Boom! That’s a win/lose right there. When you can get your target people to say those words about your brand/product, you have forged the ultimate emotional connection. This is the marketers dream, to have the people their product exists to serve, forge a strong and voluntary positive emotional connection to it.
But what to do when they love you enough to get to the check out but then abandon their cart? Left at the alter!
I was chatting with someone at an event last night and they said “marketing is so hard, there’s just so many ways it can go wrong” and I agree, but I countered that you can reduce those factors by first knowing your target people intimately, including appraising their emotional intelligence, then using wisdom and empirical evidence (from data or the real world) to create build the foundations of a marketing strategy.
If you’re tasked with seducing a target group of people to your way of thinking, understanding their behaviour and the freewill behind it, is the starting point. The psychology of buying is complex and unique to each person, but whether we’re selling on volume or scarcity, identifying common demographic and behavioural denominators among the target people offers scale and efficiency.
People express how satisfied they are in many ways, be it purchase, repeat purchase, recommendation or rejection. Observing consumer behaviour in the online shopping process is an ideal barometer of affection from your people.
Social listening is a great stethoscope on market intel on what drives customer satisfaction in your category, informing everything from product improvement, better customer service and enticing new customers. When you consider the marketing spend to ‘date’ your people to the point of commitment and the cost in lost revenue in cart abandonment, it can equate to almost 40% reduction in potential sales (see stats in link below).
So if customer satisfaction is the main goal, let’s look at how ignorance of consumer preference can effect your online sales results:
On average 70% of all online shopping carts are abandoned and that number is higher (85.65%) on mobile, which is a big concern given the prevalence of shopping on mobile phones. People shopping a site are unique, as are the circumstances by which they’re shopping. They may however share similar reasons for shopping on a site and why they abandon the cart before or at check out.
The job of the marketer in this situation is to understand ‘What changed the shopper’s mind’? Evaluating site visitation and sales data, combined with an intimate knowledge of the product, market and target people can give direction in how to tweak the online sales process and rekindle desire for the contents of abandoned carts.
Possible explanations for cart abandonment:
- The check out process is COMPARATIVELY difficult and convoluted (the shopper prefers the ease of a familiar check out process).
- Evaluate which online stores are having the most success with people (vendors and customers) and how does your process fall short?
- The purchase was impromptu ie. the person did not intend to buy when they arrived at the site, but was initially persuaded through the site experience to buy (marketing created the most favourable environment for a sale to occur).
- Was the imperative to complete absent ie. sales tactics were weak in closing the transaction.
- The purchase was not time sensitive ie. the person decides the purchase can wait (ideal to follow up with email).
- What factors about your product can inspire urgency in the purchase evaluation eg. limited edition, limited stock, time sensitive discount or bundle offer, season or event passing etc.? Is there a time imperative you can introduce to encourgee/incentivise transactions to close?
- The person investigated the product through reviews or recommendations and decided not to complete.
- What do people find when they search your brand, business or product? Address the negative as you promote and grow the positive.
- The person found a better offer or better product fit. The person may well have found a better fit.
- In the event that you have a superior offering in some respect to your competitors, make those features and benefits obvious.
There are a variety of actions you can take to reduce cart abandonment and the appropriate action for you will depend on your particular product, market and target people.
If you need help improving your online sales results, contact Wanted Consulting – Reward Offered.