Assessing Customer Conversion using BSC (Balanced Scorecard)

Among the various directions in which one can move into for raising revenues, ‘Customer Conversion’ can be the most fruitful one

This is because ‘half the battle is already won’ in this case as the owner need not attract customer to the POS (Point of Sale). What remains to be done is ‘not letting any visitor move out of the place empty-handed’ or ‘without placing an order’. By ensuring that every visitor finds the desired object, the group can be assured of striking ‘maximum’ number of successful deals. Unable to figure out ‘that required thing’ often sends customers to look for competitors’ store or website. The loss does not here itself but is carried further as ‘reference marketing’ suffers a blow due to such happenings.

One can stop this by streamlining the operations so that whatever resources ‘seem to have been put to use’ are ‘actually and truly utilized’ for the purpose they were supposed to serve. This in turn, requires putting everything in place and in ordered fashion to avoid missing opportunities. Eventually, what organizations try to provide their customers is an ‘enriching experience’. This makes the visitors keep discovering the store or the web-pages to push them for ‘taking that last step’ of putting a demand. However, the process does not end here itself as the customer has to be made available the ‘wanted object’. For this, a seamless integration between systems has to be aimed for so that they work as a single entity and not as fragments of a jig-saw puzzle. This is to say that the ‘information flow’ has to be fast-paced and accurate.

One of the challenges that demands attention in this area is the ‘difficulty in benchmarking this parameter’. Substantial variations make it tough to settle for the ‘target value’. Consequently, the solution is a highly tailored one as there exists a trade-off sort between the ‘profit margins’ and ‘conversion rates’. In other words, businesses with high profit margins make up enough at low conversion rates whereas those running at low profit margins work only if they manage high conversion rates. So, one is required to indulge in a thorough study about the conversion rates being sustained by the competitors.

Successful attempts for ‘converting customers’ are further used in building a ‘loyal customer base’; which in turn can be the ‘end’ result marketing strives to achieve. Coming back to the way this issue can be tackled, a balanced approach brought by BSC (Balanced Scorecard) is something that brings synchronization in the process. The perspectives to be used relate to- Interaction Platform, Evaluation of the Process, on-line mode evaluation and Post-efforts benefits.

Interaction can be evaluated using indicators such as- Number of interfaces provided, 'Above average User- Experience' Fraction, Technological Front Analysis and System Integration Ratio.

The Process, on whole can be analyzed via the parameters such as ‘Customer Tracking Techniques’, ‘Data Appropriateness’, ‘Right Traffic Jump' and ‘Right Traffic Jump'. On-line Mode Perspective can be obtained using KPIs like ‘Content planning Accuracy’, ‘Usability Index’, ‘Search Engine Ranking Improvement’, etc. Lastly, the Post-efforts benefits Perspective can be had using parameters like ‘Customer Base Rise’, ‘Increase in Customer Retention’ and ‘Drop in Client turn-over’.

Summing it all, conversion of customers can be materialized by framing the stated or similar indicators for the task.