How to Build a Conversion Funnel to Triple Profits

The rapid growth of e-commerce businesses has transformed the marketing landscape in so many ways. The importance of well-designed websites and efficiently structured web stores are increasing every day as we see a higher number of online transactions every year. However, sealing a deal on the digital platform is not always easy and can prove to be a lot more challenging than expected. Many e-commerce businesses have mastered the art of jumping through many hoops before they finally convince the customer regarding the value of their product or service.

The entire process through which a customer is convinced to buy your product from the web store after they reach your website is known as the conversion funnel in common marketing lingo. Often, e-commerce businesses have to deploy creative and innovative strategies to ensure higher conversion rates. In this article, we will discuss a few ways in which you can approach this problem to maximize your sales and revenue. There is an art to capturing the attention of your audience through well-curated relevant content that can help you to build your brand while also giving some useful information to the prospective customer regarding your product and why people should consider investing in it.

To understand how to build a conversion funnel effectively, you first need to get a grasp of the factors that affect it.

Factors to consider while creating a conversion funnel

It’s safe to say that no conversion funnel can ever be perfect. This is why there can always be scope and space to improve your sales conversion funnel so that you can register higher sales and greater profits in the long run. Some of the factors that can determine the effectiveness of your conversion funnel are stated below.

Setting up the foundation

The first and most important thing involved in creating the right conversion funnel design structure involves carrying out online surveys and trying to get an understanding of the consumer’s needs and wants. This background work is very necessary but too many e-commerce businesses tend to ignore it to their detriment. If you have a good understanding of the things that compel a prospective customer to buy then half the work is done in the whole conversion funnel process.

The second thing is to set your business goals and try to integrate them with the interest of your customers. This is arguably where the real challenge lies when it comes to getting a high conversion rate.

Building brand awareness

We all know the crucial position that branding holds in modern-day marketing operations. Because we are exposed to so many brands and their advertisements nowadays regularly, it’s fundamental to create a unique branding image for your company so that people can associate the product with the brand over time. The way to achieve this is to increase your overall online visibility first and foremost.

At this stage, it also helps to operationalize your content strategy and make it conducive to customer needs and satisfaction. Try to flesh out your content strategy as early as possible as that can make a difference in the long run when it comes to your average conversion rate.

One of the things that we recommend you to do is undertake competitor research. It’s always a good idea to try and look at how your market competitors are doing and try to uncover some of the steps that they are taking.

Generating consumer interest

The last factor that we wish to discuss is the importance of generating consumer interest in your brand and products to facilitate the conversion funnel. The familiar marketing phrase “content is king” has become a benchmark in the digital e-commerce space. The ability to generate creative content and advertise your brand in innovative ways that make a huge difference to the long-term conversion strength of your e-commerce business.

If you have a good content marketing strategy then a lot of the heavy lifting is done automatically in terms of driving conversions.

Building an optimal buying process

A large share of the idea of driving conversions depends upon web development norms that can create effective payment getaways. Ideally, you would want a situation where the customer can come in and pay and move on to browse other products in a matter of minutes. It can also prove invaluable to analyze the movement of potential customers along your conversion funnel and identify areas where things can be improved. To do this effectively you need to monitor the flow of actual visitors to your website.

Observe the interaction that a user has on the website and look at ways in which that can be improved. One of how you can do this with relative ease is by trying to focus on micro-conversions. Check the rate at which visitors are watching product videos, looking at commonly asked questions, spending time reading product descriptions and reviews, checking out special offers or promos, etc. These can help you to undertake invisible branding and improve your overall digital presence. As more and more visitors undertake these activities, they learn about your brand and take an interest in your products. More often than not, this is a prerequisite to higher levels of sealed conversions.

Conclusion

In this article, we have covered the topic of conversion funnels and how you can improve your conversion funnel process to register higher profits. It’s safe to say that higher conversions depend on several different factors and all of these should be paid adequate attention to. We hope that the information found in this article proves to be useful for you and helps you in your e-commerce journey.