NEAR MISS MARKETING: JUST HOW GOOD IS YOUR CONVERSION RATE?
Do businesses really understand how their target audience thinks during the buying process?
As it is international #Nearmiss day, we wanted to see where your business has narrowly missed out on new customers due to lack of knowledge around the customer journey.
So, we took a look at the buyer decision process – a cognitive decision process of the ‘before, during and after’ of the purchase – to determine how easy is it for your customers to make decisions based on a user journey.
Many marketers look at both economic and psychological elements to better understand their customers’ decision-making processes. As a result, they can get an insight into why it is they’re failing to convert, explaining any patterns in cart abandons, drop-offs and bounces on the website.
Whether they leave from first arrival, halfway through or right at the eleventh hour of purchase, potential buyers have all sorts of reasons to do so which cannot be quantified into one fix. There is however more you can learn from the ‘why’ they leave.
What are the basic factors that cause users to leave or abandon the process before conversion?
Visitors come to your site in a similar way to the tides of the sea. Traffic ebbs and flows but never in a predictable way, and is always affected by outside forces. Embracing this is the first step to reducing the drop-offs, cart abandons and amplifying your conversion rate.
Decision-making can also be regarded as problem solving, which means that your audience will have a finite set of alternatives to process. Information overload will simply cause your user to abandon the process.
Being more agile and reactive to your marketing approach for your business will allow you to penetrate tides of your audience when they are near your shore. Controlling the publishing schedule of your marketing comms will prevent wastage when your audience are offline (or the tide is out). Start by tracking and identifying patterns in the following:
- When your audience is engaging with your website
- When your social profiles are getting the most interaction
- When your audience is searching online for your product or services
This will enable a more succinct delivery of your message to increase relevance.
By mapping out these basic customer behaviours you’ll have an overview of your typical customer’s journey, allowing you to build on it as you collect more data, paving the way for more conversions and fewer near misses.