Whether you’re an established seller, a kick-starter guru or simply starting your own e-commerce business, conversion rates matter. Managing paid search and inbound marketing campaigns takes work—and the payoff is determined by click-through.
In 2019, the world of digital marketing has developed a new profile based upon cross-channel metrics derived from social media interactions. Between Facebook’s Ad benchmarks and Instagram’s high-performance platform as a conversion hub, the realm of digital marketing has never been so fertile.
Still, many digital marketers get hung up on the past. Discovering the best conversion rates, in 2019, isn’t about time-tested-and-true methods for garnering new visits, likes, and dedicated customers. Rather, it’s about harnessing the power of ongoing relationships via organic content, reviews and compelling lead magnets.
It’s All About the Ratio
The key to conversion rates is the ratio between generated paid customers to potential customers. Normally, this ratio is established over a certain timeframe—giving a business’s digital marketing team an established benchmark upon which future methods can be tested.
Where this ratio is considered, a higher conversion rate will lower your cost of acquisition; when more potential customers become paid customers, your overall invested capital doesn’t hurt your wallet as much. Plus, higher conversion rates result in fewer costs per new acquisitions: Customers bring in new customers.
Profits, Not Revenue
Before the days of cross-channel marketing, businesses could simplify their click-through ‘guestimation’ game by studying gross revenue. In 2019, however, the game has changed. It isn’t enough to study customer input on a mass scale, where revenue is considered. Instead, conversion rate revenue should be converted, itself, into the above-mentioned ratio terms.
It’s essential to keep conversion rates as high as possible because potential money will fall to meet a faltering potential customer status quo. To optimize your e-commerce site, you’ll need to take charge with today’s leading conversion rate tactics. There are over four billion Internet users in the world—which is over 40 percent of the world’s population. Between the 3.5 billion searches per day—Google snatches up about 90 percent of them.
Relying on Google for conversions isn’t enough to secure a solid conversion strategy, however. Before we jump into the best strategies, however, we’d like to touch upon some of the modern drivers for conversion loss. While most of the 2019 conversion pitfalls are easily spotted, some fall through the cracks themselves—spelling dangerous waters for digital marketers who don’t know what to look for.
Browser abandoners leave websites without ever making a purchase. They still check out the e-commerce portal—but they never make it to the cart. Likewise, cart abandoners may check out a website—only to leave their potential purchases waiting at the checkout line.
In 2019, 28 percent of shoppers abandon their carts due to unexpected shipping costs, taxes and other fees. Meanwhile, 23 percent abandon their carts due to being asked to create a new user account. Here, a “checkout as guest” option is the hot-topic quick-fix option—one which maintains the shopper’s interest while helping them zip through the purchase funnel.
Not Examining the Losses
Another major conversion practice pitfall exists in the lack of follow-up examination when conversion rates drop. Surprisingly, shopping cart abandonment—alone—isn’t the worst thing in the world. Not examining why your business’s shopping carts are left at the digital checkout, however, just might be.
Leading research suggests that examining shopping cart abandonment is one of the healthiest practices your business can adopt. It helps retailers examine customer behavior, fortifies e-commerce sight retention and offers deeper insight into the contemporary shopper’s pathway to purchase.
There are a few ways today’s marketers are turning lost carts into discovered conversion boosters, too:
-51.2 percent utilize the information to re-target advertisements
-19.5 percent offer live chat to assist customers throughout the purchasing process
-15.6 percent use pop-up window reminders to de-clutter the purchasing experience
Still, about 41.5 percent don’t market to those who’ve abandoned their carts—which is a big mistake. Shopping carts are a major touch-point with customers—and success rates aren’t always immediate. Often, they’re triggered by following email campaigns based upon loss statistics. If you can take advantage of these pitfalls, rather than writing them off entirely, you’ll be ahead of roughly half of businesses out there.
Target Conversion Rates for 2019A
Once you’ve ironed out the details in your company to avoid these pitfalls, it’s a good idea to take note of today’s average conversion rates. All too often, inexperienced online marketers try to get as many website visitors as possible—regardless of who they are.
Digital marketers with experience, meanwhile, know their customers like the back of their hand. The key to securing the most conversions rests with a business’s landing page and social media page—as they’re the first, and sometimes the last, locations your potential customers will visit.
So, what’s a decent conversion rate for 2019? Recent studies suggest that a 20,000-visitor-per-month website should be able to net, roughly, a 1.85 percent conversion rate—which is 200 orders per month.
This doesn’t account for social media, however—as Facebook Analytics suggests that three percent of targeted post likes result in additional purchases. This rate increases to four percent per every post share, 4.67 percent per every post reaction and about 4.9 percent per every comment. If a user takes the time to message your business page’s account—the conversion rate jumps to 9.95 percent.
Time Equals Money
The old adage of ‘time equals money’ is true, in terms of social engagement. Social media reactions will take up most of your customer’s direct business responses—and strong emotions tend to convert as opposed to idle passerby reactions. Today, the social media marketer’s direct goal is to create such strong emotions—which then convert into more time, and a higher chance of click-through, as customers engage the sales funnel via Facebook, Instagram and Twitter.
Social Media as the New Frontier
If you do advertising on Instagram or Facebook, you’re already well aware of how potent a strong social media presence is. Social media dominates daily life—as 95 percent of Facebook users access the platform via smartphone.
While smartphones account for more traffic, however, desktop social media campaigns might suffer from profit losses due to slow loading speeds. The longer it takes for a Facebook page to load on desktop, studies suggest, the lower your conversion rates will be. This statistic doesn’t end on desktop, either, if your mobile platform isn’t optimized. The same studies suggest that an unoptimized mobile website results in the same conversion rate losses.
Fortunately, Facebook has started solving problems on the social media end of things—offering its “Facebook Instant Experiences” to help businesses create the speedy equivalent to a landing page which loads directly within Facebook. Once you’ve added your page’s videos, photos, lead ad forms, and content, you’re good to go. Facebook automatically ads embedded pixels which can be browsed and studied via Google Analytics, Hotjar and more.
Boosting Your Conversion Rate in 2019
Unless your conversion rate rests at a hearty 100-percent, there’s always extra work to be done to boost your numbers, followers and dedicated customers. As they say, a marketer’s conversion rates can always be higher. While it’s a good idea to keep a ballpark estimation of a decent conversion rate, the tips below can slowly boost your conversions over time.
Tip One: Content is King
Strong content is the backbone of any winning conversion strategy. By enhancing the ‘heart’ of your business’s message, you can boost your overall digital marketing plan. Studies suggest that good content builds the trust and propensity consumers need to make a purchase by about 61 percent. Good content can also result in nearly a 600-percent increase in conversions when compared to companies who don’t use content marketing at all.
Tip Two: Keep Your Brand Fresh
When it comes to consumer psychology, the structure, and design of your e-commerce website matters. Present both an engaging aesthetic and a functional user portal—and you’ll reap the benefits of increased conversions. Know what your customers love, and rework your strategy, constantly, to provide it.
Tip Three: Focus on the Product Page
Attractive and info-rich product pages allow visitors to further engage your brand’s content, leading to higher conversion rates as well. Product photographs, videos, titles, and descriptions are just the beginning of a great product portal—as well as strong calls-to-action, customization options and additional info about your brand’s options.
From beginning to end, your website’s foundation is responsible for much of your content strategy. If you have something to offer customers—customers will flock to your website. More importantly, they’ll stick around—resulting in incremental conversion rate boosts over time. When in need, contact a professional to assist with your strategy from the ground floor. In any event, a consistent strategy is delivered by consistent care—and consistent care is never too difficult to secure when the right team is around.