Let’s have a closer look at a few scenarios and see how can you optimize your conversion rates.
Scenario #1: Increase Revenue:
If your goal is to increase your revenue,
then the conversion rate you must look into should be
the number of customers who bought your products, packages, or solutions VS the total number of people who showed interest in it.
Scenario #2: Get more Leads
In case you are trying to get more leads and engage them in your sales funnel,
you should monitor your conversion rate base on
the number of people who are approached (or they might approach you) against the number of qualified leads.
Scenario #3: Brand Awareness
In the event that you are looking for better brand awareness,
then you should not be looking for tangible results in short term.
However, if you implement re-targeting strategies (I’ll get to this soon), you can monitor your ROI conversion rate.
Conversion Funnel Vs Sales Funnel
When it comes to advanced growth hacking, and scaling your business
Your sales funnel should look like this.
You must define your source of traffic,
And drive each customer segment to the right landing page.
In many businesses, their sales funnel looks like this:
The first step is acquiring leads.
It normally happens by getting in touch with customers,
either through cold calls, email campaigns or face to face meeting, etc.
As soon as you have the lead’s attention
you’ll focus on proving your value proposition
and convert the lead to opportunity. (It means the lead is interested in knowing more about your offer)
Then, once you anticipate that the success rate and probability of closing the deal
you’d go ahead and pitch the customer and sell your product or service.
(There are a lot more to it but since this article is not about sales strategy, I simplified it as much as possible)
The conversion funnel is somehow different
In general, conversion funnel has 4 phases:
In the early stages, the customers will get to know about your offer, and your business
If they are interested, they will research about your product, your promise, and indeed your business conduct
If you manage to build a good reputation, and they hear good things from others, they will most probably try your Offer
Once your service is proven to be worthy of what you charge for, and can address their pains and gains, they will then make a payment and buy your core offer.
Now if you are here for a long haul and take care of your customers, and if they really like your product, they will recommend it to others or tell others about it, which leads to referrals and new customers.
Implementing conversion optimization strategy and aligning it with your sales funnel help you supersize your packages, and increase your revenue.
But it all goes back to your your business model, type of product, and nature of your business.
Let me walk you through one example.
Let’s say you run an online business and you have implemented the Bait & Hook business model.
The first thing that you’ve setup to get your customer’s contact information is your lead magnet,
And your lead magnet is a free report, or a free download, or a free trial, etc.
Something that does not cost you much to create,
And customers can get it instantly, for free.
I'll get back to you ASAHP :)
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