And how Volument works
Visitors, visits, referring sites, landing pages, etc. This is analytics as we all know it.
Traffic feeds the conversion funnel where the visitors gradually build interest and start taking action.
Engagement metrics are at the top of the conversion funnel where the visitors become aware of your product and start building interest. These metrics are actionable: you can actually impact and optimize them.
For example, when you improve the headline of your front page it makes an immediate impact on how quickly the people are aware of the problem you are trying to solve.
All the engagement metrics are measured for new visitors who get to know your product for the first time.
Traction is the result of successful engagement and if the first visit made any impact. Did they come back? Did they eventually convert?
The trick to getting more traction is to optimize the engagement metrics at the top of the funnel. It's the place for low-hanging fruits where you can make the biggest impact with the lowest possible effort.
A conversion is an event when the visitor turns into something else:
- A new visitor comes back and turns from “stranger” to “return visitor”
- The returning visitor comes back again and becomes a “repeat visitor”
- A person joins a mailing list and becomes a “member”
- A person makes a purchase and becomes a “customer”
- And so on…
Statistical significance defines whether you have enough data available to make confident decisions.
Here are the limits used by Volument:
- 10 conversions: No confidence
- 200 conversions: Low confidence
- 400 conversions: Decent confidence
- 800 conversions: Strong confidence
- 1500+ conversions: Very strong confidence
Making decisions with the engagement data (for example with “15 stay rate”) is an order of magnitude faster than using the traction/results data (like “customer conversion rate”). There's so much more data available.
The “Show statistically significant entries”- checkbox uses 200 conversions to filter out low-confidence entries from the list.