Sponsored Feature: Six Best Practices for Retooling Your Virtual Goods Payment System to Increase Conversions
March 2, 2012 Page 2 of 3
2. Convert Free Users into Paying Customers
You've built a sticky Application or site and implemented a successful marketing plan to attract a multitude of free users. Now, how do you convert those free users into paying customers?
One of the best options is to offer compelling payment models (subscriptions, pay-to-play, or a hybrid of the two) and accept payment in virtual currencies with a transparent, easy-to-use interface for virtual goods microtransactions.
By making access to premium content and bonus activities easy and available, you may lower the barrier to entry and transform free users into loyal, paying customers. You also create a stable recurring revenue stream as users continue to refill their digital wallets and become more engaged with your games or Applications.
Hybrid payment models typically give customers choices in terms of time versus money, so they can get in on a game with à la carte purchases, buy a subscription for unlimited access, or some combination of the two.
A hybrid payment model's most significant benefit is that the artificial revenue caps that come with subscriptions are removed and average revenue per user (ARPU) can increase, often significantly.
3. Deliver Frictionless, Trusted Payment Options
Every step they take and every click they have to make to complete the purchase process creates friction for your customers. More friction means fewer conversions and lower revenues.
Fees charged by payment gateways may also make microtransactions unprofitable.
PlaySpan pioneered the frictionless payment experience, keeping customers engaged in the game or app, rather than sending them off to another site from which they may never return. The result may be increased conversions and more revenue.
Jumping to another site for payment causes theuser to think twice before continuing. What just happened? Is this site trusted? How do I know it's not a fraudulent site?
Just raising these questions creates an opportunity for the consumer to walk away from the purchase, possibly never returning to your site.
By offering customers a fast, safe, convenient and frictionless payment option requiring fewer clicks, you'll keep them on your site longer, with a greater likelihood of making more purchases.
4. Extend Your Brand into a Seamless Experience
You've spent countless hours of effort and funds building a solid brand, so why not extend your brand to build trust by offering a seamless user experience?
When it comes time to get paid, some online businesses execute third-party technology that forces the user off-site to a payment page that doesn't match their brand.
Your customers will be much more comfortable making an online payment if they know and trust the provider they are paying, rather than giving their credit card information to a new or unfamiliar source.
By creating a seamless, end-to-end brand experience for your customer, you can increase customer loyalty, conversion rates and average revenue per user.
PlaySpan's payments and digital goods monetization platform includes the UltimatePay Lightbox, an innovative, seamless user interface that delivers a frictionless in-application payment flow, and empowers you to dynamically present users with rich, multifaceted options that drive monetization.
The platform also provides customizable templates that ensure your customer experiences only your brand on your site. Advice from PlaySpan usability experts will guide you through the development of an optimized online customer experience, based on more than twelve years of PlaySpan's data-driven work in the field.
Page 2 of 3