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PRWD Reveal Online 2015: How To Sell In Conversion Optimisation - Matt Lacey

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This is Matt Lacey's talk from the first ever PRWD Reveal Online.

In this talk, Head of Optimisation Matt shares tips to help you get buy-in for a conversion optimisation programme from your senior stakeholders.

Areas covered include tackling objections and myth busting, using data to make your case and using the fear of loss in competitive markets to your advantage. If you're struggling to convince senior stakeholders (or even other arms of the business) about the validity of conversion optimisation, this presentation for you.

PRWD Reveal is a one day conference that shows you how to implement a robust growth strategy which can deliver major uplifts in sales revenue and profitability, as well as changing the way you develop your brand, innovate your offering and redesign your website.

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PRWD Reveal Online 2015: How To Sell In Conversion Optimisation - Matt Lacey

  1. 1. @matt_lacey12 #PRWDReveal HOW TO SELL IN CONVERSION RATE OPTIMISATION Matt Lacey Head of Optimisation
  2. 2. @matt_lacey12 #PRWDReveal GETTING STARTED Assumption: Conversion Optimisation is crucial for innovation, continuous improvement and business growth Focus: Selling Conversion Optimisation, not broader sales techniques.
  3. 3. @matt_lacey12 #PRWDReveal 53% of survey participants intend to increase their budget for optimisation in 2016 OPTIMIZELY
  4. 4. @matt_lacey12 #PRWDReveal HOW WE MAKE DECISIONS
  5. 5. @matt_lacey12 #PRWDReveal
  6. 6. @matt_lacey12 #PRWDReveal DECISION MAKING IS RELATIVE x x B A x Decoy
  7. 7. @matt_lacey12 #PRWDReveal “WE DON’T HAVE AN INTERNAL VALUE METER THAT TELLS US HOW MUCH THINGS ARE WORTH. RATHER WE FOCUS ON RELATIVE ADVANTAGE OF ONE THING OVER ANOTHER, AND ESTIMATE VALUE ACCORDINGLY.” DAN ARIELY
  8. 8. @matt_lacey12 #PRWDReveal LOSS AVERSION “PEOPLE HAVE A NATURAL TENDENCY TO STRONGLY PREFER AVOIDING LOSSES TO ACQUIRING GAINS.”
  9. 9. @matt_lacey12 #PRWDReveal 1 . It explains why senior decision makers may be acutely aware of some risks associated with Conversion Optimisation HOW LOSS AVERSION EFFECTS BEHAVIOUR 2 . It explains why managers may be rooted in methods that are currently working even if performance could be better 3 . It makes it hard to rationally evaluate the value of Conversion Optimisation
  10. 10. @matt_lacey12 #PRWDReveal These could be risks to their business, but also to their personal business challenges. “What is the risk of not pursuing or investing further in conversion optimisation ?”
  11. 11. @matt_lacey12 #PRWDReveal WHAT DOES THIS MEAN FOR US? We need to be intentional and clear about how we present Conversion Optimisation for consideration within the business. We need to think about how our proposal will be received and what other factors play a part in the decision-making process.
  12. 12. @matt_lacey12 #PRWDReveal 1. KNOW YOUR AUDIENCE Identifying who you need to convince and what they already understand
  13. 13. @matt_lacey12 #PRWDReveal “We’ll make the big changes and you can just do the optimisation.” “Conversion Optimisation & Continuous Improvement are part of our DNA.”
  14. 14. @matt_lacey12 #PRWDReveal CONVERSION OPTIMISATION IS NOT JUST TESTING ... ... BUT IT IS AN ESSENTIAL ELEMENT.
  15. 15. @matt_lacey12 #PRWDReveal As marketers, we know how important it is to know your audience and prepare messaging accordingly. The same rule applies here. Who do you need to convince and who is the final decision maker? How do they make decisions? If you work closely with the person in question, what do you know about their personality that might effect how you present your business case. KNOW YOUR AUDIENCE
  16. 16. @matt_lacey12 #PRWDReveal 2. KNOW THE FACTS Tackling Risk and Myth Busting
  17. 17. @matt_lacey12 #PRWDReveal BE CLEAR ABOUT THE POTENTIAL BENEFITS Become a high performing growth lever in your business Deliver fantastic ROI Significantly impact bottom line Provide insurance against ideas that turn out to have a negative impact Improve the performance of your acquisition efforts Promote a test and learn culture within your business Outgrow your competition Make you a hero within your business
  18. 18. @matt_lacey12 #PRWDReveal “THERE CAN BE NO GREAT ACCOMPLISHMENT WITHOUT RISK.” Neil Armstrong
  19. 19. @matt_lacey12 #PRWDReveal 1 . The risk of faulty testsLEARN TO ANSWER COMMON OBJECTIONS 2 . The risk of poor performance due to sub-optimal A/B test variations 3 . The risk of not testing! Mitigation: Thorough QA Process Mitigation: Control traffic. Carefully monitor performance and react. Start small and demonstrate value. Mitigation: Highlight the alternative of making decisions based on gut feel and intuition. Lose ground to competitors.
  20. 20. @matt_lacey12 #PRWDReveal Speak the language of your company where possible. If your senior managers or company culture dictates that you bring data, make sure that you do. It may be that a compelling narrative backed up with case studies is more likely to be persuasive for your audience. Prepare well and try to anticipate the type of questions that you will have to answer. COMMUNICATION & DECISION MAKING STYLES
  21. 21. @matt_lacey12 #PRWDReveal 3. Defining Success How to use numbers & letting the data do the talking
  22. 22. @matt_lacey12 #PRWDReveal 5% CONVERSION RATE IMPROVEMENT
  23. 23. @matt_lacey12 #PRWDReveal [Optimizely survey]
  24. 24. @matt_lacey12 #PRWDReveal Use KPIs and metrics that the business are familiar with and that really matter to them. Think about how the figures are framed and to what they will be compared. How can they be made to feel tangible? • Revenue Figures • Comparison: e.g. more valuable than opening a new store every month • Competitors or benchmarking BUILDING YOUR CASE
  25. 25. @matt_lacey12 #PRWDReveal 4. PRIORITISE SPENDING How to explain CRO’s impact on your marketing spend, customer understanding and innovation
  26. 26. @matt_lacey12 #PRWDReveal “WE TEND TO FOCUS ON COMPARING THINGS THAT ARE EASILY COMPARABLE - AND AVOID THINGS THAT CANNOT BE EASILY COMPARED.” DAN ARIELY
  27. 27. @matt_lacey12 #PRWDReveal What is CRO being compared against? • Search Engine Marketing • Paid Advertising • Email • Remarketing • A Redesign COMPARISON How are competing activities measured? • ROI • Conversion Metrics • Engagement Metrics How can you create favourable comparisons?
  28. 28. @matt_lacey12 #PRWDReveal Based on a one month period for an ecommerce site, AOV of £60 SCENARIO ACQ. Spend Sessions CR Revenue CR Lift Rev Change ROI £100,000 285,000 3% £514,000 - - 514%
  29. 29. @matt_lacey12 #PRWDReveal Based on a one month period for an ecommerce site, AOV of £60 What happens if we reduce acquisition costs and reinvest it in improving CR? SCENARIO ACQ. Spend Sessions CR Revenue CR Lift Rev Change ROI £100,000 285,000 3% £514,000 - - 514% £90,000 257,000 3.45% £532,000 15% +£18,000 532%
  30. 30. @matt_lacey12 #PRWDReveal Based on a one month period for an ecommerce site, AOV of £60 What happens if we reduce acquisition costs further to deliver bigger uplifts? SCENARIO ACQ. Spend Sessions CR Revenue CR Lift Rev Change ROI £100,000 285,000 3% £514,000 - - 514% £90,000 257,000 3.45% £532,000 15% +£18,000 532% £80,000 228,000 3.9% £600,000 30% +£87,000 600%
  31. 31. @matt_lacey12 #PRWDReveal 5. CONVERSION (IM)MATURITY Taking Conversion Optimisation to the next level
  32. 32. @matt_lacey12 #PRWDReveal PILLARS OF CONVERSION MATURITY
  33. 33. @matt_lacey12 #PRWDReveal MAKING PROGRESS
  34. 34. @matt_lacey12 #PRWDReveal EXECUTIVE AWARENESS OF CRO 2. Aspiring Some limited executive awareness 3. Progressive Awareness amongst key executive stakeholders 4. Strategic Broad executive awareness 5. Transformational Universal executive awareness 1. Beginner No executive awareness
  35. 35. @matt_lacey12 #PRWDReveal BUDGET SETTING 2. Aspiring Marketing Budgets are fixed Quarterly 3. Progressive Marketing Budgets have some limited flexibility & can be periodically reprioritised 4. Strategic Marketing Budgets are flexible and can be periodically reprioritised 5. Transformational There are no fixed budgets and spending is quickly prioritised 1. Beginner Marketing Budgets are fixed annually
  36. 36. @matt_lacey12 #PRWDReveal 3. EXPECTED IMPACT 2. WHY CRO? 1. OPPORTUNITY RECIPE FOR A GOOD PITCH:
  37. 37. @matt_lacey12 #PRWDReveal 3. DEFINE SUCCESS 2. KNOW THE FACTS 1. KNOW YOUR AUDIENCE 5. CONVERSION (IM)MATURITY 4. PRIORITISE SPENDING
  38. 38. @matt_lacey12 #PRWDReveal CONVERSION OPTIMISATION CAN... Become a high performing growth lever in your business Deliver fantastic ROI Significantly impact bottom line Provide insurance against ideas that turn out to have a negative impact Improve the performance of your acquisition efforts Promote a test and learn culture within your business Outgrow your competition Make you a hero within your business
  39. 39. PAUL ROUKE Founder & Director of Optimisation @paulrouke QUESTIONS MATT LACEY Head of Optimisation @matt_lacey12 bit.ly/CROresources

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