One of the most daunting tasks of any digital executive is improving conversion rates. Considering the average conversion rate hovers around a mere 2 to 6%, it’s a race to catch that elusive 94 to 98%, Many companies are content with protecting their current conversion numbers, fearful of exploring new avenues that could potentially lead to higher rates. This stagnation is partly due to the way we are measured and rewarded. However, to thrive and grow, we must break free from this mentality and dare to challenge the status quo.
Imagine you are a company with 200K monthly visits and a 3% conversion rate. Sounds pretty good, right? Well, if your average cart value is $100, you’re actually missing out on over $19M in revenue each month! That’s an astonishing number and a significant opportunity for growth. But instead of diving deep into understanding why the remaining 97% aren’t converting, many businesses settle for looking at what their competitors are doing, hoping to mimic their success. Unfortunately, this approach rarely yields meaningful insights, as there may not be a direct correlation between their strategies and your specific target audience.
The Fear of Disruption: Barriers to Embracing Change
The truth is, we are often hesitant to take risks that could lead to an erosion of our existing conversion numbers. We fear that exploring new tactics might result in failure. However, growth demands risk-taking and embracing innovative ideas to connect with potential customers. For example, a restaurant or retail store would never be satisfied if over 90% of their visitors left without making a purchase. Yet, in the digital space, we seem to accept it as the norm.
As a consultant working across various industries, I have encountered a myriad of excuses for not delving deeper into conversion rate optimization. Companies tend to guess why the 90%+ aren’t converting instead of analyzing their audience, fine-tuning their websites, and driving the right kind of traffic. This lack of in-depth analysis often stems from a fear of rocking the boat or a reluctance to disrupt the current processes.
The Brass Ring of Conversion: Incentivizing Growth
So, how can businesses escape this cycle of complacency? First, we must incentivize ourselves to reach for the brass ring—the dream of achieving exceptional conversion rates. Instead of settling for a tiny piece of the pie, we should dare to demand more. To do this, we need to understand the root causes behind our low conversion rates.
Is our website tailored effectively to drive high conversions? Are we attracting the right audience? Are our policies, prices, or company experience hindering conversions? These questions need honest answers, and that requires an open mind and willingness to change.
Join the Journey: Chasing the 98% and Achieving Greatness
If you’re curious about how to answer these questions and achieve real returns, I invite you to reach out to me. Let’s discuss how I’ve helped others break free from the chains of low conversion rates and embrace the daring spirit needed to achieve greatness.
Remember, it’s not about guessing or stabbing in the dark; it’s about taking a calculated and informed approach to optimize your digital presence and unlock the vast potential of that 98%.
Are you ready to challenge the norm and chase the 98% with me? Let’s start this journey together!