So what exactly is conversion optimization?
Conversion optimization is the fine art of getting more contacts, sales leads, customers, and virality. Everything in Volument helps you with this essential task.
- Marketing channels are all your audiences, campaigns, and custom niches. Is social better than search? How about paid versus organic? Developers or designers? By targeting the right people you'll start getting more conversions.
- International markets to discover new audiences from the globe. Should I conquer Asia, Brazil, or Russia? Is Europe better than the USA?
- Website to understand your website and it's landing surfaces. Which areas work the best? Are blog entries better than the front page? Where are the bottlenecks with the biggest room for growth?
- Devices to show which devices and screen sizes are turning people away. How bad is Internet Explorer? How does it compare with Chrome? How about mobile vs desktop? Where are my low-hanging-fruits?
- Optimizations to understand the impact of your edits. Is the new front page good? How much I gained by fixing Safari? What images, headlines, videos, or designs work the best?
- Business periods to understand your monthly, quarterly, and seasonal performance. What was the impact of corona? How does last month compare with the earlier one? How about last year versus my entire history?
Okay, but how does this work in practise?
With Volument the process is this:
- Discover new audiences and locations and target the best ones
- Discover popular pages and areas and make improvements
- Discover broken devices, and screen resolutions and fix them
Conversion optimization is constant work and Volument is the essential tool to help you along the way. It points out your strong areas, reveals your weaknesses, and measures your edits. It is designed to separate the good from the bad — showing you what works, and what's broken.
At its heart, conversion optimization is about picking winners.
Let's say you made a major design and content update to your front page: how do we know if the new version is better? There are two ways to find that out. A: using leading indicators or B: using lagging indicators.
That is: the fast way or the slow way.
Leading indicators are at the top of the conversion funnel, showing you what happens when the visitors enter your website for the first time. They measure the first-time user experience — how good your site is at building awareness and interest.
For example 3-second stay rate or “content awareness” is a good indicator for the first impression. If people leave at this early stage, there must be something wrong with the design or layout. Similarly, the 7-second stay rate measures “problem awareness”. If people leave at this state, the landing page is bad at explaining the problem the product aims to solve.
In business literature, these leading indicators at the top of the conversion funnel are said to be “actionable”, because you can actually impact them. Your copywriting and design changes make direct impact to the first impression, and whether your visitors find the content more interesting.
And leading indicators are fast. Really fast. For every conversion event, there are thousands of data points (sessions and page views) to take insights from. You'll know whether the new version better in a matter of days — even hours on a very busy site.
Lagging indicators are the conversion events at the bottom of the funnel: the contacts, sales leads, customers, and revenue. You obviously want the new version to bring more of these.
However, there's a catch called statistical significance. You need 300-500 conversion events on each version before you can be confident about the winner. You shouldn't make decisions with just a handful of samples — there's too much randomness in play.
It is not unusual to take months before you can choose the winning version with the conversion events.
The fast way
One compelling option in Volument is to always go with the leading indicators and take advantage of their speed. When you can iterate 10× faster, you can grow 10× faster, right?
Pretty much. Volument is essentially the most popular marketing framework, AIDA, put in practice.
Think of all the best websites in the world and compare them to the ones that struggle to be one, what's the difference? The desperate ones shoot you with large pop-ups, banners, and call-to-action buttons. They start selling as soon as the page is loaded. Their funnel strategy is bottom-up.
Conversely, the best sites like Apple, Stripe, and AirBnB are beautifully designed and treat you like a person. They strive for a remarkable first impression and user experience.