How to effectively improve product conversion rate?

In the use process of different products, users' excitement index varies. After analyzing multiple examples, we found that making good use of the user incentive index can effectively improve the conversion rate of the product.

1. User Excitement Index

This is what I saw in Teacher Qu Hui’s book. What is the User Excitement Index?

The excitement index refers to the index of each link after the user first contacts the product. When the user index is 100, it means that the user is most motivated.

If the excitement index is decreasing in each link, it means that there is a problem with the guidance of the link, which needs to be optimized, and the guidance needs to be completed before the user's excitement index drops to 0.

There are many factors that affect the excitement index, such as common operation difficulty, pictures, copywriting, UI, fluency, etc.

Let me explain this using the shopping process as an example. I first set the initial value of the user excitement index to 100.

User registration page : If the user must enter a complicated password to successfully register, it must contain uppercase letters, lowercase letters, numbers, special symbols and must be no less than 12 characters, and consecutive adjacent letters are not allowed. This experience is definitely annoying, so at this stage, the user's excitement index is -20

After successful registration : After the user has successfully registered, he is ready to choose his own products. For example, if he wants to buy a bottle of red wine, he does not find a search box on the homepage. He must select a category to find it, and what he finds is not what he likes. Excitement Index -20

Payment : After spending a long time choosing the red wine I like, I started to check out; but I was confused to find that the address must be filled in manually and cannot be automatically obtained based on location. Excitement Index -20

After payment : Buying a bottle of red wine feels like a century. Finally, the payment is completed and I am looking forward to receiving the goods, but at this time I receive a text message on my mobile phone - the purchased product is temporarily out of stock. Excitement Index -40

I haven't worked in the e-commerce industry myself, but I understand and agree with the concept of user excitement index. In fact, before every step of the user's experience, they have some expectations for the product, and always hope to bring themselves surprises, whether it is an Easter egg or convenience.

When the user's excitement index reaches 0, you basically cannot recall this user. Therefore, it is necessary to rescue the situation before the user's excitement index drops to 0.

So, how is the excitement index calculated? In fact, I don’t know how to calculate it, but I think the excitement index of each product is different. To be precise, the excitement index of each product and each step of the experience is different.

You can set an excitement index for the key path based on your product tone and positioning; for example, your key path is: download-register-select products-pay . So, is it possible to set an excitement index value on each path?

I haven't done much research on this area, but I think the ultimate problem that needs to be solved is still the optimization of the experience at each step.

I appreciate game products more and more, because good game products can really make people addicted, whether it is the experience, the plot or the mode...

So, if we are a tool-type product, can we make the experience better than that of a game product?

If your product is mutual finance , can you consider letting users experience the product first by creating an investment simulation function? Users can use it directly without registering. You can give them a "start-up fund" that can only be used within your product.

Users can use these start-up funds to complete financial investments in your products. Projects invested with "start-up funds" can eventually get real cash, and the amount of this cash is set by you; but if you need to reflect this cash amount or make other real cash investments, identity authentication, binding and other operations are required.

Let’s take a look at this process: user downloads - direct experience - simulated investment - real investment - registration .

In fact, it is to create a set of virtual currency within your own product, and issue a sum of virtual currency to each user who comes in. The user uses this currency to invest, and after the investment, it can be converted into real cash. To proceed to the next step, you need to register or bind your identity information. As long as the user does it first, he will basically register later.

The psychological effects mentioned above are used here - timely feedback, sunk costs, reducing user action barriers and decision-making costs, plus your UI experience and process convenience, and then adding operational means, you can continuously stimulate users to invest through other elements and methods. I think the probability is no higher than when he does nothing and gets nothing.

I have seen many Internet finance products that are doing well. After downloading, they will open to a related splash screen guide, but more often than not, after you click on the guide, you will be required to perform sensitive operations such as registration and binding.

Let's reflect on this. As a user, you invest to see results. Although the product is marked with an expected rate of return, it is just a rigid number after all. If you can experience the investment process yourself, I think the conversion rate will increase significantly.

Moreover, allowing users to experience (simulate) the investment process is not the most fundamental purpose. What is the most fundamental purpose?

Of course, let users experience the benefits of "making money" and make users feel that "making money" is easy and they can make money while lying down. Create this feeling for users.

A well-known saying in the marketing world is - don't let customers feel cheap, make users feel like they are getting a great bargain.

Remember, this is the point. The above is all based on this principle. The process of user experience is to create feelings for users and make them believe in these feelings. Because as long as he believes it, our conversion rate will increase.

2. Feeling Cheap vs. Feeling Cheap

I’m afraid some people don’t understand, so I’ll briefly explain the difference between “feeling very cheap” and “feeling like a great bargain”.

• "It feels very cheap" is just like when you see a supermarket having a promotion, price cuts or discounts.
• “Feeling like you’ve gotten a great bargain” means that you see the supermarket is having a promotion and it’s only available today. If you miss the opportunity, you’ll never have it again in your life.

The first is that the promotion is not strong enough, usually there is no time limit, the difference between the product and surrounding/similar products is not big, and there is no promotion atmosphere created. It’s like when you see that all the stores around you are having a sale. For you, even if you don’t buy anything, you won’t suffer any loss, because you can buy it at any time. Anyway, the sale doesn’t say how long it will last, right? And there are still many stores around you having a sale.

The second type incorporates hunger marketing, which is to take advantage of scarcity. The scarcity here includes scarcity of time and scarcity of items. Those who know how to play can also create an atmosphere for the event, such as creating a "very popular" atmosphere on the spot.

Just like the previous UNIQLO and KAWS co-branded T-shirt, people who buy it probably have a feeling that they got a bargain or that it’s a good deal. But Uniqlo’s usual discounts and the like probably don’t have such a strong effect.

There are actually many factors that create the feeling of getting a bargain, the most important of which is scarcity. Xiaomi is very good at this aspect.

In fact, this is the gameplay in marketing. However, if you understand the gameplay in marketing, it will definitely be of great help to your operational work.

Operations and marketing are essentially the same, both are about “selling goods”. When you are in operations, you are still responsible for the data. When you are in marketing, how much you sold also needs to be presented by data.

However, marketing is more concerned with how to sell more, while operations is more concerned with how to sell better.

Having said so much, how to prevent the user's excitement index from decreasing?

1. Increase Momentum

• Keep the information and language consistent, such as tone, copy, promotional ads, etc.
• Social trust, if any

2. Reduce barriers

• Delay the registration step, let users experience the product first, and prompt registration only when core functions are accessed
• Remove unnecessary steps and hide unnecessary information (not relevant)
• Avoid cold starts in products (content)

3. Delayed boost

• Identify the window of opportunity
• Designing onboarding using UX patterns
• External message push

4. Personal customization

Let users choose their own interests and preferences:

• Personalized recommendations
• Personalized guidance

5. Provide timely feedback

The above are the factors that prevent the reduction of the excitement index. The excitement index is actually about polishing the conversion details of the product. After all, details determine success or failure.

I usually write my thoughts in a diary, and I also like to discuss them with others, because I believe that if one only relies on one person to learn and grow, without output, communication and sharing, such growth will be very slow.

Related reading:

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2. Community operation, how to improve activity and conversion rate?

3. How to effectively improve your product conversion rate? 3 case studies!

4. Community operation: How to increase the conversion rate of fission communities by 10 times?

5.4 steps to increase conversion rate by 50%, revealing the underlying logic of traffic acquisition!

6. Promotion and marketing: What to do if traffic is high but conversion rate is low?

Author: Rain Wash Qianfengxiu

Source: Rain Washes Thousand Peaks Show