Transaction Redefined – 5 Ways To Convert Customers
If I were to ask you what comes to mind when talking about the Transaction stage of the purchase funnel, what would you think of?
For most, the act of a consumer exchanging money for an item or service is top of mind. And while that type of transaction lies at the heart of modern commerce, I’d challenge most businesses to think about transactions in a broader context, otherwise, you are leaving a lot on the table.
Instead, let’s consider a transaction as anytime something of value changes hands. Even if you don’t agree, humor me through this post and then tell me about it the comments.
By defining transactions in this way, we open new channels for driving customers toward a foundational transaction where money does changes hands. Often you’ll be able to build relationships and earn customers you may have otherwise never hand a chance to transact with.
The benefit to businesses of all sizes is that it puts us into a long-term mind set and creates new opportunities for consumers to become customers.
5 Ways To Transact
- Mailing List/Newsletter Sign-Up : As a simple transaction, a customer exchanges their email, and the right to contact them, for some pertinent or ongoing information. Email is still one of the most successful and highest converting ways to keep in touch with customers and drive business. While, no money changes hands initially, it’s a powerful strategy for driving long-term and repeat business. o2o is starting a mailing list; you can sign up below.
- Loyalty Program Sign-Up: Online or offline, loyalty programs are another form of permission based marketing which help tie a customer to your business. Loyalty is challenging. But a well implemented loyalty program is a great retention strategy. While most customers will sign up when they make a purchase, there is no reason that a prospective customer has to buy something to join. So don’t miss the opportunity and don’t treat your loyalty program as an afterthought, it’s a valuable transaction in and of itself.
- Account Registration: Registration usually also adds a customer to your mailing list, but when they register we’re typically getting more information and creating an account for the user in our system (like our website). Registration can form a deeper connection with a customer because they can now come to our business and get behind the scenes, manage personal information and have a deeper relationship with your business.
- A Purchase: This is the one most of us are familiar with. And while some customers will jump to this type of conversion, all other types can also lead to a purchase while reducing the friction in getting there.
Each transaction type provides unique opportunities and benefits, and though not all of them may apply to every merchant, each is a metric that does apply deserves measurement. You can also apply all four transactions to online and offline businesses or use them to drive business between channels.
For example, if someone comes into your store front (offline), get them to sign up for the mailing list (online) so that you can drive them back in store or to your online store. Now, that one time customer is a long term customer.
If you would like to join the o2o mailing list just sign up below. If you have ideas about other types of transactions, let’s discuss it in the comments.