In many organizations, conversion metrics are often discussed after a product is already finished — but that’s due for a change. In today’s fast-moving market, it’s important to think about conversion metrics earlier than ever. Namely, you should build conversion metrics into your product launch strategy. With the help of AI, you can increase your conversion rate from the get-go and deliver a product that meets your customers’ needs.
In this guide, you’ll learn how to optimize conversion metrics using AI and track the performance of your AI-driven product strategies. We’ll also share tips for using AI conversion tools to enhance your product strategy.
Why Conversion Metrics Are Essential for Product Strategy
Conversion metrics help teams measure a product's effectiveness at a glance. By digging deeper into conversion metrics, you can pinpoint your product’s challenges and potential issues. You’ll also uncover what customers are enjoying or using most. The idea here is that, the more your users take a desired action, the more your product is succeeding — as in, converting — on that front.
In general, when conversion rates are high, you can feel confident that your product is successful. If conversion rates are low, it’s a sign that you need to evaluate and improve your product.
Key conversion metrics in product strategy
Common product conversion metrics include:
- Adoption rate. This metric tells you how many customers are using your product for its designed purpose. You’ll need to determine which feature “adoption” pertains to for your product first. The percentage of your customers who use that feature is your adoption rate.
- CSAT (customer satisfaction score). CSAT is a simple, basic assessment of how your customers are receiving your product: Are they satisfied or not? From there, you can dig deeper into more granular data to find out why your CSAT is high or low.
- NPS (net promoter score). NPS measures how likely a user is to recommend your product. It’s easy to benchmark against industry averages and can be helpful in ongoing user research.
- Retention rate. Retention represents your product’s ability to retain users over a period of time.
- Sessions per user. This measures how many times, on average, your users are active and engaged with your product during a certain period.
These conversion metrics are just the start of what you can learn about your users. Notably, they’re all quantitative, not qualitative — quantitative conversion rates offer a general picture of how your customers feel about your product. To learn more about your customers and what they want, you need to look at qualitative user data. Sprig’s tools for uncovering user feedback and behavior trends at scale make getting this data easier than ever before.
How to Improve Conversion Rates with AI
You and your product team can leverage AI to gather user feedback, identify patterns and pain points, and put data into action. The result? Better conversion rates in less time.
Use AI to gather user data
One valuable way to improve conversion rates is to get feedback directly from your customers right while they’re using your product. With Sprig’s in-product Surveys, you can target users in your product at the exact point where they’re dropping out and where your conversion rates are low. This timing is key — you’ll get feedback while a customer is taking action and your product is still fresh in their mind.
That’s how fintech company Nova Credit boosted its homepage conversion by 47%. The quantitative data on other analytics platforms wasn’t enough to solve issues and improve the experience for Nova Credit’s customers. To dig deeper, the company used multiple in-product surveys to understand who was visiting its site and why.
Ultimately, Nova Credit found that it was indeed speaking to its target audience, but its customers didn’t know how to move forward with its services. The information simply wasn’t clear enough. After a homepage overhaul, conversion rates skyrocketed.
Use AI to analyze conversion rates
Sprig’s AI Analysis can help you monitor the customer journey and ensure that you’re speaking to your audience. This is how the online coding platform Codecademy improved its conversion rates for user activation. Namely, Codecademy organized feedback gathered from thousands of in-product surveys. It sent open-ended questions to new users two days after signup so that the product was still top-of-mind.
Codecademy learned about its users’ goals and expectations more quickly thanks to Sprig’s AI Analysis and automation. The product team didn’t have to spend precious time sifting through qualitative data and interpreting responses manually. Codecademy used its data to craft unique messaging for its user personas, meeting customers’ needs and improving conversion rates.
Implementing AI into Your Conversion Strategy
So, then, how can you use Sprig’s AI tools to improve your conversion rates in your product strategy? Easy — just follow these tips.
Get direct feedback from users right from your product
Targeting customers with in-product surveys at the right time is key, but there’s more to it than that. With Sprig’s in-product Surveys, you can send customized in-product surveys to specific users based on who they are and the actions they take.
For example, you might send a survey to customers who complete onboarding. You might also send a different survey to customers who bounce without taking a certain action in your product.
It’s easy to get started too thanks to Sprig’s AI-generated surveys. Use these surveys to customize your questions based on what you offer and what you want to know. You can also customize surveys with open-text, rating-scale, multiple-choice, or matrix questions.
See what’s working (and what’s not) with user journey clips
What if feedback from surveys isn’t quite enough to solve a customer pain point and improve conversion rates? It would help to see exactly what’s happening in your customer’s journey, wouldn’t it? That’s what Sprig’s Replays are for.
With Replays, you’ll capture video clips of user sessions, both on desktop and mobile, so that you can troubleshoot issues more easily. These replays give you a first-person perspective into what’s happening, where the trouble lies, and what you can do to improve the customer journey. When paired with Sprig Surveys, Replays give you the most in-depth look possible into your product.
To leverage Replays for your product, specify when and for how long you want to record user sessions. You might trigger a Replay based on a specific user action or for certain features and characteristics. Using Replays with Surveys is the best way to get as much information as possible about your customers.
Capture and interpret insights automatically
Once you’ve gathered data via surveys or user journey videos, you need a tool that turns it into opportunities for improvement. This tool should make your analysis quick and efficient — without it, all you have is data just waiting to be leveraged.
Sprig’s GPT-powered AI Analysis instantly transforms your product feedback and user behavior data into actionable insights. For example, Sprig AI examines survey responses to teach you the following about customer retention:
- Recurring patterns or themes in the data, such as reasons for certain user behaviors
- Correlations or causations that may explain said patterns or themes
- Product improvement opportunities based on how frequently certain requests appear in survey responses, such as lower fees or better customer support systems
- Strengths in your product that indicate what your team is doing well and how to replicate that success
AI is ideal for optimizing conversion rates because AI tools are so flexible and customizable. Sprig AI Study Creator, for example, generates custom studies designed to answer your specific product questions. You’ll generate automatic summaries of your in-product survey results as well as updates when new responses come in.
Measuring AI’s Impact on Conversion Optimization
To measure how AI is affecting your conversion optimization, follow these steps:
- Set goals. What do you want to achieve through tracking and analysis? What metrics and KPIs will you measure? Ultimately, what will you understand about your target audience or your product?
- Gather data. Use Sprig Surveys and Replays to gather data that answers your questions and helps accomplish the goals you’ve outlined.
- Evaluate and implement. Use Sprig AI Analysis to make sense of your data and view key takeaways and detailed insights. Craft a plan for improvements and changes to make to your product, then make those changes.
- Check your conversion rates. Have your conversion rates increased or decreased? Are your customers still experiencing the same pain points? What are they saying in new surveys? If they’re still running into the same challenges in your user video sessions, go back to the drawing board.
Research is an ongoing process that runs throughout the product development lifecycle — and it’s never finished. To truly measure the impact of using AI tools for your conversion rates, you should consistently check in with your metrics throughout your lifecycle.
AI-Driven Strategies Are Here to Stay
Conversion rates can tell you what’s working, what’s not, and what you can improve to better satisfy your customers. They’re also a snapshot at a certain point in time — they’ll change as the days, months, and years go by. That’s why you need to leverage AI for conversion optimization. AI tools can tell you why your product is or isn’t working right as new customer feedback comes in. You’ll learn what challenges your users are facing and get suggestions for improvement.
With Sprig Surveys, Replays, and AI Analysis, you go beyond surface-level user insights and understand user behavior better than ever before. With this knowledge, you’ll find it easy to improve your product, boost retention, attract new users, identify gaps and opportunities, and increase conversion rates.
Ready to build a better product and improve conversion rates with AI? Sprig can help. Get started with Sprig today!