I don’t know whether you readers usually look at the data or know where your company’s budget is spent. If you don’t usually look at it, I hope the data below will not scare you.
"90% of the traffic fails to register successfully, 90% of registered users do not make their first transaction, and perhaps another 90% of users have not reached 5 transactions, which means they have not been converted into loyal users of the platform ." Oh my god! In the end, there are only a few users left after spending a lot of money to buy them, and they are all spendthrifts. The above jokes are just for fun, but I hope that all readers will go back and take a closer look at the funnel conversions of these links. The data may not be so exaggerated, but I believe that if you take a look at it, you will be shocked. Since the problems are so serious, how can we solve them? Since we want to solve the problem, we must first define what the problem is? Where is the key node? Then prescribe the right medicine. Let’s break this down:Breakdown of the novice conversion problem 1. The registration conversion rate is low . The problem to be solved is how to improve the registration conversion rate 2. The conversion rate of new users is low, so the first thing to solve is how to convert the first transaction 3. The user retention rate is low from 1 to 5 times, so the problem to be solved is how to get users to complete multiple transactions The above problems, when viewed in the context of the entire user life cycle, can all be attributed to the problems of the novice conversion period, which is the issue we will discuss next. 1. Misunderstandings about New Users 1. Treat new users as a node rather than a process. In daily operations , e-commerce , O2O , finance and other Internet companies regard new users as a node, a user status, and solve a point in the user's growth process. Once a user has completed one transaction with the platform, the operation is considered complete. Little do people know that the conversion of new users is a cycle, and the operation strategy needs to be viewed in the context of the entire novice conversion cycle. 2. Define new users from a single dimension. No matter how much money a user invests on the platform, what categories he invests in, or how long he invests, he will no longer be considered a new user as long as he makes an investment. But the reality is that if a user has invested 3-5 times on the platform, and if the cumulative amount does not exceed 500 yuan, then this user is still an immature user; If a user has invested multiple times and the amount is high, but has always been in a certain category, then this user's contribution to the platform's profits is limited and he is not a mature investment user; If a user does not reinvest after a long period of time after completing an investment, then this user has not only failed to transition to a mature user, but has become a silent user; Treat the onboarding of new users as a process, and guide them to understand the platform from multiple angles such as investment amount, number of investments, and investment categories, so that they will become attached to the platform and gradually move out of the novice period and transition to mature users. The strategy for converting new users into operational designers revolves around how to increase the number of transactions, transaction amounts, multiple categories of transactions, and shorten the time interval between transactions. 2. Problems caused by new user definitions: Taking finance as an example Problem 1: Multiple user privileges are superimposed, and a single transaction by a user causes a change in attributes, making it impossible to invest in other privileges, leading to user loss. Currently, Internet financial platforms basically define new users in a traditional way, that is, as long as a user has made a transaction, he or she will be regarded as an old user. Generally, in order to increase the conversion rate of new users, platforms will prepare some novice privileges and benefits, such as novice experience money and novice privilege labels. In order to give users more choices, users can enjoy more than one privilege. Then the question arises, if I purchase the privilege badge first, I will no longer be a new user and I may not be able to use the trial money; or if I use the trial money, I will not be able to purchase the privilege badge. From the website's perspective, it actually hopes that users will use both, because this can quickly increase users' multiple investment behaviors. With one more investment, the user retention rate can increase from 19% to 50%. As shown in the following figure: Question 2: Allocation of privileged token purchase quota. Many financial management websites treat privileged labels as one-time investments. The platform sets a maximum investment amount of 50,000 per person for privileged labels and allows each person to enjoy a higher interest rate. However, if the user only invests 100 yuan for the first time, the entire 50,000 yuan limit will be invalidated because this privilege is a one-time one, which is a very unfriendly solution for the user experience. Let’s analyze the investment behavior path of new users, as shown in the following figure: Users who invest in financial management are cautious in their investment behavior. The amount of their first investment will be relatively low and is a tentative investment. They will also withdraw cash quickly in order to experience the security of the platform. If the entire process from investment to withdrawal is smooth, and the rate of return is higher than others, and the brand safety is guaranteed, then users will soon invest 2, 3, or N times, and the investment amount will continue to increase as the number of investments increases. Therefore, the privilege token should be treated as a credit line, allowing users to purchase and use it at any time until you use up the credit line, stimulating users to invest multiple times and lowering the threshold for their first investment. Today we mainly talked about some misunderstandings about the definition of new users. Tomorrow we will talk about how to redefine new users and how to properly operate during the new user conversion period to improve the conversion rate during the novice conversion period.
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The author of this article @大虫操作心经(APP顶级推广), compiled and published it. Please indicate the author information and source when reprinting!
