Customer Conversion is an essential step in 'building a loyal customer base'. Consequently, one needs to embrace a 'measurable' and 'manageable' strategy to achieve the same. One of the solutions that comes to mind is 'BSC' which excels at imparting a 'balanced growth' to the organization or its processes and its inherent flexibility lends itself quite well in measuring customer conversion. In case of Customer Conversion, the perspectives that can be framed are- Interaction Platform Perspective, Process Evaluation perspective, On-line Mode Perspective and Post-efforts benefits Perspective. The indicators to be tracked can be- -Above average User- Experience- Fraction', 'System Integration Ratio', 'Technological Front Analysis' and 'Number of interfaces provided'. Evaluation of Process can be done using indicators such as- Customer Tracking Techniques, Data Appropriateness, -Right Traffic Jump- and Conversion rate. On-line Perspective can be developed and improved by utilizing KPIs like Content planning Accuracy, Usability Index, Search Engine Ranking Improvement and Site Architecture Success ratio. Further, Post-efforts benefits Perspective can be obtained using KPIs such as 'Increase in Customer Retention', 'Customer Base Rise', 'Drop in Client turn-over' and 'Customer Base Rise'.
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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Customer Conversion is the ultimate step that is responsible for increasing the size of an organization's customer base. This makes it logical to handle the sensitive issue by giving it its due respect.
The concept of footfall conversion talks about making the visitors lay their hands on products or subscribe to the services on display. To achieve this successfully, one needs to have done sufficient home-work regarding the queries and doubts that might arise in the customer's minds. Any minor mistake can send the prospective client back from the point-of-sale and lighten your chances of adding to the retail conversion. Moreover, the process does not end here itself but chances are that the person will bad-mouth the brand for sure whenever possible.
So, one gets to know that drawing the 'likely buyer' to the place of sale is one thing, however making him/her shell money is taken over by an altogether different set of principles and dynamics.
This compels the managers to study and reveal the theories working behind the 'turning of customer's mind from 'may be' to 'yes' i.e. increasing the customer conversion rate.
It is possible to collect the metrics that are important to such 'customer transformations' or sales conversion in the form of a balanced scorecard. One can put down the 'countable indicators' on this card and use those to effectively monitor the process of customer turning.