When you have truckloads of psychology-backed marketing tips in your conversion rate optimization bag o’ tricks, you’ll find that increasing your website’s conversion rate can be like biking downhill. It’s painless.
Sure. The increase in your conversion rates might not always be astronomical; however, you’ll find that most of the marketing strategies you’ll run — if they are psychology-backed — will, in most cases, yield positive results.
If you’ve been struggling with your website’s conversion rate, and are quite unsure of how to solve your problem, allow me to share with you these psychology-backed strategic marketing tips.
Note – The tips I’ll be sharing with you are tried and tested to yield positive results. These aren’t just experimental ideas that I came up with just now. A good number of marketers and business owners are using them and are reaping good results out of the strategies.
That being said, be sure to take the time to apply the things that you’ll learn from this post. Remember that simply reading and learning will get you nowhere. If you truly want to improve your website’s conversion rate, then you need to take action. And you need to take action now.
1. Increase your product’s’ perceived value.
Out of all the definition that I saw on the web of what perceived value is, no other resource explains it better than Investopedia. Here’s their definition of the term.
“Perceived value is the worth that a product or service has in the mind of the consumer. For the most part, consumers are unaware of the true cost of production for the products they buy; instead, they simply have an internal feeling for how much certain products are worth to them.”
The part where Investopedia mentions, “in the mind of the consumer” is a crucial bit.
If you’re wondering why other online sellers take the time to add ebooks, free training materials, or a free consultation — on top of the actual product that they’re selling — that’s simply because they want to increase their product’s perceived value.
The more items the customers can get from buying your products (whether the additional items are tangible or intangible), the higher your products’ perceived value becomes.
If you head over to the Warrior Forum to view their WSOs (Warrior Special Offers), you’ll see how a lot of sellers are using this strategy (for more about special promotions read Holiday email campaigns).
Here’s another example.
And another one…
While giving away additional items can certainly increase your product’s perceived value, there are other strategies you can use to help you with that end. For one thing, you can add exclusivity to your products. You can also add testimonials, a scarcity element to your offers, or you can improve your product’s aesthetics (among other things).
2. Deal with your customers’ fear of loss.
“The fear of loss is greater than the desire for gain.” – Zig Ziglar
That right there is a timeless lesson about closing a sale that we can learn from Zig Ziglar. It doesn’t matter whether you’re selling your services over the phone, in newspapers, Google listings, or through your website, you need to address this roadblock if you want to improve your conversion rate drastically.
Here’s the thing, every time you pitch your products or services to your customers, they are going to have to make a decision on whether or not they are willing to “lose” their money in exchange for your products.
Since our natural tendencies as humans is to fear loss more than desire gain, it becomes challenging for us sellers to convince the customers to part (or lose) their money, in exchange for gaining something of value to them (our service and products).
And so the question becomes, how do I get over this hurdle?
While there are several ways to answer this question, a popular solution that most marketers and online sellers are using are money-back guarantees.
What makes money-back guarantees so powerful is it keeps your customers from feeling that they are about to “lose” something. After all, if they bought your product and your product managed to deliver value, then they’d feel like winners at that point.
If they feel that they aren’t satisfied with your product’s performance, however, then they can simply request their money back and not suffer any loss from the failed transaction.
(Note – While money-back guarantees are great, be careful with using this strategy since it can lower your product’s perceived value or damage your brand image.)
3. Add an element of scarcity in your pages.
Procrastination. That is one of the many reasons why your web visitors aren’t buying from you.
Your customers might have liked your product. However, if they don’t have any reason to make the purchase immediately, then the chances are they won’t.
They’ll just click away while keeping a mental note of your product and get back to it later once they feel the urgent need for it.
When that happens, you have most likely lost the sale.
Don’t count on them to come back to your site (too much) to buy your product at a later date. With all the distractions online, they will most likely forget about you. Also, with how cutthroat the competition is on the internet, it’s highly likely for them to find your competitors products/services and be influenced by your competitors to buy their products. Because of this, you need to find ways to compel them to buy your products immediately when they are on your product pages.
Of course, adding an element of scarcity to your product pages can help you with just that. Remember that human beings have a strong inclination towards the fear of loss. If you add an element of scarcity, you’re practically telling them that they’re about to lose the opportunity of having your product if they don’t take action now.
Since they fear losing the opportunity of buying your product, then it compels them to take immediate action on your offers.
While there are several ways to add an element of scarcity to your pages, I have found that adding a countdown timer or showing the number of stocks available for your products can do wonders for online sellers.
Here are some samples.
Looking at the second screenshot (the one from Amazon), you’d be pretty compelled to buy the laptop immediately if you were thinking of buying it. After all, there’s only one in stock left. If you don’t buy it right then and there, then you might lose the opportunity of having the laptop since others might buy it first.
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