Using GAP Analysis to Improve Website Conversion
Converting website visits into sales – it’s what we all strive for but frequently we can be disappointed with the results.
There can be so many different reasons, but poor messaging and bad design are both major contributing factor to a poor website conversion rate. Bad design can be termed as ‘visitors not being able to find what they want to purchase on a website’, either because it is too difficult to find or because the content is poorly presented.
Many of the most successful online retailers have adopted a GAP Analysis process to gain competitive advantage.
A major online supermarket that sells a vast number of products, from groceries and life insurance to electronics goods and clothing, usually fulfils most – if not all – of a visitor’s requirements in a few clicks, and in doing so satisfies their purchase needs. This means each visitor is likely to spend more than they originally intended.
And if that supermarket satisfies twice as many of its visitors’ buying intentions, it effectively halves the cost of acquiring a customer and makes it more likely that the visitor will return to that site rather than visit a competitor’s.
GAP Analysis Improves Website Performance
In simple terms, GAP Analysis is a process used to identify and quantify the opportunities available to improve a situation.
The starting point could be an on-page survey to ask site visitors why they visited your website in the first place. Once several hundred responses have been collected, you can create a matrix that summarises visitors’ original intentions, whether or not they were satisfied, and if they purchased/achieved what they originally intended.
So, how can these findings have an impact on current and potential website performance?
You may discover that you satisfy only a small percentage of your visitors’ needs. Most companies don’t think beyond this point because if they do not offer a certain product, they are happy for the visitor to go elsewhere to find it.
But those who look at the potential financial returns of offering more products may have a more successful outcome.
The GAP Analysis survey feedback can be followed up by professional research into new product line options, research into what your competitors are offering, detailed information from suppliers on new product options, and calculations of potential extra sales.
This may lead to the decision to invest in improving your website’s visual appeal or broaden your product offering which should increase the profit per site visitor.
For many websites, a crucial performance metric is the typical cost per acquisition (CPA), which is the amount of money you need to spend to convert a visitor into a customer.
If you can increase your conversion rate, your CPA will improve. This means you have the potential to outbid your competitors on PPC ads and get a larger share of traffic. But of course, your competitors may be thinking the same way too!
There are a number of quick-wins to help satisfy the needs of your site visitors and improve conversion rates. For example, user testing can provide valuable insight into which areas of your website perform badly and why.
User testing can provide valuable insight into which areas of your website perform badly and why.
Also, looking at which products and services your competitors offer – particularly the ones they push hard – could help identify new product opportunities for you to cross-sell along with your existing inventory.
GAP Analysis can be simplified into a three-step process:
- Identify what you plan to accomplish.
- Analyse your existing areas of weakness to determine what is stopping you from accomplishing your GAP Analysis goals.
- Identify how you will close the gap, creating a tactical plan for success!
For more information about GAP Analysis contact us today.