One essential way to improve conversion rates is A/B testing. In this article, we’ll discuss how financial advisors can use A/B testing to improve their conversion rate and grow their business.
What is A/B Testing?
A/B testing is a method used to compare two versions of a product, service or marketing campaign in order to determine which one performs better. The goal of A/B testing is to make data-driven decisions that will lead to improved results. Financial advisors can use this method to improve their conversion rate by testing different aspects of their business to see which one leads to better results.
Steps to Implement A/B Testing
- Identify the Metric to be Tested: Financial advisors need to decide what metric they want to improve, such as the conversion rate, the number of leads, or the average investment size. This will be the focus of the A/B test.
- Create Two Versions: Once the metric has been identified, the next step is to create two versions of the product, service, or marketing campaign that will be tested. The versions should be similar, but with one key difference that will be tested. This could be a change in the language used in a marketing campaign, a different approach to a financial planning process, or a different investment strategy.
- Run the Test: The two versions should then be tested simultaneously, with a randomly selected group of customers receiving each version. The test should be run for a sufficient period of time to obtain accurate results. It’s important to keep the test conditions as controlled as possible to ensure the results are valid.
- Analyze the Results: After the test has been run, the results should be analyzed to determine which version performed better. If one version performed significantly better, it should be implemented and the other version should be discarded. The results of the A/B test should be used to make data-driven decisions that will improve the conversion rate.
- Repeat the Process: The process should then be repeated with different aspects of the business being tested, until the desired conversion rate is achieved. A/B testing requires patience and persistence, as well as a willingness to continuously make changes based on the results of the tests.
A/B test everything:
- Website header
- Call to Action
- Email subject line
- Email content
- Parts of your sales process
- and everything else…
A/B testing is a powerful tool for financial advisors who want to improve their conversion rate and grow their business. By identifying the metric to be tested, creating two versions, running the test, analyzing the results, and repeating the process, financial advisors can make data-driven decisions that will lead to improved results.
THE BOTTOM LINE:
With patience, persistence, and a willingness to continuously make changes, financial advisors can use A/B testing to achieve their desired conversion rate and grow their business.