Digital marketers are likely to identify with Lewis Carroll famous quote: “My dear, here we must run as fast as we can, just to stay in place. And if you wish to go anywhere you must run twice as fast as that “. Digital marketers are expected to improve conversion numbers in a world where just keeping up with the competition is hard enough.
It is hence little surprise that tools such as A/B and multivariate testing which promise to improve conversion are commonly used. However, as many admit, these tools are only as good as the ideas tested. Identifying those ideas is the hard part.
In their quest to improve digital conversion, marketers try to alter messaging, images, colors, calls to actions, quotes, forms and other elements. The number of potential ideas and their combinations can quickly spiral. Conducting all these tests is not only an investment of marketing time. It also requires investment in designers, developers and the cost of driving traffic to the new page.
A leading university recently told me that it would take them two months and $85,000 in traffic costs to do one statistically significant A/B test. They also admitted that even if they were to test their entire list of ideas, they still would not be sure that they would get to the conversion result they were aspiring to. Finding a better solution to this common marketing challenge is what motivated us to create WEVO.
Over the past three years, while working with Fortune 500 companies on innovation projects, we tried to figure out what would explain the behaviors we were observing. Through these experiments, we identified many of the elements that drive people to engage with a product: to learn more about it, to share it or to buy it. We call this analysis “decoding human motivation.” We call the elements that drive human motivation in this context “digital genes.” These digital genes enabled us to create an estimate of how likely groups of people are to engage with a product.
We have discovered a large set of these “digital genes” that influence human decision-making online. We now know that these include elements related to:
The individual: personal values, expectations, information needed to make a decision and emotions.
The product and brand: A planned vs. an impulse buy, consumer perceptions about the product or company; stage in the consideration funnel; articulation of value proposition, images, and experience.
We have named the tool that delivers this analysis and set of recommendations: WEVO. In a nutshell, WEVO leverages advanced human motivational analysis to increase conversion of web pages and digital advertising. WEVO analyzes WHY people aren’t converting and then generates a new landing page, including original design and new copy tailored to the target market (the new designs are guided by the system but created by humans). WEVO also delivers deep consumer insights and a prediction of increase in conversion. No IT integration is required and results are guaranteed in 20 days or less.
We are still in the early stages of decoding the entire “digital genome.” However, WEVO has already successfully increased conversion for a number of leading firms by an average of x2.2 (that is, the new WEVO page doubled the conversion rate of the existing page).
We are determined to continue to learn more about human motivation in digital behavior and to partner with companies and individuals that are willing to join this effort.
We aspire to a world in which consumers can quickly and efficiently find the right products and services for them. We desire a world in which companies can easily communicate in a manner that is clear, honest and compelling to their customers. We are committed to working hard to achieve this mission.
We are on an exciting journey. Hope you can join us!