What are some ways to increase product conversion rates?

When we start promoting a product, the first thing we must consider is the conversion rate of the product, including its activity and retention rate .

If the conversion rate of a product is poor, there is no way to promote it. Therefore, many products will undergo internal testing at the beginning of their launch to ensure that the basic product experience is not too bad. At the same time, they will also create some content and product promotion to increase the product's conversion rate and lay a solid foundation for subsequent promotion.

Before we can improve our conversion rate, we need to clarify two key issues:

1. Who are the core users of this product? What are their motivations and costs?

No matter what kind of product, it is crucial to understand your core users. Have you noticed that there are not many car advertisements on CCTV’s agricultural channel, but there are many advertisements for motorcycles and tricycles. This is mainly because the target market for motorcycles and tricycles is the third and fourth tier markets, and their core users are mainly people related to agriculture.

The user's motivation for use falls within the product category, but it also needs to be understood from the promotion perspective. For some products, users are not very motivated to use them, and they do not use them frequently, so it is difficult to promote them. If the cost of using a product is high, it will be difficult to promote it. Apart from hard advertising and brand promotion, other methods will have little effect.

2. Where do users come from? What is the user growth strategy?

In the long run, you need to think clearly about where the mainstream users come from? In the short term, where do your first batch of users come from? For most products, the first batch of users often come from friend recommendations, SEO optimization, or recommendations from some big Vs. Because in the initial stage, both the product awareness and product experience are not enough, it is difficult to retain users. User retention rate will be better for word-of-mouth recommendations.

From 0 to the first 1,000 users, and then to 100,000, 1 million, and 10 million, how do you increase the number of users exponentially? Growth strategies are different at different stages. For example, my official account has been difficult to achieve self-growth through content since the end of last year after the WeChat bonus period. More importantly, I cannot guarantee that I will always produce high-quality products, so the number of fans is growing slowly now, so I need to change my strategy, such as organizing events, building communities , or promoting externally.

Once we know who our users are, where they come from, and how to grow, we can start to improve the conversion rate of our products.

The reasons for low conversion rate of new products are often as follows:

1. The product is too new for users to understand

2. The brand is too new and users don’t trust it

3. The experience is too poor and users don’t like it

How can we improve conversion rates for a product that users don’t understand?

Some products cannot be understood by users and require education and training. Typical examples include free O2O orders and free coupons for taxi rides, which all use the free trial strategy. In fact, in traditional industries, free trial products are always effective. The most typical example is the marketing strategy of free trial + KOL word-of-mouth recommendation adopted by Japan's DHC after entering the Chinese market. It quickly established a foothold in the market without a large amount of advertising . Case: Xiaomi-style marketing: How to quickly cold start a new product?

When it comes to user education, many people will talk at length, whether it is a PR draft or a promotional landing page, they will seriously talk about the product logic and technical advantages, but this will only deepen the user's disgust. A better way is to lower the threshold and let users experience the product first. For example, in the early days of Internet finance, people would choose to distribute red envelopes to let you experience it. If users find that the operation is easy, the funds are safe, and there is real profit, they will gradually begin to accept the product.

When early users do not understand, it is a good idea to adopt recommendations from authoritative sources. However, this can only bring about some bold innovators and cannot achieve subsequent sustained growth. For details, please refer to the classic communication theory - innovation diffusion theory.

In addition to using free trial strategies to increase conversion rates, another strategy is to penetrate the crowd at a single point.

The bandwagon effect is very interesting. When we see others using something, we subconsciously accept it. Why has the campus market always been valued by Internet companies? Mainly because the campus market is easier to enter. When a school has hundreds of people using it, more students will use it. And if there are two people using it in a dormitory, then the other three people will most likely use it as well. There is a theory that when your product occupies one-third of a market, you will gradually occupy the entire market.

During the promotion process, we can initiate more communities targeting specific groups of people and organize more activities. The smaller the community, the more active the users are and the more they are influenced by the herd mentality, thereby greatly improving the conversion rate of the product. This method is similar to Xiaomi's sense of participation. By organizing and sponsoring various local activities, Xiaomi fans and culture are formed, which greatly improves the conversion rate of products.

How can we improve conversion rates when users don’t trust us?

For new brands, the conversion rate is always lower. If the user cost is low, the conversion rate may be better, such as tools , so they rarely build brands; but if it is a product with high cost, users will not trust it and worry that if the product is not good, it will bring them losses. At this time, how to improve the conversion rate?

A typical example is a used car. Second-hand car online buying and selling apps, led by Renrenche and Guazi.com, use mainstream brand formats such as CCTV, Focus Media, splash screens, and videos to carry out large-scale brand promotion. Their core purpose is to create awareness and enhance user trust, while bringing in traffic is auxiliary.

It is more like some traditional fast-moving consumer goods, whose sales do not rely on Internet traffic but mainly on offline channels. Its main advertisements are used for brand communication, that is, to carry out product promotion on CCTV and major satellite TV stations, either to awaken users' memories of old products, or to build users' trust in new products. The core is to further enhance users' awareness of products and improve conversion rates.

Brand building is not just about brand advertising, it also involves public relations, communication and content operations .

For example, the blockchain project that Yang Yongzhi, the founder of Dolphin Browser , is going to do recently starts with online mutual assistance. In this regard, he has been investigating in Silicon Valley for more than half a year. Online mutual assistance is very popular abroad. Given China's weak foundation, online mutual assistance will play a significant role in improving the health and medical insurance of people working in third- and fourth-tier cities as well as first- and second-tier cities. It can even become a model for the application of technology in social sciences, because blockchain technology can make rules more transparent, society more just, and life better.

Height is the key to public relations communication. Yang Yongzhi's project aims to make blockchain technology, the hottest and most cutting-edge technology in Silicon Valley and the underlying technology of Bitcoin, a model for social science applications.

Going with the flow is also the key to public relations communication. Online mutual assistance is very popular abroad. With the highly developed mobile Internet and global integration today, online mutual assistance in China will also be highly developed. This is a trend and the result of historical choice.

Authenticity is also essential. As an awesome technology, the technical genes of the founder and the team determine whether it can be done. Yang Yongzhi has a technical background in Huazhong University of Science and Technology and made his mark at Microsoft. He then led Microsoft's technical team to create a global product, Dolphin Browser, in Wuhan Optics Valley, and gained nearly 100 million overseas users. He has both an impressive technical background and team, as well as successful experience in independent entrepreneurship , so it would be more reliable for him to do this. If someone who doesn't understand technology does this, users will doubt his true intentions and whether he can achieve it.

Simplicity and clarity are also the key to public relations communication. In Yang Yongzhi's new project, he must clearly and consistently tell the media and the public what he wants to do, the simpler the better. Consistency is to ensure that what the media ultimately conveys to the public is what you truly want to express.

With excellent public relations and communication as the foundation, the conversion rate of the product can be improved by several levels, even surpassing simple brand advertising, not to mention some basic SEO optimization, such as Baidu Knows, Encyclopedia, Zhihu, etc.

Of course, content operation is also the key to improving product conversion rate.

When users open your app, they may not know how to use it, so you need content to guide them. For an information, community, or video APP, content operation is the key to improving conversion rate.

In the fields of education and medical care, the marketing strategy of cooperating with CCTV's small columns and endorsing content across the entire network has always been popular. That is, by cooperating with a small column of CCTV, the cost is not high, and then organizing some videos, pictures, and press releases, and fully covering them on the official website, search engines, BBS, forums, etc. When users enter the purchase decision stage, they will see this information, which will greatly improve the conversion rate. In the Internet field, brand endorsement is also very popular.

The main purpose of content operation is to improve users' awareness of the product, deepen their trust, and ultimately increase product conversion rate. Package real user stories, shoot them into videos, write pictures and texts, and embed columns in the APP to help users deepen their understanding of the product.

Users don't like products with bad experience. How can we improve product conversion rate?

For products with poor user experience, but want to improve product conversion rate, I can only say one thing:

no way.

About the operation of Internet financial platform operation - user part: what to do if users churn

In fact, the only way is to find the key to user loss through data analysis and then solve it step by step.

For products with higher registration costs, the first thing to do is to analyze the traffic quality, followed by the advertising materials and promotion pages. Generally speaking, the cost of promotion without event support is relatively high.

For products with higher payment costs, on the one hand, it is a problem of user quality itself, and on the other hand, it is an insufficient brand or insufficient operating strategy.

To solve the problem of poor user experience, the key is to prioritize optimization. First of all, you must focus on retention. As long as users stay, it doesn’t matter if the payment rate is low, so the priority should be to solve the problem of user churn. User churn may be due to product bugs or negative news, which requires customer service follow-up and research before resolution. The second is activity, which requires strengthening the refinement of activities and user operations . Finally, there is the payment rate, which requires activities and free trials to stimulate.

Summarize how to improve product conversion rate:

1. New products that users don’t understand Free experience, community, and sense of participation

2. New brands that users do not trust Brand advertising, public relations, content operations

3. Closing down the business if users don’t like the poor product (method as above)

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