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Pillar # 3 -Your Customer Conversion Rate [CCR] in 2023

 
​What Is the Customer Conversion Rate ?

Your Customer Conversion Rate [CCR] is an important performance indicator because it tells you how many leads you have converted into paying customers or have been persuaded to take a specific action. 

For any business to grow its important to monitor how activity and expenditure are performing to ensure targets are being achieved or if changes need to be made. Conversion rates can be used to track any desired action you want to monitor to make sure your marketing strategy is running efficiently, and your sales funnel and website are fully optimised for maximum results.

For example, monitoring the sales conversion rate on your product’s landing page means you can assess whether you need to make any improvements. A low conversion rate could be due to overcomplicated copy or a confusing layout with many distractions. By understanding and monitoring your conversion rates, you can track if any changes you make improves how your desired action converts.

How to Calculate Your Customer Conversion Rate [CCR]

To calculate a conversion rate, firstly select your desired action and divide it by the total time the desired actions could have happened, lastly multiply by 100 to get a percentage.

For example, 1,000 people saw the pop-up to get your lead magnet, however only 123 signed up. Therefore, we would take 123 and divide it by 1,000, and finally multiply it by 100 to get our percentage – 12.3%
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(123 / 1,000) x 100 = 12.3% conversion rate.

3 Practical Ways to Improve Your Customer Conversion Rate 

1.Deliver the Right Value Proposition 

Your value proposition is a key component of your marketing activity and it needs to be consistent across your business. It should be reviewed regularly to ensure it accurately reflects what you can do for potential customers . Get it right and you will enjoy higher conversions both on and off line. Its worth spending time working on your value proposition as it will reward you generously for your efforts . 

Why This Works

Your value proposition plays an important role in creating a strong first impression and conveys to potential customers that you have got exactly what they need. 
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2. Add Social Proof Across Your Business

Social proof is powerful because it plays a huge role in buying decisions of most of us. When someone is thinking over a purchase or trying to decide between two different brands, they’ll often turn to other people that have experience with the products for guidance.
70% of people say they trust consumer opinions posted online. That's why successful businesses take every opportunity to seek customer feedback which can then be used to increase buyer confidence.  Social proof can be in the form of testimonials, reviews, star ratings, and real-time statistics. Businesses can help increase conversions by validating the buyer’s decision, which is why it’s essential to incorporate it into your marketing strategy. In the long run, it helps in building brand credibility.
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Why This Works
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In a few words: social proof gets your business more sales.
Imagine you’re shopping for a new bedside table. You’ve found three that you love, based on the pictures alone. One has over 500 reviews with an average rating of 4.8 stars. The second has 140 reviews and a 2 star rating. The third has no reviews. Which do you buy?

3. Make It Easy To Take Action Now 

Customers take action for their personal gains and the best way to encourage prospects to take action immediately is to offer offers and incentives  In fact 61 % of consumers rank discounts and incentives as their most important consideration when making buying decisions.Maximising your conversion performance means using incentives that motivate prospects to act immediately. They play on the potential customer’s emotional motivation by increasing the reward for action and reducing the emotion of regret.

Why This Works

By creating a sense of urgency and triggering Fear-of-Missing=Out [FOMO], limited  time offers including discounts, extended free trials, bonuses for taking  action  can all motivate prospects to make quicker decisions. about a purchase..

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