If you run a cryptocurrency-related online business and want to learn more about how to increase your conversion rates, this article pertains directly to you. In it, we review some techniques commonly used to bring more conversions and how they specifically apply to websites focusing on crypto-related services and products.
We will not be focusing on tangentially-related problems like optimizing the CTA buttons or how to manage email subscribers, but what to do with your visitors after they have already landed in order to help steer them into the direction of a conversion.
Before getting started
First, it is necessary have a clear definition of what you consider a conversion to be. For crypto-related projects, it likely involves a visitor signing up for a service, purchasing some sort of product, or sending them to another website. Be sure to properly define and configure your conversion settings on your analytics page before attempting to measure changes in conversion rates, because changing the definitions after the fact will make it much harder to track changes in your conversion rates.
Second, make sure you have all of your website development issues sorted before focusing on conversions. Your conversion rate is sure to remain less than optimal if you have outstanding design, navigation or loading issues. Though many websites remain constant works-in-progress, taking care of simple issues - such as having all your links functioning, readily-available content and a viable sales process - are must dos before focusing on increasing your conversion.
Third, be sure you have sources of incoming traffic in place. You can’t get conversions without traffic. It is also important to make sure that you are attracting traffic that has an interest in purchasing your product or service in the first place. This may seem like a no-brainer but failing to optimize the levels of your incoming traffic ahead of time can mean net negative profitability regardless of how high your conversion rate actually is.
Conversions in the Crypto business niche
A good conversion rate for any website is over 3%, though it is good to bear in mind that this is an average goal across all websites, and that for crypto-related projects this number could be lower. The reasons for this are as follows:
- Visitors believe they have no use for your product, service or other offering.
- Visitors may be interested in what you are offering but feel the need to do some exploration among the competition and other alternatives at first.
- Visitors are not financially equipped to take part in your offering (they don’t have the money).
- Visitors have a lack trust or faith in your offering.
It is this last bullet point that needs to be focused on as far as websites catering to the crypto industry are concerned. Cryptocurrency and the blockchain are still relatively new and misunderstood technologies. They certainly have the power to help people and advance society in ways that were previously impossible, but their complicated nature - coupled with a reputation of being high-risk - renders new crypto projects with a high degree of skepticism even among even their own core base of users. This is what makes earning the trust of your visitors of critical importance, as without it they are unlikely to ultimately yield conversions for your website.
Tips for improving conversion rates
Below are a few proven methods for increasing conversion in cryptocurrency-related websites. They are pointers on how to increase the transparency of your business and other ideas that can help you navigate your way to an improved conversion rate.
1. Create an informative ‘About Us’ page.
A big ‘no-no’ that many crypto projects think is OK is to remain anonymous. Although Satoshi Nakamoto was and is anonymous, in this day and age potential buyers/investors/subscribers in crypto industry are looking for accountability. They want to know who you are and that you believe enough in your project to be a public representative of it.
Your ‘About Us’ page should contain some basic information about your company. List the top management members at the top, with their names next pictures and links to social media profiles (LinkedIn, Facebook, YouTube, etc). It’s an imperative that this information can be easily verified, and that members of the company can be contacted to answer questions and concerns of your potential user base.
2. Publish videos about your company, product or service featuring actual team members.
Uploading a video to YouTube that shows your product being explained or demonstrated by team members displayed in your ‘About Us’ section can work wonders for your company’s credibility, as it demonstrates that not only is your team real but that you have an actual product or service as well.
After the ICO boom and bust of 2017/2018, most potential users will take comfort in the fact that your company already has a working product, and that they aren’t just getting involved with “vaporware.” The main point is that if you have something that is ready to show to the world, don’t be afraid to show it. Create a video, upload it on your project’s YouTube channel, and embed the video in your website.
3. Get an endorsement or testimonial from a crypto influencer.
Without pre-existing connections in the crypto industry, it may seem like hard work to find a crypto influencer that is willing to give an endorsement or testimonial of your product. If you don’t have connections to social media influencers, there’s no harm in trying to make one.
First, create a letter template that is informative, honest, and to the point. Influencers don’t want to be burdened by reading unsolicited essays, but will also likely ignore something if it is not interesting to them. Be sure to include a free product unit or subscription plan offer. Compile a list and send it to as many crypto-related advocates in the media as possible. Prepare yourself to not receive a lot of responses, but remember that the participation of just 1 or 2 market influencers can be enough to raise your reputation to the next level.
4. Make it as easy to purchase your product or service as possible.
A potential holdup in completing a conversion could be a lack of purchasing options. Don’t prevent your audience from buying your product due to a lack of payment options. Consider employing a multi-coin wallet or payment service provider in order to expand payment option to the maximum number of cryptocurrencies possible.
There are a lot of readily available solutions, both free and commercially available, that will allow you to accept all top cryptocurrencies and fiat money as a form of payment, so don’t narrow your focus to only accepting Bitcoin or Ethereum.
5. Use traffic sources relevant to your offering.
As previously mentioned, your conversion rate will be directly connected to the interests of the users you are attracting to your website. Try to hone in on attracting an audience that is interested not just in crypto-related offerings but interested in what you specifically have to offer. Niche advertising networks, such as Cointraffic, can provide you with access to a highly relevant audience while making it cheaper compared to traditional, non-niche networks.
Use well-established advertising methods like banner ads to increase the presence and awareness of your brand. Use a press release service to inform a relevant internet audience of your brand-related information.
By taking employing the list of suggestions we provided above, you will be well-prepared to get started increasing your crypto website’s conversion rate. Remember that the crypto audience is a fickle one and that trends in popularity of different products are ever-changing, but by focusing your attention on the factors that we have discussed, the chances of increasing your website revenue will likely be increased.