Lecture, Product Demonstration
Kevin Hale - How to Improve Conversion Rates
- Conversion rate optimization is expected to benefit nearly any user interface, though working on churn is predicted to be easier than the more challenging conversion work companies typically initiate first.
- Prioritizing conversion optimization is anticipated only when a "leaky bucket" exists at the bottom of the funnel, rather than when issues stem from the top; specifically, companies with conversion rates between 2% and 3% (two to three out of one hundred visitors) are predicted to see better returns by focusing on other areas.
- High conversion benchmarks are identified in children's social networks and high-intent products like TurboTax Online, which achieve rates around 70% due to user payment and specific intent.
- The knowledge gap, defined as the difference between user understanding and required knowledge, is expected to be closed by simplifying pages to a "one button interface" and placing the call to action as close as possible—ideally zero distance—to the moment of user excitement, whereas current interfaces often require 27 steps.
- Users described as impatient or in a rush are predicted to seek easily copy-pastable sentences to validate a product's legitimacy, while a lack of clear pricing or business model explanations is expected to trigger user paranoia or confusion.
- Contact information is anticipated to be critical for product adoption, as users are predicted to avoid products where finding or contacting support is difficult.
- Carousel elements are expected to perform poorly in case studies by hiding necessary information, while terms like "open beta" or "closed beta" are predicted to telegraph that a product is not ready for real-world meetings.
- The absence of actual customer logos is expected to create nervousness regarding product adoption, and hidden product scope details (such as finding them only upon exporting code) are predicted to limit user understanding.
- Detailed text buried in copy is predicted to be unread by the majority of users, and a lack of accessible FAQs or About pages is expected to minimize user willingness to invest in the product or rely on it long-term.