Is reducing price useful to increase your store’s conversion rate? Not necessarily.
In a company meeting, the boss asked the business personnel, “Why didn’t the few clients handed to you make a deal?” The business personnel responded, “the clients said that our qotation was too high”. Then the boss angrily asked him again, “Did you know which one they chose in the end?” He shook the head. The boss answered that they chose the one whose quotation was 500,000 RMB higher than ours. Now do you think that the failure of making a deal is due to the high quotation or the business personnel’s problem?
In B2B business, price is not the main factor in enhancing conversion rate. Although people often say “it is too expensive”, which is not the case in most conditions. Eighty percent of customers will refuse you by saying that the price is too high, which is a habitual expression and you should not take it seriously.
Then how do you enhance the conversion rate without reducing the price? The key is to break the ice with the client. Let me take the example of breaking the ice with B2C client. The users will not buy your products until they have some basic trust in you and your products, no matter how cheap they are. There are many famous brands in the market, making small brands hard to sell. So small brands have to build trust with customers by breaking the ice. After putting the content of your products in front of the users and letting them understand the selling points, characteristics and distinctiveness of your products, the conversion will happen naturally.
Those who sell online class by sharing the class with viewers for an hour will have a higher conversion rate than those who just share the class links. One-hour sharing of the class makes the viewers familiar with the class and the teacher. The process of breaking the ice is from strangeness to familiarity.
In the process of conversion, breaking the ice is a small step, but it is indispensable and very important. Once the ice is broken, the daily follow-up will be much easier, and the conversion just happens. Through breaking the ice, you build a relationship with your potential customers, and you keep following up with them. What will happen next? The potential customers become your paying customers.