eCommerce Revenue Hack: How to generate effective ideas
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Transcript of eCommerce Revenue Hack: How to generate effective ideas
“How are we gona double our revenue in the next few months?”
Me
CEO
“We should invest in partnerships, email marketing, review our pricing, and redesign the app”Coworkers
“WTF?! We should take a look at the data to craft a Strategy”
Strategy Design > High Impact Area
We were a small team and we had limited resources.
We needed to be focus to have an impact.
Strategy Design > High Impact Area
To maximize impact, we gathered insights on our product by looking at our metrics.
For obvious reasons, the data is fake.
Strategy Design > High Impact Area
Our High Impact Area is the place where our funnel was leaking the most.
For obvious reasons, the data is fake.
Strategy Design > High Impact Area
Our High Impact Area is the place where our funnel was leaking the most.
High Impact Area
At the end of our thinking, our roadmap looked like that:
February March April
Focus Area Revenue
Success Metric
CTR (Cart > Thank you)
Goal 25% 35% 45%
Strategy Design > Roadmap
At the end of our thinking, our roadmap looked like that:
February March April
Focus Area Revenue
Success Metric
CTR (Cart > Thank you)
Goal 25% 35% 45%
Strategy Design > Roadmap
From our funnel
It will determine if a test is successful or not
CTR goals distributed on the next 90 days
Insights High impact area Metrics Roadmap
“We lose a lot of
users at the last step of our funnel “
We focus on this area for 90 days.
The goal is to improve our current conversion rate (20%).
To measure the impact of our futur tests, we monitor the CTR (cart > thank you).
To summarize our process:
Strategy Design > SummaryStrategy Design > Summary
France
Country
Germany
United Kingdom
68,049 (68%)
53,345 (65%)
33,654 (71%)
23,840 (5%)74,897 (25%)210,000 (70%)298,351 (100%)
February 1, 2016 - February 28, 2016
24,746 (24%)
22,967 (28%)
12,487 (26%)
100,787 (100%)
82,326 (100%)
48,033 (100%)
10,078 (10%)
2,467 (3%)
5,786 (12%)
Looking for opportunities > Analytics & Data
Did users from a country drop more than other users?
France
Country
Germany
United Kingdom
68,049 (68%)
53,345 (65%)
33,654 (71%)
23,840 (5%)74,897 (25%)210,000 (70%)298,351 (100%)
February 1, 2016 - February 28, 2016
24,746 (24%)
22,967 (28%)
12,487 (26%)
100,787 (100%)
82,326 (100%)
48,033 (100%)
10,078 (10%)
2,467 (3%)
5,786 (12%)
German users’ conversion is not as good as other users’
Looking for opportunities > Analytics & Data
Bingo!
5%
74%
21%
CB Paypal Other
France Germany
5%
30%
65%
CB Paypal Other
Looking for opportunities > Analytics & Data
What kind of payment methods our users used?
5%
74%
21%
CB Paypal Other
France Germany
5%
30%
65%
CB Paypal Other
German users paid a lot with PayPal compared to French users.
Looking for opportunities > Analytics & DataLooking for opportunities > Analytics & Data
Bingo!
[Company X]
We sent 3000+ emails to simply ask users why they were not paying (and used PayPal so much).
Looking for opportunities > User ResearchLooking for opportunities > User Research
[X]
[Company X]
We sent 3000+ emails to simply ask users why they were not paying (and used PayPal so much).
Looking for opportunities > User ResearchLooking for opportunities > User Research
We used YAMM to automate personalized emails easily.
[X]
They told us they were dropping because
• they wanted to pay by money transfer (SEPA) and other ways we didn’t even know existed.
• they didn’t trust the brand because of bad translation.
Looking for opportunities > User ResearchLooking for opportunities > User Research
😱
Fair Enough
Looking for opportunities > User Research
They told us they were dropping because
• they wanted to pay by money transfer (SEPA) and other ways we not even know existed.
• they didn’t trust the brand because of bad translation.
Looking for opportunities > User ResearchLooking for opportunities > User Research
We did 20+ user tests. Here’s what they told us:
Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
We did 20+ user tests. Here’s what they told us:
Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
“What if I want to buy without having to register?”
We did 20+ user tests. Here’s what they told us:
Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
What if I want to pay with other payment methods?
What if I want to choose an other delivery method?
Looking for opportunities > User ResearchLooking for opportunities > User Test
Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
Are you kidding me? Need some real known logos there.
Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
Opportunities Summary
Users wanted other payment methods
Users didn’t pay because of bad translation
Users experienced a lot of friction in the flow
Looking for opportunities > SummaryLooking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > Summary
Looking for inspiration > Fancy flowLooking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for inspiration > Fancy Flow
• Perfectly Translate the Payment Flow in German and Italian
• Redesign the UX of the flow (Groupon copycat)
• Redesign the Summary Screen (focus on the expedition date)
• Add trusted elements on the payment screens
• Add other payment methods (SEPA transfer)
• Add a guest login to remove friction in the flow
• Triggered emails when the left an item in his cart
At the end of the day, we came up with dozens of ideas, among which:
Ideas
The goal is to launch first the most easy and impactful ideas.
"ICE" stands for Impact, Confidence, and Ease.
ICE ScoringICE Scoring
• Impact: If it works, what is the potential impact?
• Confidence: Do we have evidence it will work?
• Ease: How easy it is to test our hypothesis?
ICE ScoringICE ScoringICE Scoring
Start with this one
BacklogICE ScoringBacklog
We assigned 1 -10 scores for Impact, Confidence and Ease (10 being the best)
🙌 +30% Revenue Growth when translating professionally.
+40% Revenue Growth when adding other payment methods.
= +150K€ Turnover
ICE ScoringResults
Our tools
Some websites we used to find inspiration
ICE ScoringTools & Website
Thanks for watching!
Next time, I’ll dive into our process (e.g. launching these ideas).
PS: Feedback is a gift, help me iterate for next time!
Need help to grow revenue of your eCommerce
website / app?
👉 http://gabrielgourovitch.com