Do you find that your businesses seem to have reached a plateau in growth? Do you find that your strategies that were generating conversions before are no longer working?
If yes, you need the right growth hacks to jumpstart your business. We have tons of ideas on how you can increase your online sales. Read on for six fantastic tips.
Growth Hack Tips To Increase Online Sales
Business growth hacks can help increase conversions without breaking the bank. Start by carrying out an audit of what you are currently doing on the site. It helps to know what needs improving, eliminating, or adding.
Let’s dive into some of the growth hacks you can take advantage of.
1. Ensure an Excellent User Experience and Data Security
A poor user experience will result in the loss of customers. Be mindful of the platform you use to set up your e-commerce store. You have many options available such as Shopify, Woocommerce, Bigcommerce, and Magento.
Do your research well, taking into consideration your business needs. You can, for example, find out how Shopify works here. You should also spend time reading customer reviews.
Pay attention to critical elements like the checkout process. It should be fast and devoid of any unnecessary complications. Only collect the information you will use. Be transparent about things like shipping costs and refund policies.
Take necessary security precautions to assure customers of the safety of their data. Install extra layers of security such as residential proxies. Data encryption and online anonymity will keep your side safe from hackers. Have proof of such security measures on your site.
2. Pay More Attention to Retaining Customers
Businesses will invest so much time and money in getting customers. Once they’re on board, they tend to forget about them. Yet, customer retention is critical for the growth of your company.
We will let some statistics show you the importance. Do you know it costs up to five times more to get a new customer than to retain the existing one? Investing 5% more in customer retention can get you a 95% ROI. Achieving conversions with a new customer is within the range of 5 to 20%.
Yet, it goes up to 60 to 70% with existing customers. Poor customer service can make you lose up to 33% of the customers. In the US, customer switching results in annual losses of up to $136.8 billion.
Here is what you can do to retain customers.
Keep in touch with your existing customers
Update them on discount, events, or any interesting information
Focus on creating excellent customer experiences. Be proactive and take a keen interest in the feedback. It will show you areas that you need to improve on.
3. Reap the Benefits of 3rd Party Endorsement and Feedback
One mistake businesses make is not to listen to third-party feedback. Yet, one of the most powerful marketing tools is third-party endorsements.
Perhaps, the following statistics will change your marketing strategies going forward. 28% of millennials will only try your product if their friends approve it.
Word of mouth recommendation accounts for up to 20 to 50% of purchases. A company can achieve up to 70% conversion based on referrals.
Put in place a system of collecting and showcasing customer reviews. Take advantage of testimonials. Showcase them on the different pages in your online store.
4. Use Cues to Generate the Action You Desire
Have you ever purchased an item because the seller made it sound like it was one of the few remaining pieces? If yes, you succumbed to fear of losing out (FOMO). It is a clever way of creating a sense of urgency to move goods faster.
‘Limited offers, few pieces remaining, or the offer ends at midnight are some examples. Others will even include a countdown timer to drive the point home.
Members-only perks and exclusivity platforms will also generate a lot of interest. Everyone likes to feel like they are VIPs. Launch new products or deals to such groups first. You can even tie in special incentives if they refer other people to the business.
Exit-intent pop-ups can help with the problem of customers who abandoned carts. It is a technology that detects when someone is about to leave your site without completing a purchase.
You can then take the necessary action to get them to stay. Incentives, freebies, or discounts can help sway their decision.
5. Use Content to Move Products
Content is critical in getting customers to notice your product. It can also serve the purpose of teaching them how to use what you are selling. Imagine you are launching a new product. But, the customers will not maximize the benefits if you do not teach them how. Interactive platforms, online video tutorials are some tools you can use.
Videos are potent marketing tools. A business can generate up to 66% better leads with videos. Up to 80% of customers will purchase a product after watching a video. Videos are ideal because the content becomes easy to consume. They are more interactive and easier to share.
User-generated content is another way to move products. First, it goes back to our point on the value of third-party endorsement. Secondly, you create interest in the products. Finally, you don’t spend money on getting fantastic pictures and videos full of testimonials.
To encourage more people to send content, think about incentives for them. Discounts, promotional codes, and other giveaways are a good idea. Keep up the interaction and engagement once they share the content.
6. Keep Measuring Your Activities
You want to ensure that whatever you are doing is working. You could find yourself spending a lot of money on giveaways, discounts, or other programs. Yet, in the end, you cannot measure return on investment (ROI).
A/B testing for pricing, for example, can help the business determine the best price for maximum Returns.
Product recommendation testing can help with the placement of messaging on the e-commerce platform. You can, for example, determine whether to use shopping carts or home pages to display specific products.
Call to Action testing gives you information on factors that could affect purchase decisions.
With the right growth hacks, you can increase online sales. You do this without spending too much money. All you need is a level of creativity to take advantage of available methods. We have looked at five tactics you can use. Referral programs, promotions, and the use of content are some of them.