How To Combat Dropping Conversion Rates: Exclusive Offers
Retail conversion rates have been on a steady decline, according to a conversion rate study by Monetate, dropping by almost 25% from 2016 to 2017. This is why leading brands are investing in exclusivity marketing programs, creating a unique offer for a specific group or affiliation that gets customers to stand up and take notice.
Personalization is at the top of just about every marketer’s initiatives these days — for good reason. It makes good business sense to learn more about our customers preferences, behaviors and interests. As conversion rates decline, investment in personalization is increasing. But it’s not as easy to implement as brands had hoped. In fact, less than 10% of retailers think they’re highly effective at personalization. That’s not surprising. While traditional push-based personalization programs hold lots of promise, they’re difficult to execute well.
Consider all of the steps that have to happen to target a customer with an offer they’re interested: user-level data collection, data integration, customer data management, real-time automation, customer engagement. It’s a lot to pull together. And you’re still likely interrupting the person on the other end with an ad, email or push notification they weren’t anticipating.
Increase Conversion Rates with Exclusivity
In our latest e-book, The Secret Weapon to Higher Conversion Rates, we offer up a new way: Exclusivity Marketing powered by Instant Verification. It’s a pull-based approach that personalizes an offer based on a person’s occupation, affiliation or life stage– say a teacher, a university student or a member of the military – at a fraction of the deployment time with significantly better results. When Globus launched their exclusive travel offers to the military, the programs outperformed other flash sales by 20% and required 75% less effort to implement.
Why the success? Instead of interrupting a person with a push-based message they may or may not be interested in, you’re creating a unique offer just for them and waiting for them to “raise their hand” and verify that they qualify. Imagine boosting conversion rates by 10x! Brands who use Digital Verification to protect exclusive offers are doing just that. Results to the tune of an average conversion rate of 25%.
Another retailer reaping the benefits of exclusivity marketing is Fathead, a leader in printable graphics for large and small spaces. By using verification-powered exclusive offers to personalize marketing efforts, they saw:
- 700% increase in military member engagement on their site
- 70% of verified military members were new Fathead customers
- 140% increase in unique visitors to their military landing page
Ready to take personalization to the next level?