Less than 22% of businesses are satisfied with their digital conversion rates, despite acquisitions being the crux of every company’s success. No matter what this activity is referred to as, whether it is digital sales, digital acquisitions, or digital growth, it leads to business growth and expansion into new markets.
Naturally, resources are focused in this area, and weekly meetings are held to determine how to improve digital performance and conversions. These meetings are where digital objectives and movements in KPIs are reviewed, and where the team brainstorms hypotheses of underlying user behaviours and the potential tests that can be run to fix issues.
This is a continual reiterative process, known as hypothesis-driven optimisation, that involves a lot of guesswork to determine why metrics have or have not moved. By the time answers are discovered, tested and fleshed out, a big opportunity has already been lost and dollars spent on ineffective methods.
Instead, we are going to show you why you should have an insights-driven approach, which we will take a look at in more depth.
Firstly, let’s take a look at how digital sales meetings are currently being driven from a hypothesis-driven approach:
While this system has been adopted by many businesses, it is slow, involves a lot of guesswork, and does not properly inform how to improve conversions.
Here’s why this approach struggles to support conversions:
Taking these factors into account, it often takes many weeks, and many sales meetings, before being able to answer why business KPIs have moved.
By this stage, a lot of resources have been wasted and opportunities for growth have been lost.
Now that we know how ineffective the hypothesis-driven approach is, it is time to look at the insight-driven approach and how it differs.
While a hypothesis-driven approach has helped so far, there is now better technology available and we no longer have to use an outdated approach to grow digital conversions.
Instead of spending too much time with guesswork and long, drawn-out testing, we can now answer questions almost immediately and are better informed on how we can improve digital conversions.
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