One of the key steps to running a business successfully is to acknowledge the customer buying process. Just because you are selling products that are in demand, it doesn’t mean you are going to make a sale. To capitalize on the conversion rate, you will have to understand the theory of conversion funnel.
There is a ton of information regarding the conversion funnel and that is why it all gets confusing. While the terminology might vary depending on whom you ask and what business we are talking about, here are some basic details about the conversion funnel.
What is a conversion funnel?
A conversion funnel is a way to understand the various stages of a buyer’s journey that leads to ordering a product. The funnel is divided into three different levels – upper funnel, middle funnel, and lower funnel.
The upper funnel represents the very beginning of the product buying process. This is the stage where the customers don’t know what they need. They will try different products, brands and see which one would suit them.
The middle funnel represents the stage where the customer knows what they need. To understand the product, customers might take help from brochures, email campaigns, and other research materials. At the end of the middle funnel, consumers will be sure about the product as well as the brand. This is also the stage where they will disregard the other products and brands.
In the third stage of the shopping process, which is represented by the lower funnel, users start to look for reviews and ratings of the product. Finally, they make the purchasing call.
Conversion funnel optimization
The conversion funnel is based on the AIDA model, which represents Awareness, Interest, Desire, and Action. Not all customers will reach the end of the funnel. Some might leave after the first phase and others at the later stages of the funnel. As a dropshipper, you need to create a smooth transition from the top to the bottom funnel.
In the beginning, customers will visit a site through different marketing channels. This is the time where you will need to watch, where the customers are coming from? How many of them want more information?
As a dropshipper, you should try to attract more customers. So, determine the source from where the customers are coming. Take advantage of social media channels, advertising, and content marketing campaigns to create awareness.
Once you start attracting traffic to your website, you need to generate interest among your visitors. To do this, you can take the help of engaging content, striking designs, and irresistible offers.
The next step is to generate trust among the potential customers. These highly qualified leads need to be nurtured to go down the tunnel. Create a series of emails that reflects your capabilities.
This is the final step of converting your visitors into customers. Only a small percentage of the potential customers reach this stage of the funnel. Add a call to action to convert your leads.
If you are witnessing a lot of abandoned carts, there can be so many reasons behind it. For example, they could be checking other products or comparing prices. There is still hope that the customer will return. Try communication with email marketing, push notification, and retargeting ads.