Shocking Stat of the Week

I hired a vendor recently and paid the invoice online, as usual. The next day he called me asking when I planned to pay the bill. My first thought was “P**P** screwed me again!” But really, I had probably just forgotten to press the last “Submit” button.

I’m a master of paying bills online. No system since 1986 has foiled me, although many have tried. And payment systems have become really easy over the decades. But there’s still a ringing phone, a co-worker asking a question, an email ting in the background. Any of these interruptions can break a customer’s concentration and cost you the sale.

Whether you’re selling a free report, consultation, ebook, class…you need to be aware of your “abandonment rate” – the percentage of prospects who start to buy but never finish.

Marketing Sherpa suggests that abandonment rate is almost 60%! This is for customers who have gotten as far as the last step in the buying process.

I think there are two reasons for this. First, buyers get scared to spend. It’s not surprising that the exchange of money would be the most fearful point in the process. The solution: highlight your return policy. I fight with my clients over terms of return all the time. The truth is there will always be a certain percentage of customers that return their product, regardless of any other factor. And you will encounter the rogues who take advantage, but they’re not that prevalent. Don’t be afraid to be generous with your terms, and post them right near your SUBMIT button.

Second, buyers start thinking about security. Will their transaction be secure, or are they dealing with some fly by night that will sell all their information? To relieve concerns, post security icons all over the place. Ensure your customer that their data is secure. Make it easy for them to contact you if they have questions. In short, alleviate as many barriers to  the sale as possible, because whatever can go wrong usually will – in this case 60% of the time!