Sales, sales, and more sales, if you’re running an eCommerce site, that’s always on your mind. We’re also willing to bet that the second thing on your mind is how do I drive more traffic to my website. Most people fall into the trap thinking if they spend money on ads and drive more traffic then as a result, they will get more sales. However, there are ways of increasing your conversion rate without spending a dollar on ads. The key is to increase your conversions from your existing traffic as well as bring back people who have purchased in the past. Let’s explore several ways to boost your conversion rate.
Offer Rewards Points
Offering rewards is a simple way to reward your existing customers. Big consumer giants like Starbucks and Loblaws (In Canada) are already reaping the rewards of having strong loyalty programs. Marketing efforts like this not only reward but entice as well. Therefore, you can offer extra rewards points for new member sign up, extra points for buying a specific product, and special VIP status with exclusive perks for spending x amount of dollars. Furthermore, the best thing about having a reward points marketing strategy is tracking the ROI.
How points are earned and spent is controlled by you. You know that x amount of dollars spent translates to a specific amount of points. In addition, you know the number of points an individual needs to earn before they can cash them in. Therefore, you can structure your rewards marketing as a contingent liability when predicting your next quarter sales. The only thing is up for grabs is your points redemption rate. Remember, when structuring your rewards program you have to keep it cost effective but enticing enough for users to sign up and use their points. Looking for a great rewards platform that’s super easy to manage, we recommend Smile.io
Offering Subscription Programs
We know that sales are always on your mind, and you want to have positive month over month growth. Selling one-off products requires a lot of effort post-purchase to keep customers coming back. Businesses such as Loot Crate and Hello Fresh have been built based around this model. However, depending on your product, it might not be appropriate for you. Furthermore, you might have to do some out of the box thinking to see how a subscription model can fit your eCommerce business. The benefits of offering subscriptions include, not chasing repeat sales, predictability in sales growth, having base revenue in seasonal periods of low acquisition, and extending the lifetime value of a customer.
In addition, there are numerous ways to approach subscriptions, you can offer a product such as a preset box of product delivered in equal time intervals (eg Coffee of the Month), or a box that offer x amount of goods and the subscriber alters what goods are in each box. Another popular subscription feature is offering customers the ability to subscribe and save for products. As an example, consider yourself an online coffee merchant, you offer your customers 10% off if they subscribe for weekly or monthly deliveries. Furthermore, success with subscription models comes with value marketing beyond the product, keeping the product offering fresh, and maintaining the consumer’s attention and interest in the product. Not sure where to start, we recommend checking out ReCharge, they offer easy subscription management solutions for your eCommerce site.
FOMO (Fear of Missing Out) Marketing
FOMO or in its longer form fear of missing out marketing makes the prospect feel that if they don’t purchase right away, they are going to miss the deal. It’s time to think beyond basic FOMO marketing such as email subject lines like “Sale Ending Soon”, and “Almost Sold Out” A lot of eCommerce sites are using this form of FOMO marketing right now, in order to stick out you have to do something different. You can add not intrusive FOMO marketing directly to your eCommerce site. Plugins such as FOMO allow you to display recent purchases by your customers on your site. As an example, users will see that Jenny C from Tuzla Arizona just bought a new camera off your site. In addition, the popup links directly to the product. The best part, you control what products are promoted, how often the popup is shown, and when the popup is shown to make it less spammy. These tactic ads a sense of social proof to your products and a fear of missing out.
Gamification makes your eCommerce site more interactive and makes the experience fun for users. Simply put this process lets the visitor play a game to win a prize. A prize can be anything from a percentage off their order, a free product with purchase, or everyone’s favorite free shipping, Once again you have total control by determining what the prizes are and which ones the users win. As a result, this allows you to keep your promotions within your budget. Gamification gives the user the feeling that they have already won something without even making a purchase. A good gamification plugin to get started with is Gamify.
One of the most effective low-cost eCommerce marketing tactics that exists to this day is email marketing. Email marketing is fantastic for re-engaging past customers and keeping individuals informed about new products, promos, and events. The key to success with email marketing, segmenting your list and offering value. Furthermore, you don’t want your email marketing to just be product recommendations and flash sale updates. Your list grows organically when someone either makes a purchase or subscribes to your newsletter. In addition, you should consider testing popup windows that offer users a perk for subscribing to your list. For example, sign up now to get 10% off. Just remember to set up either time delay or scroll completion triggers to make the popup seem less spammy. If you’re looking for a great platform to get started with we recommend Mailchimp. The majority of their features are free and you only pay once your list reaches a certain amount of subscribers.
Determine Your Own eCommerce Marketing Mix
All of these tactics are a great way to boost your conversion rates but you have to find the right ones for your eCommerce site. As a result, you should keep things such as your site’s browsing experience and promotional budget in mind. Imagine going on a site that has FOMO marketing, gamification, and email popups. Your landing page will end up looking like the world’s greatest website Homer build in The Simpsons. In addition, running to many promotions will increase your customer acquisition and retention spend to a point where your margins are way too thin. When it comes to eCommerce, nothing is black and white. In conclusion, remember to keep testing optimizing, and analyzing your data. Looking for more digital marketing tools to add to your arsenal, check out our list of the top 10 you need to know.