In the current digital e-commerce world, where each click and each scroll is tracked by the advertiser, there needs to be a fresh thinking on how we can empower the customers to choose their own experiences. This is where customer journey management comes into play. Any prospect that comes to a property through advertising and not being converted is a waste of money.
The digital ad space is especially susceptible to ad waste. According to Proxima, $37 billion of worldwide marketing spends are wasted on poor digital performance, Google found that more than 56% of ad impressions are unseen by consumers, and more than $66 billion will be spent on digital ads this year. The main point of a digital ad campaign is to land the customer to a website and hope for the customer to convert by submitting a form or buying a product. Typically, form conversions are smaller ( < 2%) and lead to a larger conversion down the line, such as a purchase of a good or service.
There are two important metric that need to be considered while looking at visitor churn
- Conversion rate = Number of conversion ( form submits + leads + calls) / Total number of Visitors
- Bounce rate = Number of one page visits / Total number of Visitors.
Bounce rate can also indicate the quality of your traffic. A high bounce rate accompanied by a large volume of single-source traffic might indicate poor referrals. However, you must understand why your landing or entry pages are not performing as well as you had hoped in order to assess the quality of your traffic. The reason for high bounce rate will fall into one of the following
- Content – Bad or Non-engaging content that is not meaningful for the visitor
- Speed – The page takes forever to load
- Site design – Confusing site designs / color and links that do not appeal to the visitor
- Site Experience – Annoying popups that diverts attention from the main objective. Javascript errors that prevent a form from loading.
Creating and knowing your ideal buyer persona is where many e-commerce websites get stuck. Having a buyer persona that they can’t target or generate conversions with prevents businesses from reaching their objectives. It is crucial, however, that you know that every visitor matches your intended buyer persona before you start engaging them with an elaborate follow up process. That is why you need a customer journey automation tool.
One of our portfolio companies is addressing the visitor churn problem on e-commerce websites by automating the visitor to buyer conversion process with minimal engagement from the marketeer.
They do this by enabling the following functionalities on the site
- Identify visitors automatically and segment them into affinity groups.
- Track the millions of journey data points using AI and find the best performing cohorts.
- Automate the followup touch points across multiple channels.
- Dynamically change content on the site based on visitor intent.
- Target the visitors in real time with dynamic offers and landing pages that are uniquely tailored.
- No code customization of any website with automated playbooks.
If you are interested in knowing more, drop us a note.