– Approximately 50% of newsletter subscribers never open the emails, and over 50% of those who provide an email do not provide a phone number.
– Only 20-30% of people who sign up for a newsletter actually convert, meaning a large percentage of collected emails and phone numbers do not lead to conversions.
– Collecting data through live data collection and asking relevant questions can provide valuable insights and improve conversion rates, as up to 75% of signups and purchases occur within 2 hours.Implement live data collection and ask relevant questions to understand why someone is considering making a purchase, without asking for a phone number, in order to improve ads, product pages, and landing pages and convert more customers.Approximately 50% of people who subscribe to your newsletter for a discount will never open an email. Of those who provide an email, more than 50% will not provide a phone number on your second step. These individuals will either be confused or have to go to their inbox to retrieve the promised discount. On average, only 20-30% of people who sign up will convert, meaning that 70-80% of the emails and phone numbers you collect will never convert. The aforementioned data points do not provide any insight into why someone decided to sign up and consider making a purchase. If you are seeking an opportunity to understand why someone is interested in making a purchase, there is no better time to ask relevant questions. By using live data collection and a few questions without requesting a phone number, we achieve an average completion rate of over 90% for up to 5 questions. However, if you ask for a phone number, the completion rate drops by 25%. If you are currently reading this, you are exchanging an offer for something that lacks context and an asset that a visitor may never engage with again. It is a sunk cost that you should recover. Additionally, it is important to better understand who your high-intent customers are right before they are ready to make a purchase. Up to 75% of people who sign up and make a purchase do so within 2 hours of signing up, indicating that their decision to purchase has likely already been made. Instead of just exchanging a discount or offer for an email, consider exchanging value for value. Please disregard SMS, as 25% more data collection is always more valuable. Neither an email nor a phone number can provide insights on how to improve your ads, product pages, and landing pages, but data collection can. Focus on the long game rather than short-term gains and strive to understand how to convert more people without requiring them to join your newsletter. Remember, many of them opt-in during checkout anyway. When you critically analyze it, you will realize that the current setups that most stores are using are entirely inefficient. #marketing #ecommerce #strategy #datafirsthttps://www.linkedin.com/in/jivanco