If you missed either of the first two blog posts in our series, please the following links to learn about listening to your customers and engaging your customers. The final post in our three-part series focuses on converting customers.
Prospects and other cold leads may be browsing your website for the first time. Enabling a process to most efficiently convert new customers is the goal of most any eCommerce site. Here are a few ways to seamlessly convert prospects to first-time customers, and first-time customers to ongoing customers:
Payment Methods – Expanding your digital channel is a function of doing more than just selling products online; expanding payment methods can open new channels as well. Many PO-based purchasers would prefer to buy with a corporate purchase card instead of issuing PO’s. Credit card purchases enable your business to service new customers or customers who typically buy a lower dollar amount through self-service, enabling your sales teams to focus on higher value transactions.
Punchout – Punchout enables more efficient buying processes for larger customers who purchase through a procurement system like Ariba, Coupa, or Oracle iProcurement. The buyer engages in a more intuitive buying experience as the procurement application ‘punches out’ to a supplier’s eCommerce platform.
For one of our customers, scientists had to order tests and other consumables for their lab. By ‘punching out’ from the procurement system to eCommerce, scientists had a much richer buying experience which reduced the company’s error rate, lowered their rate of returns, and automatically pulled the order back into their procurement system to consolidate buying. This process enabled our customer increase average order values and conversion rates.
Punchout implementations are complex, but Pierce Washington can help you simplify these and drive more revenue through on-line channels.
Direct Sales – Selling directly to customers and bypassing channel partners can be a risky proposition. OEMs don’t want to create channel conflict with their business partners and compete with them. Partners are important sales and service channels for manufacturers, but a sole reliance on those channels can weaken a buyer’s relationship with the manufacturer as well. Channel conflict can be mitigated by strategies as simple as only selling products directly at list price while channel partners can sell to their customers at discounted rates. There are also more advanced strategies to enable complex integrations between OEMs and channel partners to fulfill B2B2B orders. Consider using direct sales to your advantage and see how it helps improve your conversion rates.
I hope this series has provided food for thought as you navigate this new business climate and we’ve provided some ideas that will help you better listen, engage, and convert prospects and customers. You can reach out to me directly with any questions or comments.
If you want to learn more about the Oracle Commerce Cloud platform, register and attend my two-hour training class this Tuesday, June 2 at 2:00 pm CST. Click here to register.