Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

September 16, 2016

The importance of journey mapping: from touch to purchase

By Achim Neumann

Those new to the world of e-commerce likely have not heard of the concept of journey mapping. Simply put, it involves using analytic and research tools to help understand customer behavior on an e-commerce website.

There is much data that can be gathered, from why they are clicking on a specific product to why they abandon a purchase at the last second. Below, we will get into the specifics of this skill set for e-commerce site owners.

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Get to know customers intimately

Understanding what motivates the customer is key to driving more sales. Entrepreneurs that have knowledge of who comprises their target market can put together focus groups. By asking them specific questions, they can then use this information to fine-tune a product or the delivery of a service.

In the online realm, soliciting site visitors to fill out a survey can supply a lot of valuable data. There are also a number of online analytic tools that can track the behavior of visitors while they surf a specific site.

Find out what the customer likes – and suggest it to them

The above-mentioned strategies are old school techniques. New tools available these days allow business owners to analyze their customer’s web surfing habits, providing more actionable information than ever before. By making use of these programs, they can suggest additional purchases that would make sense for a specific consumer.

These upselling programs can help entrepreneurs realize greater profits in the long run. Here’s how: consumers often love the idea of bundling secondary purchases with products they had originally come to purchase. By offering them the chance to do just that, smart entrepreneurs can take advantage of an intensely profitable situation.

Make effective use of social media channels

These days, many consumers use the web to research purchases before clicking the ‘buy now’ button. They read reviews, and they also ask friends via social media channels what they think of a certain product.

Smart business owners can harness this concept by building social media functionality into their websites. By giving the customer a chance to ask questions about products and services, they can be persuaded to make a purchase when they might otherwise shy away.

Not only will providing this hotline give entrepreneurs a chance to persuade prospects to buy, but this can also boost the image of their brand if it is done in a helpful manner.

Cart abandonment e-mails: snatching victory from the jaws of defeat

The final stop along the path to purchase is the button that customers click to charge their credit card. At this point, many customers abandon the cart page for a variety of reasons. Often, it stems from a lack of information in a specific area, or perhaps the price turned out to be more than they were expecting.

By setting up a cart abandonment e-mail sequence, the business owner will give themselves a chance to recover a ton of sales. By reminding them of the items they almost purchased, offering a discount in case they thought the price was too high, or by mentioning to them that there is a limited quantity of a certain product in stock, many prospects will complete their journey to the checkout button.

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

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