Sales: your ultimate conversion
Sales: your ultimate conversion
For some reason some customer don't fulfil their purchase - how many and why?
It doesn’t matter what type of sales you are doing—whether it’s e-commerce, digital, telephone, or even a physical store on the street—understanding the three matters of sales, Reach out, Attention span and Closure is essential.
So you Reached out, then you caught customer’s interest and was also able to maintain their attention. They are interested and makes an attempt to buy.
In this posting we will handle what happens after you successfully reached out then you have been able to maintain their interest and now they want to buy from you. Some completes a purchase some don’t.
Sales: your ultimate conversion
Your sales conversion rate tells you how successful have been through whole sales process.
In this article
Sales: your ultimate conversion
After you have reached out you need to live up to customer expectations
You will never get any sales without a successful Attention process!
Contrary to what many seem to believe, the click or “Reach Out” is just the start of the sales process. “Attention span” comes next. In the phase for “Reach Out” you measure your ability to get customer interest. And in” Attention span” you measure your ability to keep your customers interested.
Or to put it differently, how well you do in this phase is measured in how long your customers are willing to pay attention related to how much time you need. The purpose and the ultimate goal is to encourage the customer to take action.
Depending on what you’re selling and the sales process needed for your products or services, the reason and expected outcome of the action may differ. But in the end, the action shall result in buying right away, or showing more interest in your brand so they might buy later. The trick either way is to be able to use the “Attention span”, as to build trust and interest in the very short, short and long term.
You use the “Attention span”, to build trust and interest in the very short, short and long term preparing for closure.
You have four metrics to measure your success of Attention span
There’s not a single way that alone gives you an understanding of how well you are able to live up to the expectations you gave your customers when you caught their interest.
To do that you have to put together at least four metrics: Bounce rate, Exit rate, Time spent and Returning visits. These four metrics gives you a fair understanding of how well you are doing. Or how well you are able to maintain the interest that made your customers click in the phase for “Reaching out”.
Despite the names of the metrics, they are not only for websites. Translated into a broader business perspective these metrics are all key indicators for how well you perform in the sales process.
And as essential they all are for understanding how well you are doing through the sales process, they should mandatory for all businesses.
Bounce rate
Measuring the bounce rate to understand how many people immediately lose interest should be on every business’s “must-do” list. The better you understand how many people quickly turn away—whether it’s leaving your store, hanging up the phone, or deleting an email—the better understanding you have into the efficiency of your efforts.
Exit rate
Exit rate is the amount of customers that did not bounce out. They were interested but for some reason did not take any action and certainly did not buy anything.
While Bounce rate is mostly dependent of your ability to meet visitors’ expectations, Exit rate is your ability to keep your visitors interested.
The exit rate is a result of eg. your page content, page purpose, design, layout, and at most user experience.
Time on site
Yes time spent is in first hand an important metric for you to understand your web site performance. The longer your visitors stays in your web site, the more likely they will be a value for you. The more likely they will buy from you.
But when spending more time on your pages is generally positive, there could be issues also if visitors spend a lot of time on a page but don’t take the desired actions.
Sales: your ultimate conversion
Returning visitors
Returning (or repeat) visitors are users who come back to your site more than once within a specific time frame. They do that because they like what they see and something made catch their interest. A single visit to a website rarely turns a visitor into a customer, so having your visitors coming back is crucial for success.
Conversion rate or Sales close rate?
The conversion rate is vital for any business because it measures how effectively a company achieves its goals, such as making sales or generating leads.
By optimizing conversion rates, businesses can increase revenue without additional marketing costs and gain insights into customer behavior. Improving conversion rates fuels overall growth and gives you a competitive edge in the market.
Your conversion rate is a result of how well you have done in the Reachout and Attention phase - and how easy it is to buy!
A conversion refers to any measurable action that reflects a desired outcome. You decide the outcome and it can can include anything from a click on a button (CTA), a filled out contact form to making a purchase.
The conversion rate is simply the number of prospects who take some form of action divided by the number of impressions you receive.
Measuring your conversion rates enables you to assess your performance and see how well you’re doing and also pinpoint areas that may need improvement.
While the conversion rate is a key metric, it is not the same as the sales close rate, although a sale is indeed a type of conversion.
Sales closing is the ultimate goal and is therefore the most important metric that indicates how successful your efforts have been. In businesses with longer sales cycles however, understanding the conversion rate is crucial for evaluating how effectively you’re progressing through the lead maturation process.
The ultimate conversion is - Sales
So due to the fact that what we all want in the end is sales, we will focus on sales conversion.
The sales conversion rate is a simple and direct way to measure performance. When a salesperson is involved, it’s called the close rate; in digital or e-commerce settings, it’s known as the shopping rate. While the close rate can be evaluated on an individual level, both metrics can be analyzed across the entire organization to assess overall effectiveness.
“Sales conversion” – Selling apples
So people touch the apples, ask questions and yet they show genuine interest some people does not buy any apples.
So why didn’t they buy? Everything was pointing in that direction.
“Sales conversion” – Selling apples
So people touch the apples, ask questions and yet they show genuine interest some people does not buy any apples.
So why didn’t they buy? Everything was pointing in that direction.
Sales: your ultimate conversion
What is a good close rate?
The average close rates can differ significantly by industry. For example, according to hubspot the average close rate for biotech industry is 15% while the software industry around 22%, and the finance industry averages 19%.
Overall, the average close rate across industries shows around 20%.
Close rate benchmark per industry
Formula
Close rate = Number of sales /Total leads (in given timeframe)
What is a good Shopping rate?
In same way retail stores measure foot traffic by installing people counters at the entrance ecommerce measure visits to the website. With the shopping conversion rate you got the final metric to understand how well you are able to combine all your efforts in to sales.
The question is simply, how many visitors do actually make a purchase? How are you doing compared to industry standard?
What does the benchmark say?
Average eCommerce conversion rates typically range from 2.5% to 3%. Even when everything is done correctly, you shouldn’t expect to secure more than around 2% to 3% of sales.
A conversion rate above 3% is generally seen as a solid target to aim for.
Shopping rate benchmark per industry
Formula
Shopping conversion Rate = no. of transactions/ traffic x 100
The most efficient way to reach out
Byebuy changes everything!
Byebuy is built generate result through all the three phases of the sales process click, customer attention and closure – it is built to make sales!
How Byebuy automatically increases your Close & Shopping rate
Byebuy encompasses the entire sales process, from the initial “Reach out” phase to maintaining customer attention and ultimately making the sale.
“Reach Out” is the critical first step to sales success. Using Byebuy you will successfully create awareness and interest, laying the groundwork for further engagement and conversion.
Here Byebuy has proven to generate exceptional CTR – the metric for online “Reach out”
As mentioned earlier, contrary to popular belief, the click or ‘Reach Out‘ is merely the beginning of the sales process. The next crucial phase is ‘Attention Span’ When using Byebuy, the promises made during the initial reach-out are seamlessly fulfilled, leading to naturally lower ‘Bounce rate’ and ‘Exit rates. At the same time, you’ll see increased time spent on your site and a higher rate of ‘returning customers‘.
With Byebuy, you will successfully reach out and automatically live up to customer expectations—key prerequisites for making any sales.
A click comes with customer expectations
Remember the value of a click is just a click and nothing more. So just as important it is to have a tempting reason for clicking, it’s needed that you live up to your message, “the promise”.
The message and secret weapon we use, which has proven to be the most effective way to reach out, is “Click to Win.” The funny thing is, what participants can win is the chance to buy your products or services. It may sound strange, but it works.
Byebuy automatically live up to customer expectations
This is where Byebuy shines—it’s designed to help you create engaging, no-fuss contests that keep customers interested and coming back, maximizing the value of their attention from start to finish.
Also meaning that your customers will spend longer time on site.
With Byebuy you don’t have to worry what happens after the click! Or what do you think of these result?
*Byebuy pricing model – you pay for lead & conversion ($0.2/ each)
Byebuy is built generate result through all the three phases of the sales process click, customer attention and closure – it is built to make sales!
But as always, it's all about the money!
You will increase your margins: Since only a limited number of customers receive the discount, not all of your revenues are negatively impacted. This helps in maintaining a healthier profit margin.
You will Increase of full price sales: Competitions motivate customers to make additional purchases. And also the natural trust and value you build generates a customer relationship with more loyal customers. Loyal customers are less price sensitive.
Cost-Effective Marketing: Running competitions is a cost-effective marketing strategy compared to offering blanket discounts, as it targets a smaller group and creates buzz without significantly impacting your margins.
“Reach Out” is the critical first step to sales success
Sales: your ultimate conversion
Sales: your ultimate conversion
