Customer Retention Stats, Studies & Best Practices For 2016

Customer Retention Stats, Studies & Best Practices For 2016

Do you know the value of loyal customers? Have you ever created a strategy built around keeping those customers while maintaining and building your relationship with them? Have you explored a customer retention strategy?

If not, we encourage you to do so. Retaining your current customer base is often referred to as the low-hanging fruit. What do we mean by this?

The fruit that hangs low is easily reachable, and it requires minimal effort to pick it. The same can be said for your current customers. They can be won or persuaded to stick around with little effort. Now, that doesn’t mean no effort.

Because you have to invest a little to get a lot, and we want to help you with your strategy, we’re going to look at customer retention stats, a study and best practices for 2016.

Customer Retention Stats

To drive home the importance of customer retention, here’s a list of stats:

  • It costs 500% more to acquire a new customer than it does to keep a current one. ~Destination CRM
  • It costs 16x more to bring a new customer up to the same level as a current one. ~Marketing Tech Blog
  • It’s cheaper to retain a customer than to get a new one. ~Econsultancy
  • The average repeat customer spends 67% more in months 31-36 of their relationship with a business than they do in months 0-6. ~Bain and Company
  • 47% of customers would take their business to a competitor within a day of experiencing poor customer service. ~24/7
  • 97% of consumers said they are somewhat likely to become more loyal to a company that implements their feedback. ~Apptentive
  • 81% of consumers are more likely to continue doing business with brands that offer loyalty programs. ~Bond Brand Loyalty

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eCommerce Conversion Rates, Stats and Best Practices For 2016

eCommerce Conversion Rates, Stats & Best Practices For 2016

For those of you who run an online eCommerce site, we bet you’d like to give your sales a lift.

In this article, we’re going to show you some ways to do just that. We are looking at eCommerce conversion rates, stats and best practices for 2016.

First, let’s look at the average eCommerce conversion rates (the percentage of people who take the desired action on your website).

Conversion Rates

According to one source,  the average conversion rates are as follows:

  • First time visitors: 5.10%
  • Repeat visitors: 2.50%
  • Cart abandonment rate: 71.30%

Another source finds that product page conversion rates average about 8%. What does this tell us? It suggests that shoppers are entering websites more often through product pages instead of the home page.

This same study says that the top converting product pages are doing so at a 59% rate, while the bottom brands hover around .10%.

And, yet one more source sites average eCommerce site conversion rates between 2-3%.

While these rates vary a lot, we can point you in the right direction with the following info on conversion rates:

  • 0-1%: Not good. Something might be broken on your site, and you need help.
  • 1-2%: Below average. Check your incoming traffic and assess weak points on your pages.
  • 2-3%: Average. It’s still a good idea to assess problems on your site.
  • 3-5%: Very good. You’re getting somewhere now. Keep working at honing your conversion rate and see if you can leap any higher.
  • 5% and above: You are the cream of the crop. Keep up the good work.

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7 Tools To Include In Your Customer Acquisition Plan

7 Tools To Include In Your Customer Acquisition

You probably already know that it costs more to acquire a new customer than it does to keep a current one. That’s why this article is so important.

When you are working to gain new customers, you want to make sure you are maximizing your dollars and doing everything right.

So, to help you be as efficient as possible when trying to attract new customers, we’re going to discuss seven tools to include in your customer acquisition plan.

#1: Set Your Goals

Author and motivational speaker Zig Ziglar said, “A goal properly set is halfway reached.”

Your customer acquisition plan is futile if you haven’t set your goals. It’s like walking in the dark while trying to read.

Your first tool is goal-setting. It will not only shape your customer acquisition plan, but it will also shape the people you hire and the lead generation tactics you set into motion.

Here are some possible goals you might set when it comes to customer acquisition: Continue reading “7 Tools To Include In Your Customer Acquisition Plan”

How To Use Landing Pages To Increase Email Subscribers

How To Use Landing Pages To Increase Email Subscribers

The most important pages on your website are your landing pages. Why? This is where you earn the trust of your website visitors, provide them something of value, and in the end, convert these folks into viable leads.

Yet, many businesses aren’t leveraging the potential of their landing pages. In this article, we’re going to talk about how to use landing pages to increase email subscribers.

If you haven’t been using your landing pages to drive your email list, you might wonder about their purpose. And, perhaps you haven’t even looked at your conversion rate. So, first, let’s uncover some information about landing page conversion rates.

Conversion Rates Uncovered

With the average landing page conversion rate hovering around 2.35%, many pages often hit conversion rates well above this, and some push well into the double digits. How do they accomplish this?

We’ve got a list of some quick tips for increasing your landing page conversion rates from good to great.

  • Explain the value of your offer. Don’t make people guess.
  • Reduce your website visitor’s risk. Offer a testimonial or other social proof. This helps your visitor feel more comfortable handing over their email address.
  • Use scarcity. You can do this by limiting the quantity of your offer or reducing the time frame that it’ll be available. Your website visitors are more apt to sign up for your offer if it’s only available for a limited time frame, or you’re only offering a limited amount.
  • Ditch landing page distractions. Create your landing page so it is simple and straightforward. You should also think about reducing navigation options so people don’t get distracted and wander off.

Continue reading “How To Use Landing Pages To Increase Email Subscribers”

How To Convert Web Visitors Using Website PopUps

How To Convert Web Visitors Using Website PopUps

Did you know that nearly 70% of your first-time website visitors will leave your site, never to return? One of the biggest causes of this rapid exit is a lack of connection with your audience.

Many of your website visitors don’t land on your home page. In fact, they usually land on one of your landing pages. Once they do, you have one chance to convert them into a lead or capture their email so you can add them to your audience.

If you don’t connect with them immediately, you risk losing them forever. But, wait, let’s bring the website popup into the conversation.

Website popups allow you to grab your website visitor’s attention at just the right time. You are grabbing them and sticking a call to action right in front of them with your website popup.

The goal of your company’s website is to turn visitors into leads, and popups are quite effective at capturing attention so you can achieve your conversion rate optimization goals.

In this article, we look at how to convert web visitors using website popups.

Leverage the Exit Popup

You can grab your website visitors right at the moment they are getting ready to exit your website with an exit popup.

This has the potential to be a huge lead generator for your website.

When you use the exit popup, you display a message to your website visitor just as they begin to navigate away. Most commonly, these messages tell the visitor why they shouldn’t leave your site.

They might contain a video, a special offer or promotion. The exit popup can also include a form for them to submit their email to receive the promotion, sign up for your email list or download a whitepaper.

This is your absolute last chance to catch their attention, so you’ll want to include a very strong call to action.

A unique popup that has been gaining ground in popularity is the negative-ask-option. For example, when a visitor tries to leave your page, they may be met with messages like this:

  • “Yes! I’d like to take advantage of 20% off!” or “No! I definitely don’t want a coupon!”
  • “Yes! I’d like to see how to pay less taxes!” or “No! I’d rather not learn how to save money on my taxes.”

This type of negative-ask-option literally has the power to make your website visitor feel guilty for not accepting the coupon or the free guide, while encouraging your visitor to take the affirmative action.

Online businesses that use exit popups convert web visitors at a consistent rate, often doubling their conversion rates using them.

Create the Perfect Popup

There are a few tricks to creating the perfect popup so you can convert web visitors. We’ll list them here for you. Keep this checklist handy when you go to creating your website popups.

  • Set popups to show at just the right time. Note: showing a popup the minute a visitor lands on your site isn’t the best use of the popup. You want to set your popups for just the right time. If it’s an exit popup, as the visitor moves their mouse to leave is a good time. You can also set cookie-based triggers to hit visitors with the right popup at the right time.
  • Make your popup match your website design and branding. Don’t use the standard template with your popup plugin. You do want your popup to stand out, so consider reversing your colors. Make sure your call to action is strong and highly visible. Consider A/B testing popups to see what works best for you.
  • Speaking of your call to action – it’s crucial to your success. Don’t let this get lost on the page. Be strong, creative and enticing.
  • Use the fewest number of form fields you possibly can. Many business owners want to “qualify” their leads immediately, so they ask for too much information. This can be a popup pitfall. You only want your website visitor to spend a few seconds providing their information. Don’t make them think too hard about whether or not they want to fill out your form.
  • One study found that decreasing the number of form fields from four to three results in an improvement of nearly half.
  • Don’t get too personal. You can always get more information from your website visitor on your first follow-up. Also, consider allowing the social media sign up.
  • Acknowledge the sign up. Make sure you set your form to provide a thank you and a short note that you’ll be in touch. You can also provide them with their next steps on this page. Or, conversely, you can provide their white paper or coupon code.
  • Don’t hide your close button. You don’t want to trap your website visitor on your popup form with no easy way out. Even if they don’t fill out your form this time, you don’t want to limit your chances that they’ll come back and fill it out next time.

Final Thoughts

Now that we’ve discussed how to convert web visitors using popups, it’s time to put them to good use on your own website.

Make sure that you use them in the proper manner and at the proper time to avoid annoying your website visitors.

It’s good to remember that popups can drive your conversions, but only if they are used right. Use them to provide something of value to your customer, something that catches their attention. In turn, they’ll provide you something infinitely more valuable – their email address.

Why do you need to provide value with your website popup? When you provide value, your customers don’t see your popup as an interruption to their daily Internet browsing. They see you as providing something worthwhile, and this goes a long way towards building your credibility and enhancing their trust in your business.

Lastly, remember to test your website popups. Consider text and button changes as well as formatting and design changes. This helps you choose which popup works best so you can increase your conversion rate.

Are you ready to squeeze more profit out of your website and convert web visitors using website popups? Great! We’re here to help you optimize your landing pages to increase conversions. In fact, we promise you we’ll do just that.

With our guarantee, you can rest assured we will increase your profits through landing page optimization.

If you’re ready to work with the leader in landing pages and conversion rate optimization, contact us today. We’ll provide you with our FREE site performance analysis so we can work on your landing page conversion rates.

Image: Jens Kreuter