Understanding Conversion Optimization Tools For An Effective Product Launch
For making an optimum impact among your customers through your product, you need to have an impressive product launch that can generate the necessary curiosity and hype for your featured product. An appealing brand image and popularity can take your business to far off places and can guarantee you an initial business lead in terms of conversion rates and product sales. There are various conversion optimization tools that can ensure your launched product get noticed by a wider section of society for making a stronger impact among your targeted customers. Here is an account of how these tools can be a great help for facilitating an effective product launch. 1) Get a bigger picture of your potential market for your product- Before launching your product, you need to make a detailed study of the various factors like who are your competitors, what are their share of market capitalization, what are the business segments being targeted by your business rivals, what is the expected share of your company in the particular market and other such crucial questions. It is important to have a clear picture of all these parameters so that your product launch becomes a successful initiative. 2) Get real time data about your targeted market segment- Once you are successful in determining your targeted customers, it is time to make an effective quantitative and qualitative study of your customers. You can include customer surveys, interviews and feedbacks in your qualitative study from time to time for getting a better insight about the mindset, taste and preferences of your customers while making a product purchase. There are various online sites like UserTesting.com, VerifyApp.com, Google Consumer Surveys that can play a crucial part in the qualitative customer study for effective targeting of your customers. Apart from this, you need to perform a quantitative research on your group customers for ensuring an effective brand targeting. Ecommerce businesses can take the help of web testing and analytics tools for getting a clear picture of their targeted customer groups for influencing their product sales, conversion rate and site traffic.
Businesses can take the help of A/B testing and heat map tools like Mocking Fish that can provide you detailed information about the behavior and onsite activity of the incoming visitors on your website that can help you in preparing for your marketing strategies for an effective product launch. 3)
Understand your cost of customer retention through marketing efforts-
While promoting your product among people, there is only a limited group of people who will actually buy your product among the total number of customers that are targeted through various marketing strategies like social media marketing, PPC campaigns, search ads and other advertising mediums. You need to send the right signal through your advertised product in order to persuade people to buy your particular product. Furthermore, you need to focus that your cost of customer retention should not exceed your profit margins generated through product sale. Market your product in an appealing manner that could invoke the interest of your targeted customers towards your products for boosting your product sales.
4) Pay adequate attention to the theory of Maximum Viable Non- Product (MVNP)- Many businesses are using the theory of MVNP where they can test the effectiveness of their promotional messages in driving the customers towards their site regarding a product launch. Here, customers can request an invitation for an upcoming product launch and can qualify for availing a particular offer on your products. Further, these MVNP sites allow customers to login to their social media accounts for getting a particular invitation for a product launch and thus tests the social efficiency of your advertised products. Ecommerce businesses can also test the effectiveness of their promotional messages by testing the different variations through various A/B testing tools like Mocking Fish. This tool has been widely accepted by the people all around the world due to its user friendly dashboard design, simple installation and configuration, highly reliable test results, low cost and other such features. So, in this world of market volatility and unpredictable consumer behavior, use of various conversion optimization tools can be a ray of hope for various online businesses that are struggling with the low conversion rates, ineffective product sales and increasing abandoned shopping carts.