The Strategic Formula for Digital Conversion Success. Sr. Manager, Executive Research and Development MarketingSherpa/MECLABS Institute

Transcription

1 The Strategic Formula for Digital Conversion Success Sr. Manager, Executive Research and Development MarketingSherpa/MECLABS Institute

2 A few experiments

3 THE FORMULA FOR DIGITAL CONVERSION SUCCESS A few experiments Version A Version B 19.6% In Clicks

4 Version A THE FORMULA FOR DIGITAL CONVERSION SUCCESS A few experiments Version B 75% In Clicks

5 THE FORMULA FOR DIGITAL CONVERSION SUCCESS A few experiments Version A Version B 54% In Clicks

6 THE FORMULA FOR DIGITAL CONVERSION SUCCESS In marketing We tend to build with rules Emphasize the benefits Avoid long copy, use bullets Always include a call to action Keep it above the fold Emphasize hero shots Minimize compliance text Use tabs for additional info

7 From This To This Test Protocol ID: TP % In Completed Sales

8 THE FORMULA FOR DIGITAL CONVERSION SUCCESS About the Research Science-based Optimization Institute Conducts both primary and secondary media and messaging research and strategy from actual behavioral tests with real customer data. 20 years of active research, including over: 20,000 sale path experiments 1 billion tested s 500,000 executive interviews 2,200 brand-side case studies

9 THE FORMULA FOR DIGITAL CONVERSION SUCCESS The Conversion Index The Conversion Index C = 4m + 3v + 2(i-f) - 2a Wherein: C = Probability of conversion m = Motivation of user v = Clarity of the value proposition i = Incentive (additional) to take action f = Friction elements present a = Anxiety elements present

10 THE FORMULA FOR DIGITAL CONVERSION SUCCESS It s like a special pair of glasses

11 THE FORMULA FOR DIGITAL CONVERSION SUCCESS The Conversion Index Value Force Cost Force C = 4m + 3v + 2(i-f) - 2a

12 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Today s Focus Today, we are going to focus on the 4 elements that don t cost you anything to implement. C = 4m + 3v + 2(i-f) - 2a

13 The Formula for Digital Conversion Success The Motivation of the User

14 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Definition: Motivation The immediate compatibility of the marketing message to the recipient s motivations.

15 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User From This To This C = 4m + 3v + 2(i-f) - 2a

16 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User FKey Principles Internal story possibilities Limited resources (time, money, help) Unmet expectations (work and family) Deficient skillsets (inability or inadequacy) Operational difficulties (routine usability) Fragmented perspectives (ignorance or misunderstanding) C = 4m + 3v + 2(i-f) - 2a External story possibilities An action or behavior A conversation A single exchange (completed or abandoned) A cancellation (membership, contract, recurring transactions) A service interaction

17 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Experiment ID: TP1416 Record Location: MECLABS Research Library Research Partner: [Protected] Background: A verified physical-only social network leveraged by pharmaceutical, life sciences and medical technology companies for product research. Goal: To significantly increase the number of leads Research Question: Which article page will generate the most leads? Test Design: A/B single factorial split test

18 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Article Page Each article page focused on one specific piece of research performed with Sermo s platform. Study Summary ( ) To see the details of the research, prospects would enter their information into a modal box lead form.

19 2THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Conversion Rate 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Article #1 Article #2 Article #3 Article #4 Article #5

20 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Original Page From Observation to Hypothesis: The wide variance in conversion rates indicated that some articles were far more relevant than others. Thus, we hypothesized that the customer needs to be presented more opportunities to discover relevance.

21 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Treatment So we reduced the amount of real-estate dedicated to the current article. We eliminated post statistics while still keeping the primary content. And then listed newsworthy headlines and publish dates of the most recent Sermo surveys in the primary column.

22 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a Original Page Treatment One specific article Multiple specific articles

23 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a 197%Rel. Increase in 2 nd visit captures The treatment template increased 2 nd visit lead capture by 197.3% Design Capture Rate Control (single article) 18.18% Treatment (multi-article 54.05% % Relative Change: 197.3%

24 THE FORMULA FOR WEB CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a From This

25 THE FORMULA FOR WEB CONVERSION SUCCESS Motivation of the User C = 4m + 3v + 2(i-f) - 2a To This 150% In Click-rate

26 The Formula for Digital Conversion Success The Clarity of the Value Proposition

27 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a C = 4m + 3v + 2(i-f) - 2a Definition: The Clarity of the Value Proposition The ability to immediately understand the primary reason why an ideal prospect should respond to you/your offer.

28 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a

29 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Clarity of the Value Proposition FKey Principles The Clarity of the Value Proposition: C = 4m + 3v + 2(i-f) - 2a When expressing a value proposition in each step of the funnel, one must take a holistic approach. This involves ensuring the value proposition is expressed by every element of a webpage, , ad or form of customer facing material. This includes: 29 Headline Body copy Images Call-to-action Navigation Design

30 THE FORMULA FOR DIGITAL CONVERSION SUCCESS A few experiments In this case study, the new design template (Version B) takes away key points of clarity, making the decision to click less appealing. Version A Version B 75% In Clicks

31 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a Headlines From To these Protocol ID: TP1495 Trade Stocks direct starting at $4.95 per trade 25% IN LEADS CAPTURED Protocol ID: Pending Book Specializing your installation Residential before Replacement Summer and of Windows get 3 FREE Upgrades and Doors 104% IN LEADS CAPTURED 31 Protocol ID: TP1306 Create Your FREE [Company] Account to Get Instant Access to The most accurate mailing bankruptcy lists Available! Protocol ID: TP1091 Have Tell us a how salesperson to contact call you me 28.5% IN LEADS CAPTURED 132% IN LEADS CAPTURED

32 THE FORMULA FOR WEB CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a Body Copy From To these Protocol ID: TP1495 [We] Straight-forward offer something low unique cost in the Only forex $2.95 marketplace. per 100K USD We traded took the power of our MBTX routing technology and connected it to banks and pools of liquidity to create a true nondealing desk platform. Traders have the ability to route orders via fifteen order types to No Dealing Desk Direct ECN Access Our ECN gets you excellent execution routing your order to pools of liquidity without a middle man. Learn more qualified destinations through our STP (Straight Through Processing) platform. They also have Choose the ability your to trading cross orders platform anonymously in addition in our to our internal proprietary order book MBT via Desktop our ECN Trading technology. Platform, The you technology can use the facilitates most popular best forex execution software for available, you and [Xtrader generates 4]. price View the competition, full list of other which compatible means traders programs can skip and the tools. middle See full man listand save money. We even let Award you trade winning between trading the spread [Our and Company] see your was order rated reflect #1 Trade to the Experience entire marketplace. in 2009 by Open Barron s a forex Review account of Online with [Us] Brokers. and put Learn yourself morein control. Get a Free Live Demo and Webinar Access Get a chance to see and experience [Us[ first when you create your Free Universal Login. Learn more 25% IN LEADS CAPTURED Protocol ID: TP1636 CreateYour Open Free Account 100% secure ordering, 24 hours a day, 7 days a week Track your order from submission to delivery 12% IN LEADS CAPTURED 32

33 THE FORMULA FOR WEB CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a Images From To these Protocol ID: TP1402 Protocol ID: TP % IN LEADS CAPTURED 33 48% IN CONVERSIONS

34 THE FORMULA FOR WEB CONVERSION SUCCESS Clarity of the Value Proposition C = 4m + 3v + 2(i-f) - 2a Calls-to-Action From these To these 75% IN CONVERSION 125% IN CONVERSION 34

35 From This To This

36

37 The Formula for Digital Conversion Success Friction

38 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Definition: Friction (Physics): A force that resists the relative motion or tendency to such motion of two bodies in contact. (Marketing): Psychological resistance to a given element in the sales process.

39 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a FKey Principles We often generate unnecessary problems in our digital marketing collateral by the amount of content we have and/or the way we display it. To the customer, this is perceived as: Unnecessary Difficulty Unnecessary Length It is impossible to completely eliminate friction. However, the marketer must strive to minimize as much of the friction as possible in the funnel.

40 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Length Protocol ID: TP1192 From This To This 23% Capture Rate

41 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Length Protocol ID: TP1001 From This To This 41% Capture Rate

42 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Length For s Protocol ID: TP2081 From this To this 41% In Clicks 53% In App starts

43 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Difficulty LOGO Control LOGO Treatment 78% Conversion Rate

44 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Difficulty Protocol ID: TP1488 From This To This 181% Click Rate

45 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Difficulty Protocol ID: TP1621 From This To This 81% Conversion Rate Protocol ID: TP % Click Rate Protocol ID: TP % Conversion Rate Protocol ID: TP3042

46 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Friction C = 4m + 3v + 2(i-f) - 2a Difficulty For s From This To This 13% In Clicks

47 Non-mobile Mobile Vs. So why did having a mobile design 54% work in one instance but NOT this In Clicks one?

48 Non-mobile Mobile Vs.! Mobile 54% design increases importance of content The mobile design increased read rate, thus putting more weight on content (for worse in this case) In Clicks

49 The Formula for Digital Conversion Success Anxiety

50 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety Definition: Anxiety Psychological concern stimulated by a given element in the conversion process. C = 4m + 3v + 2(i-f) - 2a Resistance Concern

51 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a Experiment ID: TP1785 Record Location: MECLABS Research Library Research Partner: [Protected] Background: A large global media company seeking to sell premium software to businesses. Goal: To move visitors to the next step in the funnel. Research Question: Which button text will result in a significant increase in clicks and leads captured? Test Design: Single-factorial A/B split

52 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a Which CTA won? Treatment 1 Treatment 2 Treatment 3 Treatment 4 Treatment 5

53 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a 52% Relative increase in clickthrough Get Started Now significantly outperformed every other button text treatment. Button Text Click Rate % Rel. Change Start Free Trial 19.66% 36.0% Try Now 14.45% -- Start Here 17.69% 22.4.% Get Started 18.22% 26.1% Get Started Now 21.98% 52.1%

54 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a In order of performance Why didn t Start Free Trial win? Doesn t that offer the most value for the customer? Why did Start Free Trial outperform Get Started? 21.98% 19.66% 18.22% 17.69% 14.45%

55 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a? What expectation does this text create?

56 THE FORMULA FOR WEB CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a? How does the expectation change with this text?

57 THE FORMULA FOR DIGITAL CONVERSION SUCCESS They re just hard water stains

58 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety FKey Principles C = 4m + 3v + 2(i-f) - 2a Anxiety is psychological concern stimulated by a given element in the conversion process. Though anxiety often is stimulated by a legitimate concern, its degree/impact is often disproportionate to the measure of risk. If you think about mitigating anxiety in rational terms, your efforts are likely to fail. Anxiety is also localized in the conversion process. It is closely associated with the geography of the or webpage.

59 THE FORMULA FOR DIGITAL CONVERSION SUCCESS A few experiments This case study is a prime example of how an approach may cause a subliminal, negative response for some prospects. From This To This 20% In Click-Rate

60 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a From To This From To This 23% In Leads Captured Protocol ID: TP % In Leads Captured Protocol ID: TP1091

61 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a From This To This 28% In Leads Captured Protocol ID: TP1153

62 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a Experiment ID: TP1305 Location: MECLABS Research Library Research Partner: APMEX Research Notes: Background: A website that sells retail and wholesale collector items Objective: To increase conversion rate Primary Research Question: Which version of second step in the conversion funnel will produce the highest conversion rate? Test Design: A/B multifactorial (variable cluster) split

63 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a

64 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety C = 4m + 3v + 2(i-f) - 2a

65 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety BEFORE AFTER

66 THE FORMULA FOR DIGITAL CONVERSION SUCCESS Anxiety 5% Increase in Total Conversion The new credit card page increased conversion by 4.51% Design Conv. Rate Original 82.33% Treatment 86.04% % Relative Change: 4.51% What you need to understand: While it might seem like a small increase, choosing this specific step in the sales funnel to test resulted in a projected $500,000+ increase in revenue per year.

67 The Formula for Digital Conversion Success A Final Case Study

68 THE ORIGINAL

69 THE ORIGINAL

70 THE ORIGINAL! Competing Calls to Action If the primary goal of the page is to capture a lead, every alternative is an obstacle. C = 4m + 3v + 2(i-f) - 2a

71 THE ORIGINAL! If Competing Calls to Action the primary goal of the page is to capture a lead, every alternative is an obstacle. C = 4m + 3v + 2(i-f) - 2a

72 ! Poor Clarity of Value Little context about what a customer really gets creates a poor expectation of value C = 4m + 3v + 2(i-f) - 2a

73 ! Little Poor Clarity of Value context about what a customer really gets creates a poor expectation of value C = 4m + 3v + 2(i-f) - 2a

74 ! Unnecessary Length The stacking of form fields makes the process appear to be longer than it really is C = 4m + 3v + 2(i-f) - 2a

75 ! The Unnecessary Length stacking of form fields makes the process appear to be longer than it really is C = 4m + 3v + 2(i-f) - 2a

76 ! Unnecessary Form Field(s) With sales not using this information, the customer experiences unnecessary friction C = 4m + 3v + 2(i-f) - 2a

77 ! With Unnecessary Form Field(s) sales not using this information, the customer experiences unnecessary friction C = 4m + 3v + 2(i-f) - 2a

78 ! Unclear selection process Customers are instructed to select all that apply but are not told how to do that C = 4m + 3v + 2(i-f) - 2a

79 ! Customers Unclear selection process are instructed to select all that apply but are not told how to do that To choose multiple services, press and hold Ctrl while making selections. C = 4m + 3v + 2(i-f) - 2a

80 ! Value-Negative Call to Action To choose multiple services, press and hold Ctrl while making selections. Submit provides no value reinforcement and has a negative connotation C = 4m + 3v + 2(i-f) - 2a

81 To choose multiple services, press and hold Ctrl while making selections.! Submit Value-Negative Call to Action provides no value reinforcement and has a negative connotation C = 4m + 3v + 2(i-f) - 2a

82 To choose multiple services, press and hold Ctrl while making selections.!! Competing Calls to Action If the primary goal of the page is to capture a lead, every alternative is an obstacle. C = 4m + 3v + 2(i-f) - 2a

83 To choose multiple services, press and hold Ctrl while making selections.!! If Competing Calls to Action the primary goal of the page is to capture a lead, every alternative is an obstacle. C = 4m + 3v + 2(i-f) - 2a

84 To choose multiple services, press and hold Ctrl while making selections.! Unaddressed Anxiety Visitors feel the most concern about privacy and security at the place of action C = 4m + 3v + 2(i-f) - 2a

85 To choose multiple services, press and hold Ctrl while making selections.! Visitors Unaddressed Anxiety feel the most concern about privacy and security at the place of action! C = 4m + 3v + 2(i-f) - 2a

86 BEFORE AFTER

87 82.6% Increase in Sales Qualified Leads The treatment page increased MQLs by 108.6% and SQLs by 82.6% Design MQL Lead Rate SQL Lead Rate Control 6.49% 1.04% Treatment 12.14% 1.90% Relative Difference 108.6% 82.6%

88 The Formula for Digital Conversion Success Summary Takeaways

89 Get a 20% discount on a MECLABS online course of your choice Certification courses are derived from over 15 years of testing and research In-depth training designed to give you the tools you need to improve your marketing performance For this and more resources, visit MECLABS.com/reIMAGINE15