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9 Activation Secrets You Need to Be Using

April 10, 2017

By Today’s Industry Insider

totango-product-evaluators

Your problem isn’t what you think it is.

More traffic can definitely paper over some cracks. Likewise, more downloads, installs, or sign-ups always help.

But that’s not it.

That’s not the thing holding you back.

Because if 70% of free trials are useless (as reported by one study we’ll get to in a second)… more traffic or signups isn’t gonna help you. Pouring more water into a leaky funnel will won’t help you fill it any faster.

Instead, you gotta turn your attention to fixing those holes, first.

Specifically, starting with how to get more people successfully Activated and engaged to stick around for the long haul.

Here’s how to do it.

Revisiting The Top of the Funnel Fallacy

Less friction generally means higher conversion rates.

Example: Go from eleven down to four form fields and conversions shoot up 120%.

Pat yourself on the back. Fire off a blog post to GrowthHackers.com and call it a day. Plenty of artisanal stout beers to go ‘round.

But here’s the thing.

More isn’t always better. Over-optimizing conversion rates – taking drastic actions to boost one isolated number – don’t always pan out in the long run.

Just ask Moz, who found out that, “Many, many [website visits] visits are often correlated with high purchase prices.”

In other words, the most profitable customers didn’t convert after a single session or two. In fact, those that did were more likely to churn and bounce the quickest as well.

Instead, the most profitable customers often visited the website at least eight times prior to signing up for a free trial.

Totango ran a study years ago that illustrated a similar point. Their data showed that you’ll see a higher conversion rate (~10%) without asking for a credit card during sign up then you will when you do (~2%).

But that doesn’t matter. Because they don’t stick around long enough to mean anything.

Only around 20% of those trials are actively evaluating the product and considering crossing your finish line. (While as much as 70% are completely useless.)

A similar study looked at how customer conversion rates changed when a credit card was required upon sign up. The results showed that as many as 50% of people who used theirs during the initial signup will convert. While only around 15% who didn’t use their credit card will go on to become a customer.

TL;DR?

Over-optimizing the top of the funnel is pointless if it doesn’t result in more bottom of the funnel customers. Otherwise, you’ll stand to gain more from focusing on the middle of the funnel. Because: loyalty economics.

Here’s where to start.

The Three Components of a Successful ‘Activation’

The middle of the funnel never received a ton of love before Dave.

Sure, self-proclaimed ‘social media gurus’ loved to ramble on and on and on about this “engagement” thing. But they never bothered to stop and actually explain what it meant or how to prove it. Probably too many campfires to croon kumbaya around.

But then …read more

Source:: Kiss Metrics Blog

      

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