The Secret Ingredient for Increasing Conversion Rate of Marketing Campaigns
It’s hidden in the plain sight
More often than not, we see marketing campaigns fail. While there are many factors contributing to that outcome, there are two factors that can be overlooked which contribute a lot. Let me paint a picture of they can be utilized for a better conversion rate.
A Realistic Picture
We all see ads on our smart devices, be it our phone, our laptop, or TV, it goes for all. When we scroll on Instagram we see ads, In between Youtube videos we see ads, and the same for Facebook and Twitter as well. It goes to say that every 1 minute on our online presence we are bound to see some ads. Next time you see an online ad look at it closely. Mostly you will see the ads are not relevant to your taste or to your need. What if the ads you see are actually relevant and something you actually were looking for. You are much more likely to interact with the ad than random irrelevant ads. So that's what we will be looking at today.
The Endless Possibility of Online Presence
When it comes to online presence, we leave more online footprints than we care to know about. Think of a simple everyday action like; If I go to a website and look at a product for a while, this action can be broken down into many useful data.
- How long I have been looking at the products?
- Which product categories did I visit?
- Which sections of the product did I click like, comments, ratings and etc?
- Did I visit this site before, and did I visit this product or product category before?
- If I visited the website before, how long has it been since the last time I visited?
The Actions Do Matter
Everyone leaves behind these online footprints and everyone's behavior is different. To some degrees, these can be related to the person’s interest in buying the products they are visiting.
For instance, If I am coming back to the product page more than once a week you bet I am willing to buy this. Since I have a high purchase likelihood for that product, what If you showed me an ad on social media with a 25% discount on that specific product, guess what I am surely buying that product the first chance I get. My point is once you know who is actually likely to buy that product, with a simple promotion or marketing campaign you can secure the possible sale. Now I am going to make a bold statement; today out there no one utilizes the visitor data to this extent. Go ahead and prove me wrong.
If I randomly end up on the product page while browsing and leave within few seconds you can again bet that I am not willing to buy that product. Therefore, no matter how many times you target me with a marketing campaign or a promotion I will not buy that product, simply because I don't need that product and I am not willing to buy it.
As a consequence, the first example I mentioned above is likely to increase the conversion rate for your marketing campaign drastically and the return from those campaigns is going to be unprecedentedly high.
The Shining Beacon of AI
The examples above are just toy examples, but the situation is more or less the same across all the industries. The likelihood to purchase a product is not calculated with just one factor but many many factors. All these factors are hidden in the website visitors’ data. Let me give an example;
See the overall conversion rate for this website is 0.90%, which is pretty average when it comes to e-commerce websites. The website visitors' data are collected and analyzed using the Enhencer - AI platform. Disregard everything else and focus on segment number 3. It says the conversion rate increase to 14.3% for those visitors, who visited more than one product page from the Jeans Category and never visited the Accessories Products and Special Prices Pages, who have a lifetime ( Days Since the First Time they Visited) of more than 33 days, and who have visited Blazers.
This means if you are to start a marketing campaign with some discounts and promotions for Jeans products targeting these visitors exclusively your marketing campaign would increase drastically by 14 times. On the contrary, if you randomly showed these visitors ads for sneakers they probably would probably yield a poor conversion rate.
The same goes for other segments of visitors, who have distinctively different behavior and can be targeted accordingly.
A Simple Verdict
Simply get the list of visitors from these segments and launch a campaign anywhere you like, it can be Facebook ads, Google ads, other social media ads. The point I am trying to make, a better targeting can result in a better conversion rate. More Importantly, the visitors' behavior can reveal a great deal of insights, and actions according to that behavior can result in an even better conversion rate. After all, you are reaching out to the visitors who actually want to buy that product, or the least their likelihood to purchase certain products are higher.
This makes the ads more relevant to the target audience. This is one of many ways you can utilize the website visitors' data. May it is for target audience predictions or target audience behavior, you name it. The predictive analytics dashboard belongs to Enhencer and was generated using the AI algorithms of Enhencer. All rights belong o them and only used to explain the nature of analytics produceable from website visitor data.