Funnels Workshop Web Summit 2014 @geckoboard @GA
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The document discusses customer funnels and analytics. It defines a funnel as visualizing a customer's journey from stranger to follower through various stages like acquisition, activation, retention, revenue, and referral. It emphasizes measuring key metrics at each stage of the customer journey. It distinguishes between vanity metrics that don't change behavior and actionable metrics that can help improve the funnel. The document provides resources for testing and optimizing the funnel through techniques like A/B testing and cohort analysis.
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Funnels Workshop Web Summit 2014 @geckoboard @GA
- 1. UNDERSTANDING FUNNELS AND ANALYTICS
- 2. Sofia Quintero Head of Growth @sofiaqt Customer experience |Digital Marketing Client side| Agency |Freelance| Startups BA Business Studies and Marketing MA Mass Communications Data Driven
- 3. AGENDA 3 Basic Concepts and Foundational Stuff: • Funnels • Vanity Metrics Vs Actionable Metrics Tactics, Tools and resources
- 4. 4 Your user base Your data Your mindset
- 5. 5 Hidden Genius of Donald Rumsfeld
- 6. THE FUNNEL A funnel is a way of visualizing the journey your visitors will go through in order to complete a desired action… …from complete strangers to raving followers
- 7. THE CUSTOMER JOURNEY 7 MEASURE YOUR CUSTOMER JOURNEYAARR R ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL
- 8. THE FUNNEL …from complete strangers to raving followers
- 9. . One minute audit Draw your funnel
- 10. Tools 1100
- 11. Lean Analytics Analytics is the measurement of movement towards your business goals.
- 12. 12 Your metrics
- 13. Vanity Actionable HHeellppss yyoouu ppiicckk aa ddiirreeccttiioonn.. vs. MMaakkeess yyoouu ffeeeell ggoooodd,, bbuutt ddooeessnn‘‘tt cchhaannggee hhooww yyoouu''llll aacctt.. Kill these. Find these.
- 14. . If a metric won’t change how you behave, it’s a bad metric.
- 15. 15 Empathy Stickiness Virality Revenue Scale Mobile app User-gen content 2-sided market E-commerce SaaS Media Interviews; qualitative results; quantitative Interviews; qualitative results; quantitative ssccoorriinngg;; ssuurrvveeyyss Loyalty, conversion Loyalty, conversion CAC, shares, reactivation CAC, shares, reactivation (Money from transactions) Transaction, Transaction, CLV CLV Affiliates, white-label Affiliates, white-label Engagement, Engagement, churn churn Inherent virality, CAC Inherent virality, CAC (Money from active users) Upselling, CAC, Upselling, CAC, CLV CLV API, magic #, mktplace API, magic #, mktplace CCoonntteenntt,, ssppaamm Invites, sharing Invites, sharing (Money from ad clicks) AAddss,, ddoonnaattiioonnss Analytics, user Analytics, user data data Inventory, listings Inventory, listings SSEEMM,, sshhaarriinngg Transactions, commission Transactions, commission OOtthheerr vveerrttiiccaallss Downloads, churn, virality Downloads, churn, virality WoM, app ratings, CAC WoM, app ratings, CAC CCLLVV,, AARRPPDDAAUU Spinoffs, publishers Spinoffs, publishers Traffic, visits, Traffic, visits, returns returns Content Content virality, SEM virality, SEM CPE, affiliate %, eyeballs CPE, affiliate %, eyeballs Syndication, licenses Syndication, licenses
- 16. Some vanity metrics to watch out for 16 Number of hits Unique visitors Number of visits Page views Emails collected Number of follower/likes
- 17. . One minute audit Write down the top 4 metrics that you should be tracking
- 18. 18 Think Micro Conversions
- 19. Why is my conversion rate so low? 19 Maybe you are selling features Vs. benefits Maybe your ads suck Maybe your landing page sucks (http://fivesecondtest.com/) Maybe your UX sucks Maybe your drip campaign sucks Maybe your on-boarding process sucks Maybe you don’t really know your customers Maybe your segmentation/targeting sucks Maybe your activation tactics suck
- 20. Product manager in his own habitat 20
- 21. Resources 21
- 25. 25 Q&A @sofiaqt
- 26. COHORT ANALYSIS 26 • Understand events which happen with a time-lag, or continue over time • Compare improvements over time • Collect data for these in your database Cohort analysis is a way of dissecting your user base. You want to compare groups of users and see changes over a period of time
- 27. COHORT ANALYSIS 27 Month of use Cohort 1 2 3 4 5 January $5.00 $3.00 $2.00 $1.00 $0.50 February $6.00 $4.00 $2.00 $1.00 March $7.00 $6.00 $5.00 April $8.00 $7.00 May $9.00 Averages $7.00 $5.00 $3.00 $1.00 $0.50 WHAT IS HAPPENING HERE?
- 28. COHORT ANALYSIS 28 Month of use Cohort 1 2 3 4 5 January $5.00 $3.00 $2.00 $1.00 $0.50 February $6.00 $4.00 $2.00 $1.00 March $7.00 $6.00 $5.00 April $8.00 $7.00 May $9.00 Averages $7.00 $5.00 $3.00 $1.00 $0.50 WHAT IS HAPPENING HERE? We need some hypothesis!
- 29. Assumptions & Hypothesis Customers are spending less money in month #2 because: They don’t know we have more products Because we don't communicate with them ..enough.. Because we don’t offer enough incentives Because they don’t perceive value after the first purchase TAKE TIME TO BREAKDOWN THE PROBLEM BEFORE YOU GO TESTING SOLUTIONS
- 30. Assumptions & Hypothesis Customers will spend money in month #2 if we: Send them an email reminder Add notifications functionality in the app If we call them at the beginning of the month If we offer a X% discount coupon
- 31. A/B Testing! Choosing the right solution Hypothesis: Customers will spend more in month #2 if they received a reminder Cohort All new customers from 01/03 to30/03 A/B Experiment 50% will receive email reminder 50% will not received email reminder Measurement Open rate CTR Average spend month #2 for both groups Validation 60% of customers who opened and clicked the email reminder spent 35% more in the second month in comparison to the group who did not receive an email.
- 32. A/B Testing! Hypothesis: Customers will spend more in month #2 if they received an email reminder Cohort All new customers from 01/03 to30/03 A/B Experiment 50% will receive email reminder 50% will not received email reminder Measurement Open rate CTR Average spend month #2 for both groups Validation 60% of customers who opened and clicked the email reminder spent 35% more in the second month in comparison to the group who did not receive an email.
Editor's Notes
- https://www.udemy.com/lean-analytics-workshop-alistair-croll-and-ben-yoskovitz/
- http://www.youtube.com/watch?v=b8zRfiPfGTw
- http://www.youtube.com/watch?v=b8zRfiPfGTw