Monday, 10 December 2012
How To Make Money Off A Website - Google AdWords - 5 Factors That Make Or Break Your Landing Page Conversion Rates
But we can be more focused than that. Including everything from site design to what your potential customers had for lunch, the list of potential factors that influence landing page conversion rates is as long as your arm.
Here it is: Fanatical split testers at MarketingExperiments.com have developed what they call the MEC Conversion Index.
C = 4M + 3V + 2(I-F) - 2A
But it can help you understand which factors affect landing page conversion rates at a practical level, it is not a true mathematical relationship in any formal sense. This "formula" is based on their own research encompassing many client web sites.
Let's put it in English first:
" And potential buyer anxiety [2A], the friction and incentive elements in your offer [2(I-F)], the strength of your value proposition [3V], "Web Conversion is a function of buyer motivation [4M].
Anxiety is what it sounds like--how risky your potential buyer perceives a purchase to be. For example), and friction is the perception of a potential buyer that there's stuff in the way of a purchase (like many steps in the order process, like free shipping), incentive elements are the "extras" you offer along with your main product (bonuses or other incentives. The strength of your value proposition is how valuable a potential buyer perceives your offer to be. Motivation is how strongly a potential buyer actually wants what you are offering.
No amount of perceived value will overcome it, but if the motivation dips too low, a strong perceived value can get you past a potentially less motivated buyer. But your value proposition is almost as important. If taken by itself, motivation outweighs almost everything else, for example. You will notice that the numbers in front of the factors tell you about the relative strength of each component, looking back at the formula.
They are less likely to purchase, if a potential buyer thinks your offer is too risky. Anxiety by itself takes away from your likelihood of conversion, finally. But the 2 tells you that friction alone won't overcome buyer motivation or perceived value, this tells you that friction drags on your incentives. Also notice the 2(I-F).
That's not the point. No amount of brilliant sales copy will improve your sales, if a buyer is not motivated to buy what you're selling (or to accept whatever you're offering). Of course, you don't have absolute control over each factor. While decreasing friction and anxiety, and a potential buyer's incentive, your perceived value, your goal is to increase buyer motivation, based on this formula.
You can improve your sales copy and your order process to increase your perceived value and to remove speed bumps that drive your conversion rate down. You can increase buyer motivation by targeting more motivated buyers! The point is for you to focus on what you can control.
You will have a better idea of what factors to split test to improve your landing page conversion rates to get higher profits from your Google AdWords advertising, now that you know what to focus on.
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