Develop for conversion – the funnel matrix

Always be closing!!

Funnel Matrix
● Growth hacker – crossbreed of marketer, coders and analytics experts, traffic generation and product optimization with understanding of SEO ad platforms and social media, A/B testing, landing page, viral factors, email deliverability and social media integration.
● Goal – identify the most valuable marketing channels by tying viral and paid ad campaignes to user engagement metrics
● ‘The Entrepreneur’s Guide to Customer Development’ (Cooper, Vlaskovits) use funnel matrix to represent how a prospective customer goes from ‘Internet googler to satisfied user’

TradeYa Example

Advertised for a broad mix and threw them in at the deep end.

Funnel matrix template

● Analytics tools used – google analytics and kissmetrics
● Purpose of filling in funnel matrix is to
○ Force the whole team to think through all the required actions potential users and customer must make as they progress down the funnel to become repeat users.
○ Validate, measure and learn ways to better optimise the user’s experience to increase conversion rates.
○ Shows different stages of user engagement and acquisition and criteria to evaluate for each stage.

Where are you in your product development cycle?

Funnel Matrix will depend on where you are in your product development cycle:
● If you have an existing product or MVP like Jared had with TradeYa, your team can use the entire matrix to optimize it. Tweak and measure your metrics until you get it right.
● If you are designing wireframes for your first functional MVP, use the Funnel Matrix to speculate on the levels of user engagement and the key metrics you might use. Then, you will test the top (suspect) level with something like a landing page test, which I’ll discuss later in the chapter.
● If you are still in the conceptual part (storyboards, prototypes, and so on) of your UX strategy, take this as opportunity to get an overview of where you will end up when your team is ready to design for conversion. I’ll also teach you what to do when you’re ready to validate the top of your funnel.

Why not a journey map / experience map?

User journey map can aid UX strategist and stakeholders in envisioning cross-channel experiences through digital and non-digital touchpoints

Disadvantages
● Complex to decipher particularly if you weren’t at the meeting when created
● Takes too long to create
● Lacks accountability as barely benchmarked to the product’s reality after product’s release
● Usual vague approach – not empirical enough
○ UX team plus stakeholder hold consensus session, people jot on stickies, stick on wall, assertive participants reorganise into clusters, photos get taken, these are hung on walls hopefully to influence team’s decisions.

Empirical approach
● Need system of disciplined procedures that are gauged and updated throughout ideation phase and development cycle.
● Preferable to use cloud based matrix as a centralized data depository so team can work collaboratively.

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