Four Types of Conversion to Focus on
Focusing on conversions is always easier said than done. There are so many to focus on, so how do you pick the ones that are really important for you. One approach I use is to bucket conversion in four types (and of course as the good consultant I am, I made a quadrant for you to show how). One is not better than the other, you need them all four in the end. Though at least this gives me an indication on what is working and where gaps might be.
Long term gains and personal connections
For me conversions on digital channels are about two things:
1. Create the start of a long-term personal connection that can lead to a business benefit
2. Or create the start of a (mutual) long-term gain that on itself can also lead to a business benefit
In the end it is always about business benefits to ensure the purpose for which the organisation was created is being served and business benefits are required both on short-term and long-term.
The four types of conversions
For me there are four buckets in which a conversion fits. Each of these buckets accomplish one or more steps leading to a business benefit. You don't have to do them all to get to your goals, though you most likely want to use a mix to get there.
Exchanging is a really basic conversion. It is for example somebody leaving his information in a form on your website. Often this is very short-term gain (as in: a quick return) that could start leading to longer term gains. Also this aspect is not personal at all, it is somebody just handing over his data, no real connection is being created with your organisation yet.
This is the conversion you read most about it. However since it is a very short-term gain, it means that you have to repeat it over and over again to make it on the long-term and the returns are modest. So in the end you want to either move up or right in the quadrant which can lead to bigger gains.
Consuming is a nearly day-to-day behaviour, however this conversion is beyond just reading or watching content. It is about putting something on your device for consumption purposes. This can be downloading a PDF or installing an app. It is consumption in the here and now, but it especially about consumption that continues after the user has left the touch point and decides to revisit the content on his device.
This is a conversion that helps you staying top of mind of the user for a longer period than just the user's session on your touchpoint. Being top of mind could ensure a longer term gain, since if a new issue arises at the user and you are top of mind for this issue the user might reach out to you.
Sharing is what happens on social media and of course content from your touchpoints could also be shared by your users. Leveraging other people's audience is something that is relatively personal (the individual shares it on his social media accounts) and could provides some short-term gains such as exposure to your content or touch point to a new audience that they carry with them via their social media accounts.
This conversion creates a personal connection, even though it is initiated from the user and not necessarily answered by the organisation. The good thing is that this conversion can help you in growing your audience which in itself could help you in getting more conversions in all four buckets.
Connecting is the most personal of the four types of conversions. It is when there is a real connection between the visitor and you (or somebody else of the company). It opens the door for more than just a transaction, it opens the door for a longer term relationship.
It would be unfair to say this is the mother of all conversions. Since it isn't. Too many people have a lot of good conversations with other people without actual business outcomes. A connection doesn't mean a relationship and even a relationship doesn't mean the creation of a business benefit. Though having a real connection with your stakeholders, even though it is just a digital one, could be a very valuable longtime gain. Since it would you enable to have somebody who you could share ideas and experiences with and who could do the same with you.
How you could leverage this quadrant
I would suggest to use this quadrant to map your existing conversions on these quadrants to see what works for you now. Also this mapping can help you to identify any gaps you might have in your conversions. Maybe your focus is only long-term, which means you want to add more short-term conversion or vice versa. It could be an easy way or you to get additional insights on your performance.
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