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11+ Ways to Increase Your Conversion Rate Right Now

Category: Growth Hacks

11+ Ways to Increase Your Conversion Rate Right Now

Whether we like it or not, the success of a business depends on the business they bring in. It’s not a coincidence that Marx was just a great economist. Economy is more inclusive than most people give it credit for. conversion

Your conversion rate, therefore, is a direct factor in your success and growth. There is no end to the jargon that floats around conversion optimization and analytics. But how often do you come across technically viable options to get your conversion rate going upwards on the graph?

If you are looking for actionable ways to increase your conversion rate and maintain a steady growth, this blog is for you. We will cover all the nuanced tips and tricks that will give you the edge amongst the competition when it comes to overall conversion online.

Build Trust Through Videos

If you are struggling to get traction on your outreach campaigns the answer is videos. Just the mention of the word “video” will give you a massive increase in clickthrough rates on email.

If you are struggling to maintain a healthy bounce rate on your website, the answer is videos. Nothing captures user time and attention as videos do.

If your landing pages are not converting qualified leads, the answer is videos.

Basically, videos are the bridge from prospect to clients that your leads will walk over willingly. Videos give viewers a sense of trust and inclusiveness that no other means of communication does. An important observation we made was that any industry that requires a high level of trust from service providers, invests a lot on videos.

Videos are a multi faceted marketing tool, not only are they a lucrative engagement tool. But they are extremely self sufficient. You can add call to action buttons within a video to invoke the desired action from your viewers.

Let’s say you create a thoroughly wholesome and enjoyable video that addresses a problem that your product aims to solve. This type of video is called a Product Promo Video, it is an advertisement of sorts.

But if you create enough emotional impact through the problem statement, you create a conversion possibility right there and then. End your problem statement with an impeccable solution, that is: your product or service. And create the effect that your product is the hope your burdened prospect needs to rise from the ashes (solve the oh-so problematic problem).

As you manage this, you create a ten second window where you have the prospect 100% convinced of your product’s value. There and then is the time to pop up a “Subscribe Now” or a “Add to Cart” call to action button within your video. This button will redirect your user straight away to the payment channel, no unnecessary steps. This means instant conversion without any room for the prospect to get distracted.

If you think that is a lot of work, you need to download the free screen recorder by StoryXpress right now! Using this simple browser extension, you can create professional looking, high quality videos within minutes. AND add Call to Action buttons at every crucial point within your video with a single click.

Clean the Clutter

We just saw that catching your prospects when they are super engaged works. But what if your prospects click on your “Pay Now” button and end up in a mess of a payment interface?

Here’s where you see the importance of cleaning the clutter and choosing the right platforms including the right payment interface.

Pro Tip: Looking for the payment interface that offers minimum resistance and makes the payment process as smooth as possible? Try PayTabs!

 

The number one, most important rule of prospecting is grabbing and retaining attention. When a prospect travels through your pipeline, there are many opportunities you get to take them directly to the desired destination, i.e. the checkout page. But you want what keeps them away from that?

  • Unnecessary forms
  • Ads within videos
  • Hard to navigate menu buttons
  • Irrelevant pop-ups

This is certainly not an exhaustive list. There is a lot more that goes on within your website and landing pages that is a big no no. You can actually use marketing tools that create heatmaps for pages. This will tell you exactly the area in your webpage that is getting little to no activity and thus, it is time to remove it.

Whenever you begin your UX/UI design process, maintain one thing: it should be clear, concise, and extremely easy to navigate. What you see is what you get is the attitude you need for a good design. This is what makes Apple as successful as it is with its products.

Your website might not cater to just one product or service, therefore you need to be mindful of the popups you generate. Because pop ups are a powerful tool, and they can sweep your growth towards both the directions, upwards as well as downwards.

Produce popups and any other promotional call to action with due caution. And definitely don’t use flashy content. Reserve that for ads. On your own website, keep things as sophisticated and concise as possible.

Make due cognizance of any restricted access pages, or any non functional aspects of your website. You can do this by testing your website periodically for a few factors (this is not the same as A/B testing, this type of testing is generally referred to as Quality Assurance/Testing).

Smooth Delivery: Sophisticated Payment Channel

One of the most important things on your entire scheme to convert is conversion itself. You build the trust, give your prospect the nudge, somehow manage to get them towards the logical end of the funnel and boo-hoo you refuse to accept Visa? A weak payment channel is frustrating not just for the client, but for sales managers as well.

Invest in a secure, healthy payment channel that gives your clients options to use their preferred mode of payment. UX design matters throughout your website, including your payment page. Since, most payment channels are outsourced, use a service that gives you the ability to customize your payment channels according to your website design. Don’t lose out on customers during the last stage. A trustworthy, credible payment channel is an absolute must have.

Live Chat is the New Conference Room

Most leads don’t just come over to your website, and instantly add your product to their cart. Buyers are inquisitive, they have questions and they want answers. When doubts about your product arise, a prospect will do one of two things. Either navigate through your website to find the answer, or Google it.

Most of them will Google it.

And that will open a can of worms that you don’t want them to open. You cannot afford distractions that come from opening that new tab, moreover you cannot afford the misinformation that floats on the internet. This is why a live chat option is a must have for instant conversions.

When the prospect sees the live chat button right there in front of them, they think “Okay, I can raise my query right here”. And that’s what they will do. This not only retains their attention to your page, but also lets you give them accurate information and genuinely answer their queries all within minutes.

One Time Offers

A fantastic way to urge your prospects to convert is to set a timer. Now, you can’t really set a timer to the actual purchase, but you can set it to offers. Offers with a time limit offered exclusively to a lead are known as one time offers.

You can plug these in with a ticking clock. Suppose your lead is on the checkout page, but is still not for sure making the decision to convert. A pop-up that says “Claim this Fabulous Offer Only for YOU Valid For JUST 5 Minutes” or “Book within 10 Minutes to Claim a 20% Off on Shipping” can really drive your prospect to hit the pay button. Timers create a sense of urgency, and impatience to the point where the lead thinks it’s better to make the purchase now.

Irresistible Value Proposition

Value proposition is nothing but a simple statement that tells your lead why they should buy from you. It is basically your answer to a consumer asking “What’s in it for me”, ‘it’ here refers to converting.

You can have your website perfectly made out, and your outreach campaigns popping. But if you don’t have an irresistible value proposition, then forget about conversions. Create a proposition for your clients that they cannot say no to.

It could be a unique tool that you offer, or a compelling price point. Spend a little time to draw out a value proposition that stands out. Research your competitors to find out what are the factors that make you stand apart.

A/B Testing

A/B testing or split testing is a simple technique to gather the user’s perspective on each element of your website. A/B testing is done solely to understand what drives your conversions, how to increase conversions, and stabilize conversions. There are many ways to do it and it can be applied on multiple elements of your website/marketing strategy.

You will require a tool for A/B testing specific elements of your marketing campaign or website. Conversion Rate Optimization tools do exactly this. The idea is to gather qualitative and quantitative user insights. And work with these to better your conversions.

Engage through Testimonials

If you have a bunch of loyal customers, it is time to bring them to public notice. They are also now a part of your marketing campaign. Give your customers to provide feedback on your website, like a review box. The more realistic your reviews are, the more credible your brand becomes in the eyes of a lead.

Allows customers to unabashedly explain what they derived from your product or service, you can record these testimonials for testimonial videos that you can plug virtually everywhere throughout your sales funnel. Testimonial videos are an irresistible marketing tool that build trust in your prospects for your brand and product.

Welcome and Address Critique

No one product or service is perfect. All of us have some flaws, people even dump their Teslas and Elon Musk is still the richest man on the planet. There is no need to hide away your flaws but to learn from them. If your industry gets a lot of backlash for some specific factor, then address it front and center on your website. You can even add something about it on your value proposition.

Similarly, if you are getting 1 star reviews, and people offer viable criticism, soak it in. Not all critique is meant to bring you down, and no critique should ever bring you down. If potential buyers come up to you before they quit your funnel and say “Well, your product doesn’t offer feature X, sorry I am out.” then make a note of it. And forward it to your design or production team, and revert back with a reasonable explanation of why you don’t offer that particular feature. And if they still say bounce, make sure to reach out to them again once anything related to that feature pops up.

Give your Audience the Content they Want

Your target audience is made of business professionals. These are not solely your prospects, they do other things as well. And these other things are your window to convert them. If you work in an industry that involves a lot of complex concepts, and acute understanding (pretty much all industries today require this), then one thing you invest your time in is making tutorial videos.

Everybody loves tutorial videos, everybody. No matter their ranking within a business, every professional googles solutions to specific problems. Or looks up concepts or how-to videos on the internet. And when you become the tutor, and successfully help them solve their problem, they have nothing but reverence towards you. And that is your window to convert them. You can very smoothly plugin your products as a viable solution through your tutorial videos and get instant conversions.

Responsive Web Design

Not all your clients are browsing your website on their desktops. Some, a lot of them actually prefer mobile viewing. Google has a mobile first indexing algorithm that takes into account mobile optimization.

Responsive web design is about creating a website that works well regardless of the platform it is being used on. It adapts itself, in every sense for easy viewing and activity. You can make your existing websites responsive, or create an application specifically for mobile viewing and engagement.

All of the above will give your conversion rates a much-needed boost.

If you ever find yourself struggling, put on the glasses of your customers and try to find out what you are doing wrong. After all, when you expect a customer to shed a few bucks on your product, you need to offer quality products.

 

11+ Ways to Increase Your Conversion Rate Right Now
-Suchita Chopra is a content writer for Story Xpress, a marketing and advertising, based in Ashburn, Virginia.

The best payment gateway service will set your business up for success. At worst, the wrong online payment gateway will put your business at risk of security breaches and lawsuits.

But it’s not always straightforward to spot a bad online payment gateway. Here are 6 red flags to watch out for.

Ease of payment

More and customers are shopping on mobile. Business Insider reports that m-commerce will account for 44% of e-commerce by 2024. Unfortunately, there are many payment gateways that are still not mobile-friendly.

Global online shopping is also on the rise. In 2019, the average international e-commerce basket was valued at 97.87 USD. Before the pandemic, numbers showed that international customers also tend to buy more often. Making customers do math in their head to calculate exchange rates and fees is a sure recipe for checkout abandonment.

A payment gateway that’s not mobile-friendly and doesn’t accept multiple currencies will put you at a disadvantage. PayTabs allows payment in multiple currencies. No matter where your customers are, they can view the fee and pay in their local currency. It’s also mobile-friendly and supports all major credit cards.

Weak security standards

2020 was a year of explosive growth for e-commerce. Sadly, online fraud rose as well with the increase of customers. A found that 37% of customers surveyed had been a target of online fraud. According to LexisNexis, total online fraud attempts per month experienced by U.S based retailers increased by 24.2% in 2020. E-commerce sites now face a host of security risks from cybercriminals.

Find out if your payment gateway provider is compliant with international standards such as Payment Card Industry Data Security Standards (PCI DSS). Choose an online payment gateway that’s 3D secure, uses Secure Socket Layer (SSL) technology, and tokenization. The best ones will have an added in-house fraud protection layer.

Slow payment processing speed

Customers expect a fast checkout – 18% will abandon cart if the payment process is too complex. It also increases complex chargebacks and hurts the user experience. Choose a provider that offers a seamless purchase experience and an intuitive terminal.

In addition to the actual transaction itself, each payment gateway provider has different payout terms and timelines. Delayed payout affects your cash flow, especially if you’re a small or medium enterprise (SME) or a startup. At PayTabs, we transfer deposits to you within two business days. Try a free demo of PayTabs here.

Lack of robust reporting & reconciliation

If your payment gateway doesn’t have sufficient data collection, you’ll be making business decisions on guesswork or worse, wrong data. You need real-time data reconciliation and accurate reporting.

We recently launched PT 2.0, our new enhanced payment gateway. It allows you to track transactions based on volume, revenue generated, and order value including refunded transactions. Product sales can be measured by the day or hour — invaluable for promotions and offers. It also allows you to identify your top customers and reward them.

Incompatible with your goals

Choosing a payment gateway is a long-term investment. Therefore, your payment partner should be a match for your goals. Some discerning questions to ask up-front are:

• Is this payment gateway trustworthy?
• Does this gateway have a track record of success?
• Does this gateway support our business model?
• Does the gateway allow integration with our systems?

PayTabs is a gateway made for service providers trying to enter the MENA region. We’ve been in business since 2014, helping merchants of all sizes across 49 industries. We allow integration across mobile, iFrame, and e-commerce plugins under 24 hours.

Hidden or junk fees

Many online payment gateways have hidden fees. They also use confusing jargon and pricing models. The best payment gateways have transparent, cost-effective pricing.

Junk fees are another hidden cost to watch out for. Common examples of these include:

• Early termination fees
• Monthly minimum fees
• Statement fees
• Customer service fees.

You shouldn’t have to pay to get a monthly statement or talk to customer service.

Let us help you

Start your entry into the MENA market with the best payment gateway. Contact us and talk to one of our representatives today.

Kasun Pathirage
– Kasun Pathirage is an expert freelance content writer for B2B fintech and SaaS brands.
Learn more about his work via his website: verbauream.com.

4-solid-tips-to-help-choose-the-best-online-payment-gateway

A payment gateway is one of the most important components of an ecommerce venture. With a secure payment gateway, you can ensure the safety of your business as well as of your clients’. In these tough times, payment gateways have become a soft target for scammers and hackers. If your business is dependent upon online payments, then it is necessary to take proper steps to ensure the robustness of these online payment systems. There are several criteria which should be kept in mind when choosing a secure online payment gateway. Listed below are some tips will help you find the right one.

Protection against Cyber Attacks:

A secure payment gateway is the one which can protect yours as well as your clients’ data. With the growing scope of online shopping, the segment come under phishing and spamming attacks. It is important that your payment gateway is able to provide protection against such attacks. This is generally ensured by employing latest technological tools to defend your data from being stolen. These cyber attacks may not only impact your data but also your reputation in the market. Therefore, it is essential to pick your online payment gateway after thorough consideration.

Also Read: Top 3 things to consider while choosing a payment gateway for your business

Pay Attention to Chargebacks:

Another metric which can help you gauge the impact of a secure payment gateway is the number of chargebacks. A company generally faces two types of chargebacks — distribution chargebacks and consumer chargebacks. Both are detrimental to the business in long run. Distribution chargebacks are generally more difficult to recoup. The ideal solution is to minimize the incidences. Consumer chargebacks, on the other hand, are generally caused by unscrupulous clients. If they are making payments through stolen or otherwise ill-gotten means then such payments are bound to fail, leading to chargebacks. You should choose an online payment gateway which is able to minimize chargeback related issues.

Proper Integration:

Incorporating an online payment gateway on your website is no longer a tedious task. However, you should still ensure that the integration of the payment gateway is seamless and secure. This is important to provide fast and reliable experience to your clients. You should also ensure that various software used by you such as online store software, shipping database and cart software are compatible with your online payment gateway system. Any technological loophole can make your system vulnerable to cyber attacks and threats. Your software should also be compatible with your website and hardware to provide smooth experience to your clients.

            Also Read: Tips To Choose the Right Payment Integration Method for Your Ecommerce Site

Secure Data Storage:

Another important feature to look for in an online payment gateway is the data storage process. However, data storage is an expensive proposition. You may have to limit the amount of data that may be stored. You should properly carry out the cost benefit analysis of data storage facility provided by your online payment gateway system. Payment gateways like PayTabs provide optimum solutions in this regard. Furthermore, the system should also have proper checks and balances in place to weed out dubious transactions. These solutions should use technologies such as fraud scrubbing and anti-theft software to enhance their credentials and provide the best possible services.

Also Read:9 Things to Look For In a Payment Gateway

key-payment-data-points-that-your-business-should-value

It is important to take available information into account while taking any business-related decision. The use of correct and relevant data makes the decision more robust and efficient. However, many businesses have yet to understand the importance of payment related data. While payments are deemed to be a process, it is vital to understand that the information generated by them is immensely helpful in taking various business decisions and carrying out payment processes.

Here are some of the key payment data points which are highly useful for an online organization.

  1. Conversion Rates:

The main idea behind using key payment data point is to improve the customer experience. If the customers are finding the payment setup difficult to understand, then you should take a hard look at the payment processes. Chances are your procedures are too long or tedious for the visitors. Your payment data analytics may also show a large number of people leaving your payment sign up page midway, prompting you to re-evaluate your sign-up

 

  1. Rate of Authorization:

This tells you the success rate of the attempted transactions. As in how many transactions were completed. The lower rate of authorization implies that the payment process met certain roadblocks on the way. There could be many reasons behind that. For example, the authorization might not come through if the client does not have adequate funds in their accounts or their card may have reached its limit. Other reasons include expiry or misuse of the card. This metric can automate the process, making it more efficient.

 

  1. Ratio of Chargebacks:

Chargeback rate is one of the most important metrics for a business. Higher chargebacks may indicate a wide range of issues, making it imperative for businesses to pay proper attention to this payment data point. You should look at the occurrence of a chargeback to determine the root cause. Prompt information about a chargeback may allow you to look into its reasons quickly. Additionally, you should find out why it happened. Once you have identified the reason you may work on rectifying it.

 

  1. Reconciliation of Payments:

Another important exercise needed to be carried out by businesses is to look at the reconciliation of the payments. In simple terms, it refers to the time taken for the eventual cashing of a transaction, that is the time taken by the money to actually hit your bank account. Proper knowledge about this metric can help you in designing an automated process, leading to better liquidity. The reconciliation process can also be automatized for more robust payment data analytics. With the help of this metric, you can identify clients who are prone to late payments, letting your design better collection policy.

 

  1. Customer Satisfaction:

It is another important consideration. You should know the preferred methods of payment for your clients. This data can be easily collated from the software you use for processing payments. If you use multiple sources of payments, then you can analyze the data to understand the pattern. You can also segregate the data based on various metrics such as markets and products. This insight can help you to tweak your processes accordingly. With such changes, you can retain your customers, and at the same time, attract new ones.

Conclusion

With these key data points, you can improve every aspect of your payment strategy of our online business.

Also Read: Key Points to Know Before Integrating a Payment Gateway into Your Website

top-5-signs-that-youve-outgrown-your-payment-service-provider

Every online business needs a reliable and trustworthy payment service provider to reap profits and bring in more traffic. It forms a crucial part of the business’s structure. As it allows them to generate revenue and ensure the liquidity of their concern. However, if your payment service provider is not able to keep up with the growth of your business and changes in the technological environment, it may be time to reconsider your partnership with your provider. Here are some of the top signs that you need to upgrade your online payment system and provider.

  • No Regular Updates:

Since an online payment system is critical for any business, it is important that your provider offers you the latest services. Apart from the range of services, it is also imperative that your provider upgrades the system to provide smooth services. As online payment systems are highly technological in nature, it needs to evolve with changes in circumstances. However, if your service provider does not provide such updates on regular basis, it is time to change your provider. The slow response rate may also hamper the effectiveness of your payment system, causing undue inconvenience to your clients. Smooth communication and updates are essential to keep the system running in a perfect manner. So that your clients get the best possible service.

  • No Customization:

Customization is essential to ensure that your online payment system is in line with the requirements of your client base. And your existing service provider may be offering the same payment solution to all their clients. However, this type of off-the-shelf payment system is not likely to be the best for your business. It is essential that you properly identify your market and your customer base. Then design your online payment system to meet their distinct requirements. Further, your service provider should also be dynamic enough to change the payment system in line with the changes in your business. If your online payment service provider is not able to customize your system to suit the changed environment, then you should consider changing your provider.

  • Complicated Process:

A payment system is a complex system, consisting of several steps. However, you need to ensure that the process is quick for your customers. In order to achieve these contradictory goals, you should carry out periodic testing of your system, and make sure that it is not unduly complex for the customers. The system may also get complicated over a period of time due to alternations or addition of certain features. Thus, the payment process should be designed in such a manner that it can be upgraded in future without making it cumbersome.

  • Low Monetization Options:

New payment systems are cropping up every day. And they are offering multiple payment options to make the shopper’s experience easy and enjoyable. So, if your service provider is not able to provide you multiple payment options, it is highly likely that even your loyal customer base will eventually migrate to other businesses. Essentially, customers should have the flexibility to choose from different payment options to complete their transactions. Further, the service provider should also offer you the option to monetize your engagement. This generally works through a revenue sharing model, where you are paid a certain percentage of the volume of business generated. If your service provider is not offering you any such service, then you might want to change your provider.

  • Limited Support:

Today’s dynamic businesses need different options and if your provider is not able to provide such options, then your clientele may suffer unnecessarily. Also, your service provider should be able to offer timely and adequate crisis resolution support. Multiple channels should be available to reach your provider in case some issue crops up. Ideally, you should also have emergency access to a support system. Which goes above and beyond their usual crisis resolution methods. A smooth-running payment system is essential for any business and even a single problem may cause a big dent in its market reputation. So, if your online payment service provider is not able to provide you reliable support, it is time to move on.

All in all, a robust online payment system forms the backbone of any modern business nowadays. So, it is vital to choose a payment provider that can grow with you and meet your changing needs. So that a smooth experience is always guaranteed for you and your customers.