There is often one area in your funnel that causes more lost sales than any other part. That is, it’s your biggest conversion killer. Finding it, and fixing it, will give you the highest return.
Analyzing Your Conversion Funnel
Finding your biggest conversion killer starts with analyzing your conversion funnel. Let’s take a look at an example you may have seen us use before: the funnel for an online meeting service.
The online meeting service has 3 steps in their funnel:
- Sign up for free trial
- Add credit card
- Convert to paying customer
Their Funnel Analytics report would look something like this:
Here, we can see that the largest drop off is between the “Add Credit Card” and “Convert to Paying” steps, where only 42.2% of customers make it.
Finding the Cause
Now we have to try to understand why there is so much friction at this step. In many cases, it will be obvious to you for one reason or another, such as:
- The step requires greater effort than the others (e.g. setting up or implementing something technical)
- The step requires some type of commitment from the user (e.g. making a payment or sharing personal information)
- The step involves obviously confusing UX (e.g. a lack of feedback, non-obvious button)
- The step introduces other variables that may be problematic (e.g. sending an email confirmation that can end up in spam folders, be sent to unattended email accounts, etc.)
Other times, the cause won’t be as obvious to you. In the online meeting service example above, it’s hard to know exactly why so many people add a credit card, but then fail to convert. This is because the funnel we built is so high level, that the drop off could be due to any number of things the user experiences between adding their credit card and converting to paying.
If we want to investigate further, our next step would be to add in the smaller steps required in between “Add Credit Card” and “Convert to Paying” so that we can see where the major drop offs occur during this process. In general, the more detailed your funnel, the better.
Our Biggest Conversion Killer at Woopra
Let’s take a look at a real life example of how a company – us! – found their biggest conversion killer and fixed it. On the ConversionCast podcast below, we discussed how our funnel analysis led us to send a single email that increased our conversions by 20% in just one week.