#value exchange

At a recent service design meet up, someone asked for any known examples of a service or application where there was the value exchange taking place which benefitted 3 parties.

A few people had some suggestions:

Be my eyes

Language learning services between the elderly and young kids

Local handymen

Borrow my doggie

Easy car

Rent my driveway

Social networks for bulimia

Social networks for neighbourhoods

The Integral Accounting system is an attempt, by no means exhaustive, to identify value attributes other than, but including, money. By assessing and accounting for value as part of a system, in every interaction, we open the possibility to explicitly assess ecosystems for the existence of multiple value sources and seek to understand community values, thereby organizing our endeavors to optimize all value for balanced wealth recognition.

To learn more about Integral Accounting click HERE

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Customer Anxiety: One element of the MECLABS Conversion Heuristic explained

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If you have participated in a MECLABS, MarketingExperiments or MarketingSherpa event or education program, you may have been exposed to the patented Conversion Heuristic.

It looks like this:

C = 4m + 3v + 2(i – f) – 2a

If you haven’t seen this before, it can be explained in minutes. However, it can take decades to master.

My hope is this MarketingExperiments Blog post will help you gain a real basic understanding of the Conversion Heuristic, and specifically, understand the anxiety element in the heuristic.

Each letter in the Conversion Heuristic represents a psychological, emotional or physical element affecting a prospect’s choice to say “yes” or “no” to your offer.

Each number represents the weight or importance each element carries in guiding the prospect to your offer, or away from your offer.

The element “C” represents the probability of conversion. A conversion in this instance describes the event when a prospect becomes a customer.

This event is the foundation of business; without conversion, a business ceases to exist. To increase the probability of conversion, it is important to understand the elements within the Conversion Heuristic. In this post, I will highlight the “anxiety” element present in every conversion process.

Here is the Conversion Heuristic again: C = 4m + 3v + 2(i – f) – 2a

C = Probability of conversion

m = Motivation of the Customer

v = Force of your Value Proposition

i = Incentive

f = Friction

a = Anxiety

  Customer anxiety

It is very important to remember that your prospects are people. They have thoughts, feelings, needs and desires. When there is product or service being offered to a prospect, that prospect may have questions or concerns.

This psychological concern occurs within the prospect’s mind.

Anxiety is a real concern that the prospect may have regarding your offer. The prospect may not even be aware that it is happening, but when corrected or addressed, there can be some significant lifts in your conversion rate.

Here are some examples of anxieties that people may have when making purchases online.

  Is my credit card information safe?

  What if I am not happy with my purchase?

  What if there is a better price somewhere else?

  Marketers, now is your time to share your knowledge and expertise.  How you would address these real concerns that your customers have on websites?

Take a few minutes and share your thoughts and ideas on how you help customers overcome these anxieties in your marketing materials.

Please use the comment section below to share your knowledge and expertise on how you can help customers overcome some of these anxieties.

  Image Attributions: Humans Development, Andrew Writer

  You might also like

MECLABS Online Testing Course [Learn more about applying the Conversion Heuristic]

Ecommerce: How parent brands can reduce user friction and anxiety [More from the blogs]

Landing Page Optimization: 5 factors that lead to (and prevent) conversion [More from the blogs]

Landing Page Optimization: 3 keys to increasing conversion rates [MarketingSherpa webinar replay]

To vote with your wallet, and by that I mean consciously deciding to fund or deprive a brand based on whether it aligns with your world-view, means you're informed enough to know your dollar makes a difference.

But what about online?

I've come to realize that every link I click earns someone money, whether in actual dollars transferred to them or in terms of the value I add to their brand by giving them my traffic.

I've become a lot more selective about clicking links because there are some companies that I just don’t think deserve to succeed. I won’t even name names for said reason.

I want to give my click money to brands, people, sites and blogs that actually create value for others.