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T&C Meetup #8: How to Optimize Conversions Throughout Your Funnel

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Learn:
1) What Analytics tools you can use to measure conversions. 2) The secret to user testing. 3) The difference between Qualitative vs. Quantitative Research. 4) How to develop testing ideas: radical vs. incremental redesign. 5) When o use A/B Testing vs MVT (Multivariate Testing). 6) What software tools to use to split test your funnels.

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T&C Meetup #8: How to Optimize Conversions Throughout Your Funnel

  1. 1. How To Optimize Conversions Throughout Your Funnel by Ewa Wysocka & Samuel P.N. Cook
  2. 2. 1. STRATEGY fundamentals 2. FUNNEL psychology and mapping 3. EXECUTION process 4. Defining your NUMBERS (KPI’s) 5. CONTENT integration 6. PAID TRAFFIC integration 7. OPTIMISATION 8. CUSTOMER SERVICE process set up Our 8-Step Digital Marketing Formula
  3. 3. Let’s imagine for a moment that….
  4. 4. You Set Your Fundamentals of Online Marketing STRATEGY: ⭑ Your PERSONA ⭑ Market AWARENESS ⭑ Market SOPHISTICATION ⭑ Your Unique Selling Proposition (USP) ⭑ Your BRANDING Kit
  5. 5. Your mapped out your online FUNNEL
  6. 6. FrankKern BrendonBurchard 1. COPYWRITING 2. UI/UX Design 3. GRAPHIC Design 4. FRONT END Development 5. WEBSITE ECOMMERCE Development 6. Marketing AUTOMATION Setup 7. CRM Setup 8. ANALYTICS Setup You executed your Funnel according to the process:
  7. 7. You know your LTV (Lifetime Value) and planned your CAC (Customer Acquisition Cost)
  8. 8. You integrated some of the most powerful content pieces into your Funnel: ⭑ VIDEO ⭑ WEBINAR ⭑ Graphic (Infographic) ⭑ Blog Post ⭑ Social Media Post NEILPATEL SETHGODIN
  9. 9. 1. Start with a Funnel. 2. Find a Cold Traffic Source. 3. Remarketing Roadmap. 4. Write your ads. 5. Set Your Budget. You followed the rules of Paid Traffic:
  10. 10. And….
  11. 11. LTV > 3 x CAC
  12. 12. SCENARIO #1: LTV <= CAC
  13. 13. 1. Do you have a Product/Market Fit? a. Were you able to sell this to anyone before? (offline) 2. Can you increase your LTV? a. Improve your Customer Experience (next Meetup!) b. Increase price. c. Add upsells and downsells. SCENARIO #1: LTV <= CAC
  14. 14. 3. Use QUALITATIVE RESEARCH (surveys and customer interviews) to evaluate your assumptions on Strategy Fundamentals: a. Did you pick the right Persona? b. Is your Unique Selling Proposition compelling? c. Are you competitive in the Market You Chose? SCENARIO #1: LTV <= CAC
  15. 15. SCENARIO #2: CAC < LTV < 2 x CAC
  16. 16. 1. Can you increase your LTV?! (This will never hurt!): a. Improve your Customer Experience (next Meetup!) b. Increase price. c. Add upsells and downsells. 2. Adjust the Funnel Elements (Radical Testing): SCENARIO #2: CAC < LTV < 2 x CAC
  17. 17. Use video instead of articles Change Webinar for online Assessment! Add extra step for Purchase! How To Do RADICAL TESTS
  18. 18. SCENARIO #3: 2 x CAC < LTV < 3 x CAC
  19. 19. 1. Can you increase your LTV? (it never hurts!) a. Improve your Customer Experience (next Meetup!) b. Increase price. c. Add upsells and downsells. 2. Conversion Rate Optimization (CRO) a. A/B Testing b. Multivariate rate testing (MVT) SCENARIO #3: 2 x CAC < LTV < 3 x CAC
  20. 20. Customer Acquisition Cost (CAC) = $1 1. Ad CTR - Increases 10% 2. Optin Page - Increases 10% 3. Email Sequence - Increases 10% 4. Sales Page Page - Increases 10% Funnel Conversion Rate Increase - 46% Customer Acquisition Cost (CAC) - $.68 CRO Math 101 SCENARIO #3:
  21. 21. 1. Funnel Analysis (Heuristic) 2. Technical Analysis 3. Quantitative Research 4. Qualitative Research 5. Create Hypotheses 6. Test your Hypotheses 7. Learn from Your Tests Conversion Rate Optimization Framework SCENARIO #3: PeepLaja,Conversionxl
  22. 22. BrendonBurchard 1. Your opinion doesn’t matter. 2. You don’t know what will work. 3. There are no magic templates for conversion. How to be a good OPTIMIZER Claycollins,leadpages
  23. 23. 1. Cross Browser Testing 2. Cross Device Testing 3. Conversion Rate per Device/Browser 4. Speed Analysis - GTMetrix.com a. Code Quality b. Server Configuration c. CDN Network Technical Analysis
  24. 24. BrendonBurchard 1. Web Analytics Analysis a. Analytics Health Check b. KPI Measurement 2. Mouse Tracking Analysis a. Heatmaps & Clickmaps b. Scroll maps c. User web recordings d. Form Analysis Quantitative Analysis
  25. 25. BrendonBurchard 1. Surveys a. Customer Surveys b. Web Traffic Surveys c. Chat Logs d. Interviews e. Sales Calls 2. User Testing a. In-person b. Screen Recording w/ Client c. User Testing Sites Qualitative Analysis
  26. 26. BrendonBurchard 1. 5 Main Buckets of Discoveries a. Test. b. Instrument. c. Hypothesize. d. Fix it. e. Investigate. 2. Make Hypotheses 3. Prioritize Hypotheses a. Front of Funnel b. Back of Funnel c. Bottleneck of Funnel Create Hypotheses
  27. 27. BrendonBurchard 1. Make priorities 2. How easy is it to implement? a. Copy Changes b. Design Changes c. Functionality Changes d. Video Changes 3. How long will the test take? 4. How does this test effect other tests? 5. The Art vs. Science Testing Hypotheses
  28. 28. BrendonBurchard 1. Focus on First things First a. Above the Fold b. Optin/Offer Box c. Footer d. Everything Else 2. Copy Matters (A Lot) 3. Video Works (unless it doesn’t). 4. 2 pages vs. 3 pages 5. Short vs. Long Page layout 6. Short vs. Long Forms Testing Priorities
  29. 29. BrendonBurchard 1. The Secret Weapon of Optimizers (Statisticians) 2. How it Works a. 3 Elements b. 2 Variations per element c. 8 unique combinations 3. You usually get a Winner (much better percentage than A/B Testing) 4. Interactions of Elements creates unique testing NOTE: Large amount of traffic Required MVT vs. A/B Testing
  30. 30. 1. ⅔ of A/B Tests will fail 2. Losing tests COSTs you money 3. What did you learn from the test? 4. When you WIN, you lock in the gains. Learning from Tests Bobbymcgee,olympicruncoach
  31. 31. How to (NOT) break your funnel
  32. 32. 3 Ways Of Increasing Your Customer Lifetime Value June 15th, 7pm, Google Campus Warsaw SAM! IT’S THE LAST ONE!!!! YES... BUT IT’S NOT THE END...
  33. 33. Video production & Photography by projecton

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