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How To Convince Your Boss on CRO

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Conversion optimisation is one of the most impactful strategies marketers can employ to drive substantial growth of a business. Despite this, convincing senior management of a new strategic and ongoing process is often more challenging than it should be. In this presentation, we provide tactical takeaways to help you sell CRO to your boss.

To hear the recording, click on the link below: http://bit.ly/1PQkZfP

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How To Convince Your Boss on CRO

  1. 1. @matt_lacey12 #SellingInCRO MATT LACEY Head of Optimisation @matt_lacey12 HOW TO CONVINCE YOUR BOSS ON CONVERSION RATE OPTIMISATION
  2. 2. @matt_lacey12 #SellingInCRO Matt Lacey Head of Optimisation at PRWD Dave Cannell Partner Manager EMEA at Optimizely YOUR WEBINAR HOSTS
  3. 3. @matt_lacey12 #SellingInCRO Dan Pete 2006: Dan Siroker and Pete Koomen — Product Managers at Google 2008: Dan — Obama Campaign 2008 - 2010: Carrotsticks, Spreadly, and Y Combinator. 2010: Optimizely Founded 2012 (Oct.): 100,000th Experiment, over 1 Billion pages. #1 Website Optimization Platform Late 2014: Raised $88M to go Global. 100K $88M Our Story 6000+ Happy Customers
  4. 4. @matt_lacey12 #SellingInCRO Optimising online experiences since 2004. Certified solutions partner with Optimizely. Collaborative and open approach to optimisation projects. Work with brands to analyse, research, test and optimise cross device online experiences. ABOUT PRWD
  5. 5. @matt_lacey12 #SellingInCRO GETTING STARTED Conversion Optimisation is crucial for innovation, continuous improvement and business growth Focus: Selling Conversion Optimisation, not broader sales techniques.
  6. 6. @matt_lacey12 #SellingInCRO HOW WE MAKE DECISIONS
  7. 7. @matt_lacey12 #SellingInCRO DECISION MAKING IS RELATIVE
  8. 8. @matt_lacey12 #SellingInCRO
  9. 9. @matt_lacey12 #SellingInCRO “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
  10. 10. @matt_lacey12 #SellingInCRO 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.
  11. 11. @matt_lacey12 #SellingInCRO 1. KNOW YOUR AUDIENCE Identifying who you need to convince and what they already understand
  12. 12. @matt_lacey12 #SellingInCRO “We’ll make the big changes and you can just do the optimisation.” “Conversion Optimisation & Continuous Improvement are part of our DNA.”
  13. 13. @matt_lacey12 #SellingInCRO CONVERSION OPTIMISATION IS NOT JUST TESTING ... ... BUT IT IS AN ESSENTIAL ELEMENT.
  14. 14. @matt_lacey12 #SellingInCRO 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 can what do you know about their personality that might effect how you present your business case. KNOW YOUR AUDIENCE
  15. 15. @matt_lacey12 #SellingInCRO 2. KNOW THE FACTS Tackling Risk and Myth Busting
  16. 16. @matt_lacey12 #SellingInCRO “THERE CAN BE NO GREAT ACCOMPLISHMENT WITHOUT RISK.” Neil Armstrong
  17. 17. @matt_lacey12 #SellingInCRO 1. The risk of faulty testsTHREE 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.
  18. 18. @matt_lacey12 #SellingInCRO 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
  19. 19. @matt_lacey12 #SellingInCRO 3. Defining Success How to use numbers & letting the data do the talking
  20. 20. @matt_lacey12 #SellingInCRO 5% CONVERSION RATE IMPROVEMENT
  21. 21. @matt_lacey12 #SellingInCRO 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
  22. 22. @matt_lacey12 #SellingInCRO 4. SPEND LESS, GROW FASTER How to explain CRO’s impact on your marketing spend, customer understanding and innovation
  23. 23. @matt_lacey12 #SellingInCRO “WE TEND TO FOCUS ON COMPARING THINGS THAT ARE EASILY COMPARABLE - AND AVOID THINGS THAT CANNOT BE EASILY COMPARED.” DAN ARIELY
  24. 24. @matt_lacey12 #SellingInCRO 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?
  25. 25. @matt_lacey12 #SellingInCRO 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%
  26. 26. @matt_lacey12 #SellingInCRO 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%
  27. 27. @matt_lacey12 #SellingInCRO 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%
  28. 28. @matt_lacey12 #SellingInCRO STOP THROWING MONEY AT A POORLY CONVERTING WEBSITE
  29. 29. @matt_lacey12 #SellingInCRO 5. THE FEAR OF LOSS What stops people from taking action?
  30. 30. @matt_lacey12 #SellingInCRO LOSS AVERSION
  31. 31. @matt_lacey12 #SellingInCRO 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
  32. 32. @matt_lacey12 #SellingInCRO THE POWER OF POTENTIAL LOSS “What is the risk of not pursuing an optimisation programme?” These could be risks to their business, but also to their personal business challenges.
  33. 33. @matt_lacey12 #SellingInCRO LETS FINISH ON A POSITIVE NOTE...
  34. 34. @matt_lacey12 #SellingInCRO 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
  35. 35. @matt_lacey12 #SellingInCRO 3. EXPECTED IMPACT 2. WHY CRO? 1.  OPPORTUNITY
  36. 36. PAUL ROUKE Founder & Director of Optimisation @paulrouke THANK YOU FOR JOINING THE WEBINAR MATT LACEY Head of Optimisation @matt_lacey12 bit.ly/CROresources learn.optimizely.com

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