What to Do When Your Sales Conversions Start Shrinking
Most companies experience a temporary slump during their existence. But don’t panic.
Take practical steps to move your company forward. When sales start declining, be mindful of what’s going right and what needs improvement.
As an ecommerce business, it may be time to upgrade your website. Research shows that “63% of marketers optimize websites based on intuition and best practices.”
Work with your team to enhance the customer experience. From changing calls-to-action to adding trust verifications, run experiments to correct your challenges.
Start earning more sales today. Keep reading to learn your next steps.
Find the Underlying Cause
When your conversions are heading downward, it’s easy for teams to immediately go into “let’s fix it mode.” However, the more effective response is to take a step back to find the underlying cause.
It’s very unlikely that the decline is related to a mysterious reason. For most businesses, it’s possible to figure out why your conversions took a permanent dip—one that lasts at least four months.
Gather your team for some company introspection. Review your customer behavioral data, churn reports, website analytics, and past sales conversations together.
Is the decline due to an internal factor? Maybe your business made product updates that customers didn’t like. Or the new marketing campaigns didn’t resonate with the target audience.
Did an external force cause the problem? Maybe consumer tastes shifted to another trend. Or market fluctuations occurred because of currency devaluations or the political climate.
After your team discovers the issue, that’s when the real work begins. You’ll want to create a company-wide strategy to tackle the decline from every department.
It’s not enough for the sales team to only execute tactics; everyone from product development to customer support must assist with the situation.
Perform daily and weekly check-ins to ensure all teams are moving in the right direction. And possess the flexibility to make quick adjustments.
Avoid the frustrations associated with a sales decline. Instead, stay calm, develop a plan, and take action.
Create Urgency to Buy Now
If your sales downturn is an internal issue, employ a new strategy. Focus on creating urgency for potential buyers who are hesitant about completing a purchase.
Urgency forces humans into a dilemma. Either we can take action at this very second or risk losing out on something we desire.
“Nothing increases activity like creating urgency around a purchase decision. Simply adding a countdown clock to your online shopping cart or telling people a sale ends today is enough to spike conversions,” says Forbes contributor Drew Hendricks.
Moreover, artificial time-constraints establish your product as a “need to have” versus a “nice to have.” That change of perspective makes your product more valuable to the consumer.
Hotels.com uses fear to tempt consumers to buy now. When guests are booking a hotel, the website displays a message telling the person how many other people are also interested in a particular hotel. With limited space, these popups encourage consumers to hit ‘Book Now’ sooner, rather than later.
Show customers that you value their business. Give them a small incentive …read more
Source:: Kiss Metrics Blog