Conversion Rate Optimization · MVP Development

Lower conversion rate than would like: a sign of a bad idea or bad execution?

Joel Champagne Independent consultant, data and business intelligence background, evolving fintech product concept

Last updated on June 27th, 2017

A little more background on my idea/product:

- A direct competitor to the likes of, YNAB, Level Money, etc. - as I discuss in my first blog post, there are plenty of limitations with these products, and myself as a user of some of these believes "we can do better".

- Question of whether anyone else cares enough to really give up free options like mint is a valid question I need to answer. In a survey I did recently, I got a segment of my survey audience to give amounts they'd be willing to pay for a product like mine and got values in line with my expectations, so I take that as a good sign.

What I'm doing currently:

- Have built a mobile app that lets me do some demos but as a tool to answer questions it currently has a limited number of "answers." I've intentionally put development aside at this point while I focus on messaging and traction building.

- Using ads (FB/Bing) to generate traffic from those who I expect to target, pointing them at my landing page.

- Measuring site visitor behavior, making tweaks; starting to blog (SEO + offering general value).

Biggest challenges currently:

- Conversion for me is getting people to sign up for my mailing list (identifying a core of possible future beta testers). I'm also looking at this as signal that there's validity in the idea and decent execution in what I'm presenting so far on the site.

- Conversion rate is not as good as I'd like. Question becomes: is it the idea, the execution / messaging, substandard traction channels (or my own inexperience with them), etc. Answering questions like this isn't my core competency (I'm technical), so I'm learning which is good - but I'd like to get more words from folks who have experience in this space.

Ideas for next steps:

- Doing more content development. My blog doesn't have to be about "selling" - I'm happy to talk about concepts and competitors and "big ideas".

- Trying different traction channels. For example, approaching other bloggers.

- Getting outside more. Thinking of maybe finding a couple of meetup groups for those interested in personal finance. I would need to go in and not give off a vibe that I'm trying to sell something - which shouldn't be hard since technically I'm not selling a product yet: still in discovery and the goal is to get validation. Other suggestions on how to approach this, other forums, etc.?