Way back in 2005, there is a famous e-commerce company that increased its revenue by $300 million by merely changing its Register button to a Continue button. The company was losing sales due to cart abandonment, and its managers don’t understand why.
All they know is before checking out, customers were faced with a simple form that required two information- their email and passwords. The form also had two buttons: Register and Log-in, which was supposed to enable repeat customers to purchase easy. Very simple right?
Unfortunately, not all customers felt the same, especially the new ones. For new customers, filling-in a registration form was like entering into a relationship. And for most clients, they are not just there yet. They just want to buy something and leave. So, how did the company fixed this problem?
They removed the Register button and replaced it with a Continue button. Within the same year, a 45 percent sales increase happened to give a $300 million revenue growth.
How to increase sales revenue is the bottom-line of every business branding initiative. This week, let us explore how to promote your firm through the right business branding.
Simplify the pricing options
Choosing the right pricing model is essential to transform your business branding into reality, as a wrong pricing strategy can cause a considerable risk and immediate failure. A server monitoring company learned this the hard way when their initial pricing confuses first-time customers. The complicated pricing structure was not straightforward and required customers to do some computations before they arrive at the subscription cost. This was enough to bring customers to competitors’ site. To fix this, the server company adopted a software-as-a-service (SaaS) pricing model to narrow down the price subscription into three options: starter, small business, and enterprise. With the new pricing strategy, the server company no longer worried how to increase sales revenue. The new pricing plan improved their income per visitor to more than 100 percent.
Replace the drop-down menu with a product page
An e-commerce company selling diet products used a drop-down menu to help customers narrow down its product search. Unfortunately, since the list is text heavy, it evoked weak business branding, paving the way to meager conversion rates. To find solutions how to increase sales revenue, the company replaced the drop-down menu with a products page complete with photos and descriptions. This web redesign led to almost 57 percent revenue increase in just a matter of two weeks.
Get a minimalist and responsive web design
Switching to a minimalist design was key to increasing a web-based hearing aid distributor’s revenue by 300 percent. The company replaced the sign-up form on their landing page to filtering visitors to the products they are interested in. They also replaced images with photos that appeal more to their target market, which are visitors who are more than 55 years old. The same can be said on a photography company’s website, where after learning that transactions from mobile phones were almost equal to their website, they decided that a mobile web view is necessary. By implementing a responsive design on their business branding, page views increased to more than 224 percent, translating to 188 percent increase in profit.
Demonstrate quality and trust
The same hearing aid distribution company increased its revenue by 300 percent by highlighting the quality of its products as part of its business branding. Instead of positioning their products as discounted hearing aids, the company emphasized that these products are top quality hearing aids that can be purchased at the lowest prices. In the same manner, they also displayed customer reviews as a form of social proof.
How to increase sales revenue using search engine optimization (SEO) is another business branding approach that the hearing aid company learned as necessary to brand positioning. Through paid SEO, the company can bid on the best keywords, getting more traffic from targeted buyers.
Send Trigger Emails
The question of how to promote your business online is answered by an airline company through trigger emails. Trigger emails are messages sent to customers who abandoned their cart and didn’t finished their booking. The airline company used trigger emails to encourage visitors to return to the site and complete their reservation and at the same time, join their loyalty program. The emails are also customized to reflect a visitor’s intended destination, loyalty membership status, and benefits. This business branding approach earned 150 percent more email open rates and 200 percent conversion rate than any of the company’s standard promotional emails, giving the company 1,640 percent more revenue!
Use Hyper Retargeting
A software company was faced with the problem of how to increase sales revenue. In the past, they have employed retargeted ads and benefitted from it. This time, they decided to take the approach a notch further by using a business branding approach called hyper retargeting. In this strategy, the software company targets only customers who have visited the site multiple times to map their buying cycle. Visitors are then segmented to categorize their market behavior and from there, push advertisements that are relevant to which point they are in the buying cycle. This business branding method increased the company’s revenue by 106 percent.
These cost-efficient branding strategies can help companies answer the question of how to promote your business and how to increase sales revenue. With this business branding approach, one thing is sure: robust customer data is needed to validate if the strategy works or need further tweaking. The best way to start is to pick one tactic, stick to it, and see the market response. From there, analyze the customer data and figure out which branding aspects need adjustments. This form of validated learning is necessary to make any strategy work. As Eric Ries said: the only way to win is to learn faster than anyone else.