How Analytics Should Power Your Conversion Strategy
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Transcript of How Analytics Should Power Your Conversion Strategy
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Grow Your Online Revenue:
How Analytics Should Power Your Conversion Strategy
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Hazjier Pourkhalkhali Strategy Consultant, EMEA
u Help clients develop comprehensive CRO strategy
u Ensure best practices during Research and Ideation
u Share custom-tailored suggestions
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3
1 Create a Business Overview
2 Develop a Measurement Plan
Conduct Intelligence Reviews
4 Build Improvement Hypotheses
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Increase revenues !Company Metric
Improve RPV !Business
Unit
Increase AOV !Optimization Goals
Raise CTR on Suggested Items!
Experiment Goals
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Revenue: £2.0m
Revenue Per Visitor: £1.00
Average Order Value:
£50.00
Average quantity:
2.00
Average per unit price:
£25.00
Conversion Rate: 2.00%
Number of Steps
Average Completion
Rate
Visitors: 2.0m
User acquisition:
1.5m
User retention
33%
Digital Commerce
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Revenue
Customer Lifetime
Value
Customer Lifetime
Feature Usage
Net Retention
Monthly Revenue
Initial Deal Size
Net Expansion
One-Time Upsells
Customers
Users
User Acquisition
User Retention
Conversion Rate
# of Steps Avg.
Completion % / Step
SaaS / Subscription-Based Companies
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3
1 Create a Business Overview
2 Develop a Measurement Plan
Conduct Intelligence Reviews
4 Build Improvement Hypotheses
![Page 8: How Analytics Should Power Your Conversion Strategy](https://reader034.fdocuments.in/reader034/viewer/2022051400/55a91c131a28ab8a728b46d2/html5/thumbnails/8.jpg)
Revenue: £2.0m
Revenue Per Visitor: £1.00
Average Order Value:
£50.00
Average quantity:
2.00
Average per unit price:
£25.00
Conversion Rate: 2.00%
Number of Steps
Average Completion
Rate
Visitors: 2.0m
User acquisition:
1.5m
User retention
33%
Digital Commerce
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Conversions: Funnel Visualization § Find the bottlenecks and improvement
areas in your conversion funnel § Learn: - Which steps drive users to leave your
website - Which steps have users leave for
other pages - Where users enter your funnel from
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Why do this many users leave the website altogether?
Are users changing cart details from this page? If so, how do we make that easier?
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Homepage Category Page Product Page Shopping
Basket Shipping Details
Payment Page Conversions
44% 42%
8%
52%
87% 81%
41% 31%
44%
32%
11% 12%
15% 27%
48%
16% 7%
Homepage to Category
Category to Product
Product to Basket Basket to Shipping Shipping to Payments
Payments to Conversion
100% 44% 26% 7% 5% 4% 3%
Continue down funnel
Visit different page
Exit website
Where should you spend your efforts?
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Conversions: Goal Flow
§ Funnels are non-linear, users move backwards and forwards. See when users move back through your funnel and try to find out why.
§ Learn: - Which steps do users skip? - Which steps do users redo? - What are the top funnel paths?
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This shows that 20% of users go back from payment methods to delivery info. Is this because payment address and delivery address are separate? If so, how can we let people make changes on this page.
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Revenue: £2.0m
Revenue Per Visitor: £1.00
Average Order Value:
£50.00
Average quantity:
2.00
Average per unit price:
£25.00
Conversion Rate: 2.00%
Number of Steps
Average Completion
Rate
Visitors: 2.0m
User acquisition:
1.5m
User retention
33%
Digital Commerce
![Page 15: How Analytics Should Power Your Conversion Strategy](https://reader034.fdocuments.in/reader034/viewer/2022051400/55a91c131a28ab8a728b46d2/html5/thumbnails/15.jpg)
Conversions: Shopping Behavior Analysis
§ See how your users behave in relation to key shopping goals. Segment results to see which user groups are underperforming.
§ Learn: - How many users you lose per step - How individual user groups perform - Which functionalities you need to
improve urgently
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Sort by device type, new versus returning visitors, and more
Why do 72% of users never view products?
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Behavior: Top Landing and Exit Pages
§ See where your users land/leave. § Learn: - How your overall landing/exit pages
perform over time - How individual pages perform by time
on site, exit rate, and more
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90% of users leave these pages
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Behavior: Behavior Flow
§ Understand your users most common navigation paths
§ Learn: - How users move through your
website - Where users land - Which pages have high exit rates
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The most page has a very high exit rate
Alumni directory has a high exit rate, but that could be explainable. If you only visit this page to find a number / e-mail address, then you are not exiting out of frustration but satisfaction
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Behavior: In-Page Analytics
§ See where users click on your pages, as well as what their scroll-depth is
§ Learn: - Which elements get the best CTR
(note: when multiple buttons share the same URL they share CTR’s here)
- What the scroll-depth of your users is - What content underperforms for the
amount of screen real estate it has
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This orange line represents the fold-line. It is above the fold for 95% of page visitors
This product listing is drastically underperforming. CTR for nearby products is 3.4% - 4.2%, this has 0.8%!
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3
1 Create a Business Overview
2 Develop a Measurement Plan
Conduct Intelligence Reviews
4 Build Improvement Hypotheses
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Conversions: Time to Purchase
§ See how long users take to purchase § Learn: - Understand how many days users
take on average to purchase - Divide your users into groups: users
who buy same day, same week, within the month, a month or more later
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Nearly two-thirds of all users make a purchase on the same day they land on the website
Over a sixth of users take over a month to deliberate before purchasing
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Audience: Cohort Analysis
§ Understand how user groups perform over the days and weeks after they first landed
§ Learn: - What percentage of users you retain - How their Revenue Per Visit changes - What percentage of the total user
revenue comes same day, same week, same month, or over a month later
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All Sessions 6,438,215 users
March 18 – March 24 286,307 users
March 25 – March 31 292,842 users
$212,681,432.12
$16,282,667.44
$17,394,828.78
$38,438,125.68
$4,189,867.90
$3,624,155.34
$18,833,361.90
$2,796,571.44
$2,411,138.04
$10,487,295.17
$2,630,049.20
$1,978,864.57
$7,854,301.99
$1,232,125.68
$1,164,550.31
$
$
Only 19% of users take more than 4 weeks to purchase, yet they represent 40% of all revenue
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Audience: Geo > Location
§ Understand where your users are located and how their performance differs
§ Learn: - Who your customers are - How performance differs per
country / city - Which regions you should focus on
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Indian users have 3x the time on site and 50% more pageviews than American and British visitors
The US, UK, and Germany have the highest bounce rates
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Acquisition: Overview
§ Understand where customers are coming from and which acquisition channels to optimize for
§ Learn: - The user split between acquisition
channels - How performance differs between
channels
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Change the focus from Conversion Rate to revenues
Organic search has the lowest conversion ratXe. Which keywords are driving this?
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Acquisition: Mobile > Overview
§ See the devices users use and how adoption changes over time
§ Learn: - The split between device types,
specific smartphone types or operating systems, screen sizes
- Learn which segments you are performing well for
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User split by devices appears stable
Mobile has the lowest conversion rates
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Behavior: Site Search
§ See how often site search is used and how much value it adds to your business
§ Learn: - The percentage of users who do or do
not use site search, segment by user types
- Understand how important site search is to conversion rates and business revenue
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Only a tenth of users use site search
But they are responsible for a third of all revenue
Learn how you perform per search term. Are you missing products? Are users looking for different keywords than the ones you use to describe products?
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3
1 Create a Business Overview
2 Develop a Measurement Plan
Conduct Intelligence Reviews
4 Build Improvement Hypotheses
![Page 37: How Analytics Should Power Your Conversion Strategy](https://reader034.fdocuments.in/reader034/viewer/2022051400/55a91c131a28ab8a728b46d2/html5/thumbnails/37.jpg)
Completion Rate
Emphasize the Primary Call to
Action
Wording / messaging
Location / size
Design / color /
iconography
Minimize Distractions
Establish a visual
hierarchy
Remove non-critical content
Limit number of choices
Communicate Unique Selling
Points
Select/target the right
USP’s
Refine the messaging
Communicate visually
Design Intuitive Navigation
Use a clear, consistent
layout
Structure, naming, and
order of sections
Use iconography
Market Products Effectively
Test ideal product visuals
Use the right review
systems
Find ideal description
text / length
Build a Sense of Urgency
Show quantity left
Push temporary
offers
Promote buying before
set times
Goals
Strategies
Tactics
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Completion Rate
Emphasize the Primary Call to
Action
Wording / messaging
Location / size
Design / color /
iconography
Minimize Distractions
Establish a visual
hierarchy
Remove non-critical content
Limit number of choices
Communicate Unique Selling
Points
Select/target the right
USP’s
Refine the messaging
Communicate visually
Design Intuitive Navigation
Use a clear, consistent
layout
Structure, naming, and
order of sections
Use iconography
Market Products Effectively
Test ideal product visuals
Use the right review
systems
Find ideal description
text / length
Build a Sense of Urgency
Show quantity left
Push temporary
offers
Promote buying before
set times
Goals
Strategies
Tactics
![Page 39: How Analytics Should Power Your Conversion Strategy](https://reader034.fdocuments.in/reader034/viewer/2022051400/55a91c131a28ab8a728b46d2/html5/thumbnails/39.jpg)
Emphasize the Primary Call to Action: Location / Size
Source: Refinery 29, intelligence.r29.com
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Emphasize the Primary Call to Action: Wording / Messaging
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Emphasize the Primary Call to Action: Wording / Messaging
CTR: 39.4% 29% uplift
CTR: 30.5% (Original)
CTR: 29.7% CTR: 27.5%
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Minimize Distractions: Remove Non-Critical Content +14.3%
Revenue Per Visitor
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