5 Ways to Fuel Conversion Rate for Startups
5 Ways to Fuel Conversion Rate for Startups
Marketing a startup can seem daunting for entrepreneurs. There is constant competition between companies for market share in the marketing landscape. New entrants are constantly popping up every five minutes to disrupt the market. There are more than 63 703 startups in the United States alone. buy twitter followers uk
A strategy for growth is essential for entrepreneurs who want to achieve long-term success. Even in a saturated market, it is possible to make your mark and build a business that will be profitable. You can create a large customer base that will support your startup by combining creative and traditional solutions.
We will discuss five strategies to increase your startup’s conversion rate and hack growth.
1. Marketing your startup before achieving product-market fit
Product-market fit (PMF) is the ability to exist in a specific market for a product or service that solves a problem. It doesn’t necessarily have to solve every problem, but it must be minimally viable and meet a real need. According to a CBInsights survey, 42% of startups fail because they lack a market need. https://natforce.org/
Your PMF is an essential step in the development of a product that meets the needs of a significant market segment. Communicating with your target audience is key to determining the direction of your product. While serendipity is a factor in finding the PMF, it must be backed up by thorough market research and buyer persona analysis. Identifying the ideal buyer persona is crucial to finding the right PMF. This allows you to reach out and build relationships with potential buyers before they can target you.
Marketing to these people is valuable before you acquire the final PMF. The insight they provide will help you determine the direction of your product so it can be marketable to a wide range of people. You can ensure your product does not get lost in the sea of innovations by building relationships with clients before launching it.
2. Live Chat Software is a great way to get real-time support
Did you know that many companies aren’t able to respond quickly enough to capture all the potential leads? A SuperOffice survey found that the average company takes 12 hours to respond to emails.
Startups cannot capitalize on the growth they need to stay afloat in their early stages. Data shows that contact rates with potential leads drop 10x if you wait five minutes to respond to customer service queries.
Startups that lack the resources and the time to answer all their customer questions satisfactorily are often unable to get the leads they require. This setback can be turned into an opportunity with customer support automation.
Live chat software and support automation tools such as live chat can increase repeat purchases and conversions. They provide exceptional customer service throughout the buyer’s journey. This software lets you provide product support and knowledge to customers in real-time, improving their overall experience. It can be paired with a chatbot for automated customer service. CrazyEgg claims that this will increase your conversions by 38% and encourage 38% more consumers to purchase from you.
3. Invest in Remarketing Strategies
Remarketing or retargeting is an online advertising tool that shows personalized ads to users who have visited your website in the past. Startups have many options, including retargeting. This allows them to reach potential customers at the most favorable time to buy twitter followers
A Forrester study found that 96% of website visitors leave websites without taking the actions the marketer wanted. Remarketing is a strategic way to target users searching for similar products to yours or who have visited your website or app before.
Example of a Facebook advertisement for My fix Cycles
Remarketing is based on simple technology. Prospects are sent a cookie when they visit your site. Your advertisement will appear whenever they visit any website with advertising systems running in the background.
My fix cycles used this when they set up conversion tracking on their website and created three audience segments to target them using specialized ads. Their revenue skyrocketed after their Facebook remarketing campaign. They generated a return of 1529% on their ad spending.
4. Increase Page Loading speed
Your website’s page loading speed directly impacts your conversion rates. A study found that pages that load in less than two seconds have a bounce rate of 9.9%. Pages that load in five seconds or less experience bounce rates up to 38%.
This creates interdependence between page loading speed and conversion rates. A slower webpage load speed can lead to users abandoning the site and failing to take the desired action. The speed at which your startup’s webpage loads can significantly impact how much revenue it generates. Walmart is an example. They were able to increase their conversion rate by 2% by increasing their page loading speed by just 1 second and grow incremental revenue up to 1% by simply improving their website’s speed.
It is easy to speed up WordPress websites.
Your website hosting can have a significant impact on page speed. Shared hosting will not be able to handle increased user requests or visits if you plan on scaling your website. When choosing website hosting services, compare the options and choose the one that responds to more users at a lower price.
5. You can extend the free trial
The Journal of Marketing Research found that free trial customers behave differently than those who pay for the product. According to the study, establishing a relationship through a free trial can influence usage and retention behavior, responsiveness to marketing activities, and ultimately how long the customer will stay with the service.
Prospects given a free trial will be more likely to convert to customers if they continue using the service. This is where you capitalize on the prospect’s need for your product. You can also make them loyal by prolonging their trial period. You can make a convincing case for your product and give the trial user more extended access to it. This will allow them to trust the product more, solidify their experience with it, and increase their confidence.
GetResponse is an excellent example. They wanted to increase the free trial but were unsure about its impact on sales, so A/B tested it first. They placed a button for a free trial on their homepage. This allowed them to tap into customer sentiments and resulted in a 158% increase in free trials without having to reduce purchases.
Startups are more likely to drive growth by understanding their target audience, customizing their ads for specific audiences, and personalizing customer service.
These tips are crucial to developing a solid growth strategy. They have been proven successful in many cases. These strategies will help you stand out from the rest of your competition by boosting your marketing efforts.