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Actionable Posts to Help You Improve Your Conversion Rates
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A value proposition expresses what is unique and desirable about your product – but they aren’t a list of features. It answers the question: What differentiates your product from the competition? And the answer must be grounded in something your target audience desperately wants.
There is a lot of information on defining your “ideal customer,” but most of it isn’t written for you. It’s written for software-as-a-service companies, or startups, or both. And while e-commerce can benefit from many of the same best-practices, some of the information written in those articles just doesn’t apply. This article is written just for you, and it’s all about how to define, find, and attract your ideal e-commerce customer.
Pricing has so many roles to play in e-commerce. It has to cover product costs, personnel costs, and marketing costs to keep the business running (and profitable!), and it can act as a marketing tool, differentiating you from higher priced competitors. It’s a fine line to walk if you try to do it all – and most companies think they have to do it all. But when it comes to conversion rate optimization (CRO), the lowest possible price isn’t always the right price – in fact price doesn’t necessarily depend on what the other guys are doing. The price you can charge for optimal conversions is based on a whole other criterion: Your audience.
Research makes up so much of what we do in CRO. You literally cannot begin the optimization process without it. And yet, it doesn’t get much airtime. Okay, so research isn’t that sexy. Gathering and analyzing data has to be done intelligently, methodically and deliberately, and if you do it right, it will probably take up most of your time and effort throughout the optimization process.
Differentiation is, literally, what separates you from your competition. It’s why your customers will only buy from you, no matter what the other guys are offering. When you hit just the right differentiator for your target audience, you’ll convince them that they can only get their desired outcome from you.
Perception is so subtle, many of us don’t pay it much attention. But marketers do. CROs do. And you should, too. Even the words you use in your value proposition, marketing, and product pages will mean slightly different things to different people. The words quality, premium, economy, value, guarantee might mean “an intelligent purchase decision” to some buyers, or just mean “cheap” to others. It’s because perception is so varied, and I would argue malleable, that it can be influenced to generate higher conversions – without increasing your own costs.