Studies show that shopping cart abandonment is one of the biggest causes of low Singapore website conversion rate. Only 20% of your leads will make a purchase, and 80% of the leads will abandon your shopping cart today.
Unfortunately, most businesses in Singapore today are focused on digital marketing activities that will drive new traffic to their website, and pass up on dealing with the warm prospects. The best solution is use retargeting ads, which focuses on exploiting the fear of missing out.
This will require that you use special offers and discounts to entice them. Social networking sites and email are some of the best places to run the re-targeting ads or re-marketing campaigns, but you can also run them on other marketing platform used by your customers to increase your Singapore website conversion rate.
This is also called the ‘factor sparsity,’ and businesses that follow the rule tend to have a higher conversion rate than those who do not apply it. On top of this, the businesses also have a higher customer lifetime value.
The rule states the
- 80% of your sales come from 20% of your marketing efforts
- 80% of your output comes from 20% of your efforts
These marketing efforts should also be part of your remarketing efforts. The people who have already come to your website, and have shown interest in making a purchase are more likely to convert subsequent visits compared to people who have not interacted with your brand before.
For this reason, the CPA (cost per acquisition) of a remarketing campaign is much lower than that of the initial marketing campaigns. However, a majority of the businesses in Singapore spend as much as 80% of their marketing budget on new customer acquisitions.
On the other hand, 20% or less of the businesses in Singapore allocates a budget to remarketing efforts that will bring back customers who did not make a purchase. For increased Singapore website conversion rate, it should be the opposite.
You ought to spend 80% of your marketing budget on remarketing campaigns, and 20% of the budget on new customer acquisitions in Singapore. You could be exempt from this rule if you are a new business or you do not count on repeat customers.
Singapore Website Conversion Rate for E-commerce Sites
E-commerce websites in Singapore do not have to contend with traffic, but their biggest challenge is in the conversions. It is why they have a poor Singapore website conversion rate, standing at less than 10%. This is especially true when they do not invest enough time and money on remarketing campaigns.
10% e-commerce conversion rate in Singapore might seem good, but it is not. Properly optimised e-commerce websites have a website conversion rate higher than 20%. However, they could still do much better with optimised remarketing campaigns.
How to Do Proper Remarketing Campaigns in Singapore
Most businesses in Singapore are going about remarketing the wrong way in that they bombard the target audience with promotional messages. This will create a bad user experience, and you will lose customers in the process.
Remarketing campaigns include every interaction that you engage with your customer in the form of content publishing, sharing videos and more. The goal of the remarketing campaign should be to lure the customers to trust you enough to buy from you.
With a remarketing campaign in Singapore, you do not have to worry about perfecting the headlines, improving your ad copy, or the ‘buy now’ button. Unlike new customers, the section of the people you are retargeting will tell you what they want to buy, but they are having issues with the shopping cart.
A majority of the businesses in Singapore are focusing their energies and budgets on acquiring new traffic and converting them into customers. However, if you are concerned with increasing your Singapore website conversion rate, you need to put more focus on the existing website visitors.
Benefits of Remarketing Campaigns in Singapore
Remarketing campaigns has a host of benefits for your business in Singapore. We that this benefits will push you to start looking at running remarketing campaigns
Lowers the CPA
Remarketing can lower the cost per acquisition (CPA) over time, and this will mean an increase in your ROI. This will also increase the return on your advertising, and in time, sour Singapore website conversation rate will skyrocket for a fraction of the cost.
Increased Customer Lifetime Value
Customers will continue making repeated purchases, but that is if you will remain visible. On top of this, it only takes a few weeks for a customer to forget a brand. With that said, a remarketing campaign in Singapore will help increase the customer lifetime value.
Increases Sales and Average Order Value
Repeated customers will make you more money than new customers will since they tend to shop and purchase expensive items. Some will also go as far as to increase the quantity.
Digital marketing in Singapore is highly competitive, and businesses need all the help that they can get. Repeated customers will recommend you to their friends, family, and colleagues. This means that a simple remarketing campaign can net in more customers than the sophisticated marketing campaigns.
A decrease in Lost Revenue
Lost revenue refers to the number of sales that are lost if they are not recovered as soon as possible through marketing efforts. Recovered revenue refers to sales due to remarketing, but unfortunately, many businesses are not focusing on decreasing their lost revenue.
Recovered revenue is one of the most important key performance indicators, and it is one of the contributors to their low Singapore website conversion rate.
Many businesses in Singapore are content on having a conversion rate of less than 10%, and such an attitude is a contributing factor as to why your conversion rates remain low. On top of this, it means that it will take much longer for you to break even and make decent returns.
Remarketing will do wonders for your Singapore website conversion rate, thus increase sales, and maximise ROI. Contact us today for digital marketing services in Singapore. Our team will guide you on the proper remarketing methods to increase your Singapore website conversion rate.