I suspect most people reading this article would agree that business analysis is hugely valuable …Read more
I suspect most people reading this article would agree that business analysis is hugely valuable …Read more
They’ve also done a little interview with me which, if you’re interested, you can read here
Zoom Video Communications issued their public stock on NASDAQ this morning with a ticker symbol of ZM. I first reported on the potential IPO back in November and wrote “buying Zoom stock on IPO day (should it happen) might not be the worst gamble to try.”
Since then, the IPO turned into one of the hottest and most eagerly-awaited offerings of the past few years. Zoom is classified among investors as a “unicorn” – a startup valued at over $1 billion. Zoom also is that rarity among tech IPOs in that the company is actually (gasp!) profitable.
The formal issuance price (available only to certain privileged entities) was $36/share, priced a little above the top of their pre-announcement range. It hit the public market above $60/share, making a lot of people instant millionaires. In the first few hours there has been a little pull-back as some people sell off quickly. Lordy knows what the price may be by the time you read this.
I had speculated on Zoom being a good candidate for acquisition by a larger entity (in the vein of Cisco and Webex), and a new article by Cromwell Schubarth in the Silicon Valley Business Journal confirms that Zoom rejected multiple buyout offers from Microsoft already. It still could happen as a public acquisition… Sometimes it is easier to get a board of directors to approve a sale as beneficial to stockholders than to get a private single owner to agree to the sale of his baby.
My favorite story from this morning is the unintended effect on another company entirely. According to Michael Sheetz on CNBC, a small company called Zoom Technologies is listed as an over-the-counter stock with a ticker symbol of ZOOM. It began trading this year at $0.01/share. This morning, it briefly hit a high of $5.50 as clueless private investors tried to buy up the wrong Zoom! Trading volume in the first hours was quadruple the volume they see on an average day. There has been a sell-off since then as people realize they now own shares in a tiny Chinese wireless communications company that “does not have significant operations.”
Good luck to anybody who bought in on the initial frenzy, and congratulations to Zoom for demonstrating the robust business nature of web conferencing!
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They’ve also done a little interview with me which, if you’re interested, you can read here
Listen on the go by downloading the audio of today’s video here.
Have you ever looked at your conversion rate on your website for a product, especially an inexpensive one like your tripwire?
A tripwire is something that usually costs between $5 to $50 maximum and is used to activate the relationship with potential customers.
Have you looked at those numbers and said:
“Man, this is not converting…”
”Why do I read that everyone else is converting like 5, 6, 7% and beyond and meanwhile I’m only converting half a percent or 1% or even 0%?
Why is no one buying?
It’s an inexpensive product. Why aren’t more customers buying?
What is holding them back?
Am I doing something wrong?
Is it me or the other marketers online that are claiming these results are just lying?
In today’s video I’m going to show you an example that came in via a question from a member of our audience.
I’m going to walk through what is holding back his conversion rate based on my professional analysis and my experience to date.
Here is the question, he asked:
“Hi Matt, I read your article on selling right off the bat – the Russell Brunson way of doing things. [So, he is talking about a previous video I made where I talked about where you make a tripwire offer – a special offer after someone has, for example, opted in through email list.]
In the article, you said to expect a 7 to 10% conversion rate for the tripwire. I’ve also seen many other sites giving a similar conversion rate a 3 to 5%.
However, I tested multiple different tripwire pages but I can’t get above 1%.
Why the hell is it not converting?
I’d be super grateful if you could give it a quick glance and let me know your thoughts.
All the best,
I took out the URL just to protect his privacy in case he doesn’t want his website in this video.
Let’s go ahead and take a look at the page.
I went ahead and I studied this page before I hit record on this video, and there are many glaring conversion killing errors that I want to point out.
As I go through them, I will be scrolling up and down the page and I’ll show one or two examples that work a little better as well – kinda explaining my rationale.
But I don’t want you to sit there while I’m going through this and think: “Well Matt, these errors are so obvious”.
They may seem obvious to you because this isn’t your landing page, this isn’t your business.
As entrepreneurs, we are often so close to our products and services that when we look at our own websites, we don’t see the same errors that are occurring here that are actually killing your conversion rate.
So let’s get right into it.
Someone has presumably [opted in] when they hit this page that says: “Thank you, your download is on its way to your inbox but we have an exclusive offer just for you”.
So there is a transition statement, he makes the offer.
The payment option is right there, the prices over here, the prices repeated over here before going to check out.
It talks about the value of it on and on, call to action button, what’s included, guarantee, there was another countdown timer here but it has now finished.
So the first thing is Clarity.
If you’ve seen my previous webinar, I’ll come out with a complete ebook and course on it in the future called “The 11 Laws of Sales Funnel Physics”.
One of the laws is the Law of Clarity.
It says that if people don’t understand what is your offering, they’re not going to buy it.
And the problem here is that the landing page is asking for the sale before any understanding of the value is being established.
Right here it says: “But wait, I’ve got an exclusive offer just for you… Buy one get one FREE”. Meanwhile, it asks me to buy, payment form right here but I have no idea what this product is or even if it’s a fit for my needs.
Pricing is the next thing.
So, the price of $3.49 – it’s a little bit odd.
There are a number of case studies that I found while doing the research that said that actually the amount of space that the price takes up visually is roughly correlated with how big of an investment people unconsciously perceive it to be.
So, $3.49 and even crossing out $6.99 here, it’s kind of a weird price.
It is not a price that you would normally see on a book, for example, like if you went to the store.
So I think something about making the price even a little higher. $5 might convert a bit better because it’s still perceived as very inexpensive and very affordable.
The idea that it is being marked down from $7 is already extremely affordable — even at $7 so either make it $7 or $5 and it’s already inexpensive enough because otherwise, this is one of the laws of sales funnel physics, it is the Law of Friction.
This is causing friction because it says it’s being marked down and it’s $3.49, but why is it so cheap? It is kind of a weird price.
What is $6.99 up here? It doesn’t sound like much.
Most marketers will also give a much higher value when they say it’s worth something because what is the value of your health, for example?
It could be hundreds of dollars even, depends on how you value it, right?
$7 value isn’t that high. So that is distracting.
The next thing is formatting.
The formatting of the page feels complex and distracting.
There is a centered text that is hard to read and a 2-column layout that I recommend you avoid when you are laying out testimonials.
The user is not sure where to look – “shall I look to the left?” and they’re scrolling down, then they miss the content that it’s over here that could be important.
And it’s important. It’s social proof, right?
Be careful of a 2-column layout because people aren’t sure where to look.
And also, you got this highlighted text over here, you got the timer going, you got this thing blinking, it’s counting down that it’s only 20 minutes, there is this green button and the formatting of the text has a different font here.
There is a lot of stuff going on and it’s very distracting.
People might judge the offer in a negative light because of that inconsistency, or just get distracted by all of the noise on the page rather than actually consuming the offer, then making the decision on it.
The other thing I noticed was the transition.
The tone matters here and it’s a solo thing.
It says: “But wait, I’ve got an exclusive offer just for you”. It might be a little too pushy to some people.
There’s a subtle and slightly more graceful way that you can go about it. So, this is one of the ways that I do it in terms of an upsell but it is not even that good.
This is how we do it for our tripwire:
- “Awesome…” – it is confirming that everything is on its way and that the page already has that “Thank you” in it – so that’s good.
- “In the meantime, consider this one-time, special offer…” – so it’s a little more polite, it’s less pushy, less cliche, and it’s transitioning in a more graceful way in terms of the language that’s being used.
The tone matters and the order matters because you are jumping right from the transition into “buy one, get one free” and we’ll talk about that right now when it comes to the Law of Alignment.
The Law of Alignment says that people have conscious and unconscious preferences and expectations on how they want to be sold and what they expect when they are on the page.
For example, the Law of Alignment is being violated and is killing your landing page’s conversion rate when you are making an offer to pay something but then it says: “Yes, I want a free ebook”.
Now, after thinking about it, I understand that you’re getting one of the ebooks for free but it’s confusing that it’s on the “Buy” button.
The “Buy” button is another high point of leverage within your sales funnel as evidenced by multiple case studies — words, these have been something that was AB tested.
On your “Buy” button, the text on it is a high point of leverage.
If you get it wrong as it is I believe in this case, it just creates confusion because people are like “Wait, what?, I thought I was paying for something, but why is it saying that the book is actually free?”
As far as unconscious expectation or preference, according to the Law of Alignment, people want to have clarity around the offer just as many case studies have shown.
In my experience, it’s also true that’s why I even started this video this way— you wanna start by talking about the problem.
We want to talk about the problem so people can feel like you can empathize with what it is that might be troubling them which then you can offer a solution to.
That’s in terms of persuasion, this is also called pacing or leading.
Furthermore, we have a template that is part of our 6-Figure Sales Funnel Training.
This is a template that I have used – it’s deceptively simple in terms of 10 elements that you have to have on any successful landing page beginning with a statement and elaboration on what the problem is.
The next item is the fact it feels very high pressure with the timer that is going and the emphasis on it. And it’s fine that you want to set a deadline of “Today Only” or that sort of thing but too much emphasis on it is distracting.
It also affects how people perceive the value of the offer because if the offer is valuable in the first place, then why do you need to emphasize the timer so heavily?
It’s enough to just put it in one place and that would be all you need to do.
There is also a credibility issue because when the offer does expire, set to 20 minutes right now, the page doesn’t redirect.
I can still check out, no problem.
So there’s that credibility issue as well and another reason why you may want to extend it to be for until the end of the day, until midnight every night.
So that’s it for this video.
I hope you found the analysis valuable, but let me know in the comments and tell me which items did you find most relevant and which problems did you really relate to or you might have said: “Hey, I have the same exact problem going on my landing page”.
And now you’re gonna take action on it?
So let me know what you found most valuable in the comments, and if you’re interested to learn more, I mentioned the 6-Figure Sales Funnel Training product. You can go check that out on our website by going to autogrow.co/products, okey?
Be sure to like, subscribe, and share, and I’ll see you in the next video.
You can let me know if you have a question that you would like me to tackle in an upcoming video whether about funnels, conversion rate, or traffic generation.
I’d be happy to address it for you.
Our first ever PostFunnel Forum, held in late March, turned out to be a big accomplishment for us. As all marketers know, there are many ways to measure success. With this being the first of its kind, the one that will set the tone and determine the need and likelihood to have more of these events in the future – we measured its success by a very old and naïve method: the amount of great feedback we received from our guests and panelists (Which may or may not have been effected by the open bar).
The topic for the whole evening centred around today’s customers, their rising expectations, and what brands can do to accommodate these hopes Consumer habits have significantly changed over the past decade. Online shopping, mobile, gens Y and Z, Facebook, Amazon, GDPR and many more modern phenomena, have simply changed the world as we knew it, creating a new kind of customer – One who doesn’t tolerate irrelevant marketing.
Today, having best-in-class products isn’t enough anymore, and the value that brands deliver to their customers goes far beyond the product itself. Brands have been building marketing strategies around their products for decades, and this approach no longer works. The 4 Ps have changed to the 4 Cs – Customer value, Cost, Convenience and Communication. Many brands have vanished after failing to shift from product centricity to customer centricity.
“Straddle the data with the creativity”
As you can imagine, the phrase that was repeatedly overheard, on and off stage, was customer-centric. Our guests and panelists talked about the move their companies made from being a product-centric company to a customer-centric one, focusing on ways and tips to tailor the purchasing or the playing experiences to customers and players.
From left to right: Panel Moderator Leigh Noy, Optimove’s Director of SE, Katie O’Leary, Head of UK Marketing at Hibob, Paris Anatolitis, Casino Marketing Director at GVC Group and Nina Dietrich, Director of Owned Channels at Culture Trip
Nina Dietrich, Director of Owned Channels at Culture Trip, looked at the new evolved marketer of modern times: “It’s not easy to talk to a data scientist and understand their recommendations. Being able to hold your own conversation about likelihood of purchases or different inputs into a model, is not the same as designing the right color scheme for a campaign. I don’t want to insult anyone who is great at creative marketing, there’s a definite need for that, but putting that together – being able to straddle both the data side of things and the creative side of things, that’s something really special”.
Katie O’Leary, Head of UK Marketing at Hibob, shared her thoughts about how the marketing realm have developed in recent years: “The definition of what marketing is and its meaning for a business have changed so much from five years ago, even two years ago. So, if I’m looking on the way I’m recruiting a team member now or doing an interview, I definitely changed what I’m looking for – the buzzwords are different, I don’t look for somebody who’ll be really fast uploading web content for example, for sure, I’d rather hear the word customer centricity, I need to hear the word data and I don’t ever like it when people separate digital and offline marketing anymore, cause there’s no separation, everything links back to the same place”.
Paris Anatolitis, Casino Marketing Director at GVC Group, gave us this informative answer when discussing the need to go customer-centric: “What we are trying to do is have this combination of skills, that go back to consuming data and understanding the analytical side, but also understanding the customer, in our case, players. In my team I try to have people who experiment with the product themselves, they understand what it feels like from the players’ side, only then you can truly walk in your customer’s shoes. You understand then the product from a different perspective. In reality, if you want to be customer-centric, this is what you need to do”.
See you on our next PostFunnel Forum
We’d like to take this additional opportunity to thank our panelists and many CRM experts who helped turn PostFunnel Forum into a real fruitful evening for all of us. We look forward for our next PostFunnel Forums and hope to see many familiar and newly joined faces. The schedule will be published on PostFunnel in the following weeks, and you are more than welcome to check our variety of pieces and subscribe to our weekly newsletter, to help us spread the gospel of data-based retention marketing.
The post Customer Centricity Done Right: Impressions from PostFunnel Forum appeared first on Post Funnel.Read more
Not products. Not promotions. Not price. People. A thriving audience is every brand’s most valuable asset. In the new world of customer choice, content isn’t just “king”; it’s currency. Especially written content.
“Content and commerce are converging,” explained David Perell earlier this year. “Publishers who appeal to owned audiences will win the upcoming pivot to owned commerce.”
Sensing this truth, eCommerce brands scramble to hit publish and, in the midst of that rush, fall dead center into an old cliché: “A failure to plan is a plan to fail.”
The only way to build a profitable audience and positive ROI is to know the fundamental reasons eCommerce blogs fail — as well as how to avoid them. With that in mind, here are where most efforts go wrong.
Not Separating the Two “Intents”
Despite the rise of social media, podcasts, and video, 85% of product searches either start on Amazon or Google.
Between those two platforms, however, there’s a fundamental difference in users’ intent — i.e., what those searchers are looking for. For some, purchase intent is high: people who know what they want and are ready to buy. Ads, promotions, and discounts fit them perfectly.
For others… not so much. In fact, most people who turn to search engines don’t yet know what they want. Instead, they’re looking for trusted sources of information, education, and entertainment.
This second group is where blogging shines.
As a test case, consider the difference between “yellow women’s flats” (left) versus “most comfortable flats” (right). Even at a glance, the disparity is easy to spot:
Search engines know this, and so does your competition. In other words, there’s a fundamental difference between purchase intent and what we might call content intent. As a result, no matter how well optimized it is, a blog will simply never rank (and never attract visitors) if it doesn’t start by focusing itself on the latter.
Content intent posts can take many forms. The crucial element is that it can’t be about you, your brand, or your products. Instead:
- Produce original research gathered from your target market
- Invest in “who’s who” articles of the leading voices
- Round up the best products in your niche
- Create buying guides for FAQs
- Build “how to” checklists
There’s just one problem …
“Eating the Elephant” All at Once
Once you center your strategy around content intent, the odds of ranking for a lucrative phrase like “most comfortable flats” — or whatever similar terms may be associated with your product — are slim to none.
Where search volume is high, so is competition. Simple evaluators like Keywordtool.io — which scores keyword competition on a scale of 0 to 1 (low to high) — brings this into clear and uncomfortable focus:
The good news: that doesn’t really matter.
Rather than face off against mega-publishers like Huffington Post, Buzzfeed, Vogue, and The New York Times (all of whom now create eCommerce related content around words like “best,” “most,” “top,” etc.), focus on long-tail keywords.
Long-tail keywords are four-to-six-word phrases that reveal exactly who and what a searcher is looking for. They’re not as popular as broad keywords, but that’s the point.
Image credit: Ahrefs
Although rarely quoted by marketers, the words of Desmond Tutu ring true: “There’s only one way to eat an elephant: a bite at a time.”
That’s what long-tail-keyword blogging is all about. Rather than eat the (high-volume keyword) elephant all at once, make it about the individual (long-tail) bites over time.
Let’s go back to “most comfortable flats” and use Moz’s free plug-in to look at domain authority (DA) — how powerful a domain is in terms of search ranking. Compare the earlier results with “most comfortable flats for standing all day.” This time, the difference is clear… although far from uncomfortable.
As the length of a search query increases, competition decreases. The search results on the right are a fight any eCommerce blog can win. And yet, even this insight can go wrong.
Letting the (Long) Tail “Wag the Dog”
Essentially, letting the tail “wagging the dog” means that priorities are misaligned. Rather than put first things first, you’ve let a lower-level objective or mundane detail run the show.
In the case of eCommerce blogging, this often manifests itself in elevating you, your company, your brand, or your product above your customers. For instance, here’s advice from an incredibly popular eCommerce blog (redacted in Google Docs to protect the guilty):
The temptation is to fill your blog with what you think or want your product to represent. Resist this temptation and set yourself to discovering what your customers want. There are three ways to do this – and one (unlikely) twist. To start, open a spreadsheet and have copy-and-paste at the ready.
Number one: Google.
Google is my first stop to find long tail keywords. Autocomplete, “People also ask,” and “Searches related to” are goldmines for topics as well as for organizing subpoints (H2s and H3s) within larger articles:
Number two: Ubersuggest.
Ubersuggest is a free tool that’s easy to use. After compiling a short list of long tail phrases from Google in your spreadsheet, enter each one into Ubersuggest, scroll past the results with red and yellow boxes in the SD column (which represents competition), and go for the green:
Number three: Keywordtool.io.
You’ll have to pay for Keywordtool.io, but compared to monster SEO tools like Ahrefs or SEMrush it’s by far the most intuitive. Again, jump past the high-volume, high-competition phrases and look for keywords with low competition or with “n/a?”. This means people are searching for the phrase, but there simply isn’t enough volume or competition to register.
Ironically, these low volume phrases (0-10 below) make up the vast majority of searches. For eCommerce blogs, they’re priceless.
Image credit: Ahrefs
The below screenshot is color-coded green for purpose-related searches (“stand in all day”), red for conditions (“diabetics” or “with arch support”), and yellow for roles (“doctors” or “mother of the bride”). Grouping long tail keywords like this will help you develop short form articles for each one, or even better – guides and long-form articles using the various phrases as sections.
And, the unexpected twist.
Much of the above has already hinted at this caveat. But, just to make it glaringly obvious, Benji Hyam contrasts the “Typical Way” bloggers go about coming up with content ideas versus his company’s method:
“We start,” writes Hyam, “with the intent of a buyer (the pain point of a customer), then we find keywords and topics that discuss solutions to the problem the searcher is trying to solve.”
Saving Your eCommerce Blog from Heartache
Blogging makes good sense when it comes to eCommerce. Avoiding mistakes and doing it right can take multiple shapes:
- Short form blog posts between 500-1,000 words
- Long form articles over 2,000-3,000 words
- Guides that roll it all into one PDF
In the end, however, it’s not having a blog that matters. It’s building a plan that (1) separates the two intents, (2) zeroes in on long tail keywords you can rank for, and (3) is dead focused on your customers… not you or even your product.
The post Why eCommerce Blogs Fail and How to Make Yours Succeed appeared first on Post Funnel.Read more