Every day, new brands are launched, new products are created, new advertising strategies are developed, etc. With so much happening all at the same time, it's easy to get distracted or become overwhelmed. However, as the founder of a startup, it's important to remember to keep your eyes on the prize. Focusing on the things that truly matter to you and the growth of your business, such as converting customers and acquiring new users, is what will lead you down the path to success.
Regardless of everything happening all around you, converting and acquiring new customers are two areas that deserve your undivided attention. Your conversion rates and new user acquisition statistics will quickly and easily be able to tell the story of your business, be it success or failure, to you and your investors.
So, what exactly should you know about converting customers? Here are the three most important things you need to understand as the founder of a tech startup if you want to make it in today's increasingly competitive technology industry.
Your Web Presence Matters
There are lots of types of companies that fall under the "technology startup" umbrella, but despite the wide variety of businesses and their inherent differences, there's one thing they all have in common--the need for a solid Web presence, especially their main website.
Not just any old website will do. Tech startups need to have a fully functioning, professionally designed, responsive, attractive, and appropriate representation of their brand if they want to generate high conversion rates.
Brands, in one way or another, spend a lot of money getting people to visit their sites, either to learn more about their products or services or to make a purchase. Whether yours is buying Facebook ads, printing flyers, or offering free trial services, somewhere along the line visitors were purchased or clicks were earned and its vital that you make them count.
The easiest way to lose out on converting those customers is to have a website that doesn't work or is aesthetically displeasing. Whether you're selling an app online or a consumer tech product in a brick-and-mortar retail store, your site design is a very important aspect of your business and will play a significant role in the current success and future growth of your business. Simply put, don't waste your hard-earned clicks and potential customers by neglecting your Web presence. Invest in a good Web design, utilize social-media platforms, and present your brand as something fresh, new, and unique.
Think About Maximizing Clicks
Most entrepreneurs don't think about maximizing the value of clicks on their website, but their lack of attention could cost them their business. Maximizing the value of each and every individual visitor is a vital part of the success of any startup. Whether they're getting customers to share a video or purchase a product, new businesses need to focus on engaging them and inspiring action at every opportunity.
Being the founder of a company brings with it a lot of responsibilities, which makes it difficult to focus on the minor details or nuances of the business, but getting the most out of every click could mean the difference between success and failure.
Online competition for clicks is growing, and it's becoming much more difficult to generate traffic as a result of the ever-increasing number of sites online. So, if you're already struggling for clicks, then you need to make sure that the visitors that do end up on your page take a revenue-generating action.
The price and competition for things such as Facebook ads and Google PPC are only going up, and they are receiving less exposure at the same time, so in order to get a good return on your investment you need to spend time developing a strategy for maximizing the value of each and every one of your visitors. Getting your conversions right is ultimately the difference between success and failure.
Marketplace Competition Affects Earnings Per Click
As a startup business, one of your top priorities is to turn as many of your visitors as possible into paying customers and achieve the highest possible conversion rate. However, beyond generating a high conversion rate, you should also aim for a high earnings per click.
Just a few years ago, EPC wasn't a metric that people paid much attention to, because there wasn't an easy way to know which merchants were paying what without doing extensive manual research. Website owners would insert an ad or a link on their page, set it and forget it, and wait for the revenue to roll in.
Nowadays, though, there are tools to help site owners increase their earnings per click by regularly swapping out merchant links and replacing them with higher-paying links. Companies like VigLink specialize in this, and are largely responsible for the increased liquidity of the marketplace.
With site owners enabled to swap out low-paying merchant links with higher-paying ones, there is an incentive for advertisers to compete for exposure, thus driving up EPCs. For online publishers and bloggers, this is great, because it means that they are able to generate more revenue for their sites as a result of increased competition. But for advertisers, it means that brand exposure comes at a premium and that conversion rates matter even more.
The tech industry is constantly evolving and expanding. In order to become successful in the tech startup industry, it's important that you understand the state of the marketplace and how to best convert visitors into customers.
Increased competition online has made it more expensive and difficult than ever before to gain exposure. What's more, higher prices aren't the only result of increased competition. Now companies are paying more to be seen less, making conversion rates go down overall. If you play your cards smartly, you can make sure your conversion rates won't.