Overall, conversion rates are starting to trend downward.
So what does this mean to you, your company, and your conversion rate? Can you come out of the other end of this with little to no damage? Anyone who has been in business through a recession knows it's absolutely possible to survive and, sometimes, even grow a bit (or a lot as competitors fold under pressure). But it's never easy.
For online marketers wishing to thrive, a down economy brings two big-picture lessons. First, now is the not the time to stop being innovative. Second, efficiencies are not an option.
Remember these tips...
- Remember that people will buy value, in the absence of value they will take the best bargain price. Be sure you are communicating the value behind your product / service.
- People will still buy what the need and want; they'll just buy slower and more methodically.
- Expect longer sales and lead-generation cycles. Customers won't ask you for more value, they'll just search for it elsewhere.
- Don't be shocked by changing patterns in your metrics. Your customers may behave differently based on new found attitudes. Ask why they are doing what they are doing. Use personas to find ways to persuade them and calm their fears. Test to find the answers.
- Don't cut back on optimizing for conversions. Add social media to your conversion efforts.
- Consider visiting or revisiting price-point- and shipping-cost-related offers. They are at least worth a test or two.
- Stay focused on your customer first, not on the market. Even though you can, don't blame the economy. It likely won't hear you, and if it does, it won't do anything about it.
- Don't think you're immune or you may end up in the ash heap