its new streaming service called “Amazon Prime” from its already-established brand. The company not only boosts its sales funnel, but also cash more revenue by offering alluring offer to enjoy premium videos just at the negligible cost.
So, the message of the e-commerce retailers is clear, if you want to activate more customers, promotions are the best way to go with. It is one of the best strategies to fill the leaks of your budget. But wait,
Can Promotions Really Help To Plug The Leaks In Your Budget?
So, let’s be clear when we are seriously talking about your PROMOTIONS.
YES! Promotions do help to fix the leaks in your budget. In order to identify the loopholes in your budget, it is good practice to pen down all the expenditure spent on a particular product, analyze expense channel, identify the loopholes and fix it.
Promotions are not those flashing and loud banners that create nuisance by shouting with a message like: “Come and Visit my beautiful website, NOW”.
Instead, the sign of good promotion is,” It should market or rather promote your product to the consumers and offer them a value-added incentive, something that is specifically designed for those targeted group of people. “
Along with this, promotions should be placed in multiple places along with your conversion CTA that benefits your business in many ways.
A Perfect Formula
Before we get into the how’s & ways of promotions, the below simple formula can make all the difference.
Reduce Bounce Rate + Reduce Drop-off rates = Improved Sales
This maths really does help.
If you can drop down your bounce rate by 3% and reduce your drop-off rates by 2%, you can expect revenue to scale by 5-7%.
So, Which Of These Promotion Approach Is Your Favorite?
1. A Popular Video Streaming Brand, Netflix Earns Millions By Promoting Personalized Video Content
Netflix promotes its product very smartly. It makes use of compelling text that not only shouts and promotes its product utility but also let people know how convenient is their product that leverages an ease to watch and cancel anytime & anywhere.
2. Instagram Sharing – Influencing Social Media Promotion!
Nowadays, the emergence of social media platforms like Instagram has proved to be a great tool to enhance online visibility as well to conduct an engaging promotional activity. For instance; Kyle Jenner is promoting the utility and comfort of fitteawraps that keeps her body toned and maintained.
So, Is Conversion A Device To Grab More Sales ?
Don’t think of promotion as a quick gadget to garner more attention around specific product or services. In fact, it’s much more than what you think.
Just think of promotions as an alluring and enticing way to encourage customers all along right from homepage to the checkout page and guess what, there’s a promotional offer that makes them appealing to make that purchase.
Is Your Promotion Effective Enough To Improve Sales Funnel?
Well, now it should be.
Just think of all the revenues you can drive by deriving effective promotion strategy. Do steal some of the tips and boost your sales funnel by 35%.
So, what exactly is your strategy to drive more sales to funnel? We are eager for your responses. Do let us know in the comments below.