Conversion Rate Optimization: How to Manage & Optimize Your Conversion Funnel
When refining the conversion optimization of your website, run all inbound marketing initiatives through the following heuristic (thought model). As an agency this is the same process that we utilize in order to refine campaigns and optimize websites for Convertibility.
C = 4m + 3v + 2(i-f) – 2a
Where:
C = Probability of Conversion
m = Motivation of User (when)
v = Clarity of the Value Proposition (why)
i = Incentive to take action
f = Friction elements of the process
a = Anxiety about entering information
*When all of these values work together, the user converts. If any one of these values is too much or too little, the system falls apart and you will lose a potential conversion.
Therefore, you need to reach the consumer at the right time to maximize their motivation (Visibility). Additionally your ad copy needs to be enticing (Clickability) and your website should display a clear value proposition in order to answer the question ‘WHY?’. Why should people buy from you? There should be an incentive to take action at that moment; this can sometimes be provided by a clear value proposition, or more directly through free shipping & other discounts.
Then, you want to reduce friction and make it easy for someone to reach out and either communicate with you, or buy your product. Finally, you need to reduce anxiety or fear by answering questions like ‘is this legitimate?’, ‘will it work for me?’, ‘is this a real product/company?’.
All of this work takes time and is equal parts science and alchemy!