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Webinar Slides: How to Use Conversion Rate Optimization to Surpass 1 Million Customers
 

Webinar Slides: How to Use Conversion Rate Optimization to Surpass 1 Million Customers

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Expensify is a fast-growth startup with a lean team facing large competitors. When they set their goal to surpass a million users, they knew they needed to improve their signup conversion rate--fast! ...

Expensify is a fast-growth startup with a lean team facing large competitors. When they set their goal to surpass a million users, they knew they needed to improve their signup conversion rate--fast! They did and, in the process, boosted their subscriber base to over 1 million users.

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Webinar Slides: How to Use Conversion Rate Optimization to Surpass 1 Million Customers Webinar Slides: How to Use Conversion Rate Optimization to Surpass 1 Million Customers Presentation Transcript

  • How to Use Conversion Rate Optimization to Gain 1 Million Customers Plus, an ongoing 47% signup lift! David Barrett Chris Goward @expensify @chrisgoward Founder Expensify Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com Founder WiderFunnel
  • Chris Goward, Founder & CEO •  Developed WiderFunnel’s processes, including the LIFT Model™ & Kaizen •  Conversion rate lift of 10% to 750% for every multi-test client •  In demand as a speaker Chris Goward Founder & CEO WiderFunnel @chrisgoward •  Author of “You Should Test That!” Get a free chapter at: YouShouldTestThat.com Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • We partner with our clients to dramatically lift their profit with marketing optimization •  Strategy, design, copywriting & testing •  Every client has had 10% to 700%+ lift Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Startup challenges are unique Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • How many do you recognize? q  Lean team with diverse responsibilities q  Focused core competency q  Facing large competitors q  Ever-changing competitive environment q  Must prove value from expenditures q  Answering to investors & VCs q  Fast growth goals Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Today’s Objective: Lift your customer acquisition rate (and get more customers fast!) Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • David Barrett, Founder of Expensify •  Developer since the age of 6 •  Former lead engineer of Red Swoosh, now Akamai, from which he was dramatically fired •  Created Expensify out of his hatred for expense reports. David Barrett •  Loves world travel and great wine Expensify @expensify •  Has a beagle Founder Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Situation A fast-growth startup with a lean team facing large competitors ‘Freemium’ expense reporting app Home page is primary landing page for online signups Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Challenges Home page had been developed with clean design “best practices” but we believed it could be improved We are experts at developing an industry-leading application, not conversion optimization Faced very large competitors with larger budgets and brands and needed to be selective in their resource investments Aggressive membership growth targets Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • The Goal Dramatically lift new member signups from the home page! This is where WiderFunnel comes in… Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Home pages mostly suck. Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Clarity: No Service Value Proposition Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Distraction: Rotating messages kill conversion rate Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Distraction: Too many messages! Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Clarity: CEO vanity page. WIIFM? Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Good news! Expensify’s didn’t suck! (But, bad news for WiderFunnel) Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • The Structured Process FunEx PIE Framework Opportunities Page 1 LIFT FunEx LIFT Discovery Web Analytics Heuristic Analysis Voice of Customer In-Page Analytics 2.3 Cluster Page 3 LIFT Page 4 LIFT Page 5, etc. Phase 1 Conversion Optimization Strategy Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com 1.2 Isolation 1.3 Isolation 2.1 Isolation 2.2 Isolation Page 2 Kaizen Plan 1.1 Cluster Insight Flow FunEx FunEx 4.1 Isolation 3.1 Isolation 3.2 Isolation 4.2 Cluster 4.3 Isolation Phase 2 LIFT™ Analyses and Testing
  • Knowing what to test: Using the LIFT™Model Relevance Clarity TM Urgency Distraction Anxiety (Note: For more, search “WiderFunnel Lift”) Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • LIFT™Analysis Clarity: No headline to summarize value proposition Clarity: No use of colour to guide eyeflow Distraction: Page elements are misaligned Anxiety: No mention that credit card is not required for signup Clarity: Important features hidden in rotating content block Clarity: CTA area given low prominence Clarity: No CTA headline above the signup form Clarity: Form field is not autofocused Value Proposition: No mention of “free” in CTA Distraction: “learn more” link near signup form Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Develop Test Hypotheses WEAKNESS STRENGTH Clarity - No headline to create a clear eyeflow Hypothesis: Adding a prominent headline will lift signups Clarity- No use of colour to guide eyeflow Hypothesis: Adding bold colour around CTA will lift signups Distraction - “learn more” link near signup form Hypothesis: Moving CTA away from other links will lift signups Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Variation A: “Prominent CTA” Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Variation B: “Benefit Copy” Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Variation C: “Product Image” Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Which Home Page Won? A B Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com C
  • Controlled Test Result 28% Signup Lift Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • That’s just the beginning... Three more dramatic test rounds on the home page so far. Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • We didn’t stop there. Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Total conversion rate lift to date: 47.2% And the winning pages have pushed them past the 1 million user mark. Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Expensify knows how to focus They knew their core competency and hired experts where needed. Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com
  • Free Whitepaper Get a free 20-page whitepaper for how to build this strategy. Just email: iwant@widerfunnel.com Tweet this: @chrisgoward @expensify #1Million © 2007-2013 WiderFunnel Marketing Inc. | widerfunnel.com