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What is a 'conversion strategy'?

Brief overview of conversion fundamentals
by

Tim O'Donoghue

on 8 November 2012

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Transcript of What is a 'conversion strategy'?

Conversion Strategy What is it? marketing email dm blog pr press Business
goal(s) Optimise this stuff etc... Conversion ratio = # of target
group # of goals
completed Why is it important? Best converting eTailors 1. Proflowers.com – 14.1%
2. Coldwater Creek – 13.3%
3. FTD.com – 13.0%
4. QVC – 12.8%
5. Office Depot – 12.4%
6. Amazon – 11.6%
7. eBay – 11.5%
8. Lands’ End – 11.5%
9. Tickets.com – 11.2%
10. 1800flowers.com – 10.0% (figures from February 2010) '98 '99 '00 '11 '10 '09 '08 '07 '06 '05 '04 '03 '02 '01 10.0 Revenue in billions of $ Amazon adopts
conversion-centric
marketing policy From Foner Books (Graph is representative) B&N begin to copy
Amazon's general
conversion model How does it work? A/B.../n testing OR Also known as, "Split testing" Taguchi methods are a Propellernet favourite Pros: Simple, to the point, fast to run, easy to explain Multivariate testing Cons: No comparison of elements, must create entire concepts, can mask important interactivity & traffic flow factors Pros: Multi-element testing, results statistically probable, quicker than multiple A/B/n Cons: Minimum complexity level of "very, very", lengthy run time, involves statistics OR Use: When you don't know what will work, original site is obviously poor, when
project is limited by time (to run) Use: When A/B/n testing is not detailed enough or to test multiple elements in concert website social basket In summary... Always remember that... Borders liquidates Creating a strategy Technical Analytical Enquiring Innovating Technical
Considerations Page load times Are key pages ubiquitous? Browser compatibility Does site work
as it is 'supposed' to? Is the user experience consistent? Keep JS & CSS requests to a minimum etc... Analytical investigation What are visitors currently doing? Funnel analysis Navigation use Who are the visitors (technically speaking)? What are the popular products/destinations? How do people get to the site & where do they land Are there standout oddities? Where are visitors when they exit the site? Spikes &/or seasonality So based on what you now know about your web-presence... ...how can you create a better converting site? Technical Analytical Marketing ...added to what your company goals are... Goals ...not forgetting any upcoming marketing plans... The most frequent & consistent conversion gains are made through optimisation. However the biggest usually come from innovation Know your site
Know your consumers
Understand your goals
Approach everything holistically (i.e. site + consumer + goals)
Optimise THEN innovate
Try to test little and often rather than large and infrequent But most importantly: Do what your results tell you to! ...it doesn't have to be like this...
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