Conversion, Touching the Point

Conversion, the act of turning a viewer who browses your site into a paying customer, is the name of the game in modern marketing. Conversion is the Holy Grail everyone aims for in a business. It’s life and death. It’s the difference between success and failure, but it’s no cakewalk. Here is a quick tutorial on marketing touchpoints and how they generate conversion for your business.

There are multiple touchpoints to help you convert your audience. Before we get into video and the best touchpoints out there, you must follow one imperative golden rule – understand your product-market fit. Think about the demand that your product has. After you know your audience well you can use the touchpoints we will mention here much more effectively.

Setting the context for your business in terms of understanding who your new customers are and what problem you are trying to solve for them gives you clarity moving forward. Not knowing your new customers is like using a bazooka to kill flies. So, any outreach strategy should start by this – knowing your audience. Yes, you are solving a problem, but who is it for? Who are the ones willing to pay for the solution that you are offering? Understand your “who” and know more about them.

Product-market fit is the extent to which a product meets a strong market demand. It’s about whether anyone needs your product and whether they are willing to pay for it. Product market happens when consumers actually miss your product. You know that you have achieved product-market fit when 40% of your users would voice out their disappointment about the prospect of your business ceasing to exist.

Getting a product the market needs is just a part of it. Products have multiple utilities so you should understand ‘what’ customers use your product for. For example, if they were to hire this product for a job what would it be? By answering this question, you will have an idea of what your product is used for and how to reach your customers and what touchpoints to use.

Touchpoint is an eCommerce term. A customer may find your business on social media, on a review website or via word of mouth. A touchpoint is an interaction that might alter the way the customer feels in relation to your product, brand, business or service. It can happen at any point before, during or after the acquisition of a product. Having control over as many of your touchpoints as you can is crucial to convert viewers. A website’s average conversion rate is roughly 2-4%. In other words, 98-96% of your visitors aren’t converting.

What are the most frequent touchpoint strategies used to convert a consumer from awareness to engagement?

  1. Email (outbound email and inbound marketing email) 59% of B2B marketers say email is their most effective channel in terms of revenue generation. 56% of brands using emoji in their email subject lines had a higher open rate, according to a report by Experian. According to 10 email marketing studies, Tuesday is the best day of the week to send an email message.
  2. Phone (outbound and inbound calls) In 2016 51% of all digital ad budgets were spent on mobile. Users spend on average 69% of their media time using smartphones. 80% of the time people spend on social media is on a mobile device. Only 33% of consumers start mobile searches with a branded website, only 26% with a mobile app.
  3. Web (sites, landing pages) Using videos on landing pages can increase conversions by 86%.
  4. Advertising (digital, print, display, broadcast) 39% of customers say they try a business for the first time because of direct mail advertising. Everyone wonders where to find new customers, direct mail marketing is the answer. Direct mail marketing earns, on average, a 13-to-1 return on investment ratio.
  5. Social Media There are 3.48 billion social media users in 2019, with the worldwide total growing by 288 million (9%) since this time last year. Online adults aged 18-34 are most likely to follow a brand through social networking (95%).
  6. Content (news, opinion, blog, online, print) 53% of marketers say blogging is their top content marketing priority. Websites with a blog tended to have 434% more indexed pages.
  7. Events (webinars, trade shows, sponsorships, speaking engagements, hosted events) 36% of webinar pre-registrants attend the live webinar. About a third of those who sign up will actually attend a webinar.
  8. Direct Marketing (mail, email, phone, subscription) A total of more than 150 million direct mail promotions were sent out in 2015. 42% of recipients read or scanned the mail pieces. More than 2.5 billion coupons were redeemed.
  9. Point-of-Sale (display and storefronts) It is important to note that in ‘mass merchandise’ stores 74% of all customer purchases and not planned in advance are made in the store itself. This also extends to the grocery industry as well with 70% of purchase decisions being made in-store and 68% of these in-store purchases being impulse buys.
  10. Meetings (online, in-person) The majority of marketers (80%) believe live events are critical to their company’s success. Most experts (31%) believe that event marketing is the single most efficient marketing channel.
  11. Employees and stakeholders In its 2017 State of the American Workplace report, Gallup “estimates that actively disengaged employees cost the U.S. $483 billion to $605 billion each year in lost productivity.”
  12. Referrals (references and word-of-mouth) Word-of-mouth marketing drives $6 trillion of annual consumer spending and is estimated to account for 13% of consumer sales. Word of Mouth marketing results in 5 times more sales than a paid media impression and consumers are 90% more likely to trust and buy from a brand recommended by a friend.

There is only one marketing touchpoint that is able to gather all the strong points of the previous twelve – Video. Video is the only touchpoint that can use the power of word of mouth, the relatability of a one-on-one meeting and be virally spread on social media.

Source: Cisco, BI Intelligence estimates

81% of businesses use video as a marketing mechanism. 6 out of 10 consumers would rather watch online videos than television. Video consumption on mobile phones rises by 100% every year. By 2022, online videos will make up more than 82% of all customer internet traffic — 15 times higher than it was in 2017. 78% of consumers watch online videos every week and 55% view online videos every day. After Google YouTube is the most popular website. Everyday users view more than 1 billion hours. 59% of executives say they would rather watch a video rather than reading a text. 75% of all video plays are on mobile devices.

Viewers retain 95% of a message when it’s passed along in a video, but only 10% when it’s passed along in a text.

72% of customers would rather learn about a product or a service through video. People are 1.5 times more likely to watch a video on their cell phones. 92% of users watching video on mobile will share it with others. By 2020 there will be close to 1 million minutes of video crossing the internet per second. A Facebook executive predicted that their platform will be all video and no text by 2021.

However, most small and medium business owners don’t have time or money to build script videos even if they know their product-market fit. That’s why there are a lot of video editing solutions on the market but only one – Magisto – uses Artificial Intelligence (A.I.).

Magisto’s Artificial Intelligence helps you tell a story about your product. It separates objects (people/products) from their backgrounds in order to give them graphic accents and to get the message out loud. Our solution prioritizes the length of their messages and how to make short and appealing videos that can be used on social media to maximize conversion rates.