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Digital Marketing Live! 2019 - Deepak Lamba - Winning with CRO: key pillars of a succesful conversion optimalisation program

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Deepak Lamba - VWO @ DML 2019

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Digital Marketing Live! 2019 - Deepak Lamba - Winning with CRO: key pillars of a succesful conversion optimalisation program

  1. 1. Winning with CRO Key Pillars of a Successful Conversion Optimisation Program Deepak Lamba CRO Consultant & EU Head, VWO
  2. 2. Three things have drastically changed Why is CRO worth the effort? Audience Expectations Audience Behaviour Marketer’s Goals
  3. 3. Be Relevant or Lose Customers There is no middle ground. 70% of business buyers says it’s absolutely critical for companies to provide a personalized experience. 74% of business buyers conduct more than half of their research online before making an offline purchase. 75% of B2B buyers would purchase again from suppliers that offered omni- channel capabilities.
  4. 4. Your target audience expects great CX at every touch point! Including your website, landing pages, product pages etc. Audience Expectations
  5. 5. The Evolution of Marketing Measurement 1999 - 2008 2009 - 2018 Today - Beyond The Click Era Marketing success is measured through clicks, but click fraud creates big issues. The KPI Era Marketers go beyond clicks with metrics like VTC and start to explore data-driven models for attribution. The Impact Era Tie marketing to revenue with deep insights into the journey and verify the touch points that lead to sales. Marketer’s (YOUR) Goals
  6. 6. People used to shop in a linear pattern. Linear Click Based Model But, that’s no longer the case. Audience Behaviour
  7. 7. People now shop in more ways than ever before. 10* Touch points on an average to generate a qualified lead *https://www.onlinemarketinginstitute.org
  8. 8. Increase Revenue VWO Survey Results: What is the primary conversion goal of your Website? Generate Leads More Engagement Others 48% 41% 11% 1%
  9. 9. An Effective CROProgram Kill three birds with one stone!
  10. 10. So What Does It Take To Winning with CRO?
  11. 11. The Gap Source: ConversionXL, Econsultancy
  12. 12. What restricts you from scaling your conversion optimisation efforts? No optimisation roadmap/framework Institutional issues like low traffic Difficulty in understanding A/B test results Poor applicability of CRO tools 28% 37% 9% 8% Lack of buy from the leadership team 7% Other 11% VWO Survey Results:
  13. 13. Key Pillars of a Successful Conversion Rate Optimisation Program Research Tracking metrics and identifying what parts of conversion funnel need fixing Hypothesis Constructing educated hypothesis, based on your research Prioritize Planning and prioritizing your hypothesis Test Testing your hypothesis against the existing version of the website Measure/Learn Deploying the winning hypothesis and/or gathering learning for subsequent tests Understand Audience Behaviour Improve Audience CX Improve Conversions/Revenue
  14. 14. RESEARCH
  15. 15. Understanding Audience Journey – Follow The Trail
  16. 16. r Most commonly used methods to generate User insights Difficulty in generating insightsDifficult Easy Valueofinsights Low High *Size of the bubble indicates the popularity or usage of the method
  17. 17. Heatmaps Navigation bar distracting users from the primary goal of this page which is to download the app Scrollmaps A sharp drop-off of 40%age points happens here and content below this is going to be ineffective. Also acts as a in page funnel representation Session replays playback your visitors actual page interactions and how they navigate through your website without distracting the visitor from their desired goals Some Popular User Insight Techniques Used Today! Session Replays
  18. 18. Surveys Understanding Word of mouth effect on your direct traffic 98% (103) views 58% (61) views Under Utilised User Insight Techniques
  19. 19. Form Analytics Go beyond tracking form submission rates. Form analytics help you understand how visitors interact with every form field. It gives you insights on where visitors hesitate and drop off 98% (103) views 58% (61) views 27% 34% of the visitors submitted the form 20.5 seconds Total time spent on completing this field 10.3 seconds Time spent by visitors hesitating to give this data 20% of the visitors drop off on this field of the visitors refill this field Under Utilized User Insight Techniques
  20. 20. HYPOTHESIS
  21. 21. Build a structured Hypothesis Based on Observations I believe Solution will address Problem for Audience and impact Goal by uplift % Evidence or Research that identifies a pattern or a problem that needs solving If you are just starting to test, then Audience is probably all visitors. But as you mature in optimization your audience is a subset Brings in accountability on what your team was trying to achieve
  22. 22. Example Of A Data Driven Hypothesis
  23. 23. PRIORTISE
  24. 24. Frameworks to prioritise Hypothesis Potential Importance Ease Time Impact Resources Bryan Eisenberg Impact Confidence Ease Sean Ellis PXL model By By By By
  25. 25. What we use/recommend? Confidence Importance Ease How confident are you of achieving the uplift in conversion rates from this test? How valuable are the audience you are testing for? How Easy is it implement this test? Generally higher confidence can be achieved with high level of research Not just effort for design and dev, but also take into account how easy is it to get all stakeholders to agree to doing this For example a test conducted on bottom of the funnel could be more important than a test on top of the funnel
  26. 26. TEST
  27. 27. Choose from Different Testing Types: A/B, Multivariate, and Split A/B Test Change any element or section of a webpage and test both versions. Split URL Test Test performances of separate URLs if the landing pages are significantly different. Multivariate Test Run tests on multiple variation combinations together.
  28. 28. Test Smarter and Faster with Bayesian Test Results, Using SmartStats Compare the average order value and the total revenue at the end of testing campaigns. • Peeking bias eliminated • Automatic estimation of sample size • Testing time reduced by half
  29. 29. Target tests to Specific Visitor Groups with Easy Segmentation Segment your audience on the basis of predefined attributes such as device, geo-location, and browser. Or target custom segments. Example: Depending on paid marketing channels
  30. 30. MEASURE/LEARN
  31. 31. Version A Version B How to Measure the Impact?
  32. 32. *Confidential – Do Not Distribute Version A: Growth Version B: Revenue Growth Clicks 2000 1700 CTA Clicks 110 120 Look At The Full Funnel Net New Opportunities 57 43 Revenue $825,000 $475,000 Net New Contacts 75 90 Net MQLs 45 45 SMB/Mid Market 20 30 Enterprise 25 15
  33. 33. Good: Lift Do your indicators correlate with aggregated revenue lift? (i.e., Are you beating your benchmarks?) The CRO Funnel Better: Influence At the opportunity level, are opps that are exposed to version A more or less likely to become revenue than version B? Best: Revenue Attribution Connect your experiment to revenue attribution and directly draw the line to revenue
  34. 34. Wrap up Don’t just focus on increasing the number of times you roll the dice, but focus on increasing the odds of winning!
  35. 35. HAPPY OPTIMISING Connect with me: Deepak.lamba@vwo.com

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