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VWO_ 5 Strategies to Drive Instant Improvement in Your Brand’s CVR, AOV and LTV (1).pdf

VWO
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VWOContent Marketer at Wingify

This concise presentation focuses on fortifying three vital business metrics: Conversion Rate (CVR), Average Order Value (AOV), and Customer Lifetime Value (LTV). Enhancing CVR, AOV, and LTV: The talk will quickly define these metrics, underlining their importance for growth and profitability. Personalized Marketing: The spotlight will be on customer segmentation and targeted marketing to improve CVR, featuring practical, instant strategies. Upselling and Cross-selling: This segment will explore techniques like bundle offers and smart pricing to boost AOV immediately. Boosting LTV: Attendees will learn quick tips to improve LTV, focusing on customer service, loyalty programs, and retention strategies. Data Analytics and A/B Testing: The presentation will emphasize the role of data analysis and A/B testing in enhancing CVR, AOV, and LTV. In this session, you will learn actionable insights for businesses to instantly enhance their key metrics, balancing theoretical understanding with hands-on advice.

VWO_ 5 Strategies to Drive Instant Improvement in Your Brand’s CVR, AOV and LTV (1).pdf

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5 Strategies to Drive
Instant Improvement in
Your Brand’s CVR, AOV
and LTV
Jacob Elbaum
About Me
● 10+ Years in Marketing
● Managed 18-person marketing team at 22 years old
● Head of Growth at Voice123
● Built 4 businesses from scratch
○ Out of home advertising marketplace (airBNB of outdoor ads)
○ Instagram Growth service (follow/unfollow)
○ Marketing agency (anybody and everything)
○ eCommerce CRO agency (the real deal)
● Entrepreneurship Mentor at Reichman University (Israel)
But more importantly…
● Left home at 18 and moved to Israel for college
● Met my wife at 19 and been together for 12 years
● Got an amazing 4-year old born on 4th of July
● I’m calm. But psychologists and therapists make anyone a better
version of themselves
● No limited beliefs…
● You only get what you tolerate
My Webinar Goal
I took information stored in my brain for 3 years, and wrote a mental
summary. And then I phrased it in a way that could be easily
understood. And am sharing that here today.
So my goal is that you get a VERY practical way you can add
bottom-line revenue to your business in the next 24 hours (if you
deem it necessary).
And if you do..
Let me know (*wink wink* social media tag)
Who this is
for?
● Entrepreneur looking to
start an eCommerce brand
● eCommerce brand owner
that has SOME sales (or a
lot of them) already and
wants to increase that by
10-20%
So…who is this really for?
Anyone in eCommerce.
Except….
If you cannot get 1 person to buy from you. I cannot solve that problem.
Sorry. At least not from this presentation.
Ad

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VWO_ 5 Strategies to Drive Instant Improvement in Your Brand’s CVR, AOV and LTV (1).pdf

  • 1. 5 Strategies to Drive Instant Improvement in Your Brand’s CVR, AOV and LTV Jacob Elbaum
  • 2. About Me ● 10+ Years in Marketing ● Managed 18-person marketing team at 22 years old ● Head of Growth at Voice123 ● Built 4 businesses from scratch ○ Out of home advertising marketplace (airBNB of outdoor ads) ○ Instagram Growth service (follow/unfollow) ○ Marketing agency (anybody and everything) ○ eCommerce CRO agency (the real deal) ● Entrepreneurship Mentor at Reichman University (Israel)
  • 3. But more importantly… ● Left home at 18 and moved to Israel for college ● Met my wife at 19 and been together for 12 years ● Got an amazing 4-year old born on 4th of July ● I’m calm. But psychologists and therapists make anyone a better version of themselves ● No limited beliefs… ● You only get what you tolerate
  • 4. My Webinar Goal I took information stored in my brain for 3 years, and wrote a mental summary. And then I phrased it in a way that could be easily understood. And am sharing that here today. So my goal is that you get a VERY practical way you can add bottom-line revenue to your business in the next 24 hours (if you deem it necessary). And if you do.. Let me know (*wink wink* social media tag)
  • 5. Who this is for? ● Entrepreneur looking to start an eCommerce brand ● eCommerce brand owner that has SOME sales (or a lot of them) already and wants to increase that by 10-20%
  • 6. So…who is this really for? Anyone in eCommerce. Except…. If you cannot get 1 person to buy from you. I cannot solve that problem. Sorry. At least not from this presentation.
  • 7. What am I talking about? 5 Strategies to Drive Instant Improvement in Your Brand’s CVR, AOV and LTV I learned these strategies from trial and error. I’ll explain: - What the strategy is & why it works - What it looks like - What KPI’s it effects - Estimated impact on the KPI And then I’ll wrap everything up.
  • 8. Let’s Start! CVR = Conversion Rate This is the # of people who convert (purchase) on your website divided by the # of people (users) that visit your website AOV = Average Order Value This is the average amount of money spent per transaction by a customer on your website LTV = Lifetime Value This is the amount of money spent over the lifetime of a customer of your website from the 1st purchase to the “last” purchase (we don’t really know)
  • 9. Why these KPI’s? ➔ You have 10K users per month. ➔ Your conversion rate is 3%, AOV is $55, and LTV is $135 (on avg). ➔ Revenue from each user today = 10,000 x .03 x $55 (cash flow) = $17K ➔ Revenue from each user long term = 10,000 x .03 x $135 (exit) = $41K ➔ AND NOW…+10% everything ➔ Conversion rate is 3.3%, AOV is $60.5, and LTV is $148.5 ➔ Revenue from each user today = 10,000 x .033 x $60.5 (cash flow) = $20K (extra $3K for short-term growth) ➔ Revenue from each user long term = 10,000 x .033 x $148.5 (exit) = $49K (extra $9K for long-term growth)
  • 10. If you budget well (which you should since you probably own a business)... Then you MUST take extra profit and put it into growth. If you’re not growing, you’re dying.
  • 11. Now that we understand… let’s begin! (saved best for last)
  • 12. Strategy #1: PDP Bundles - What the strategy is - Provide users with bundle options on your PDP so instead of offering them to buy just 1 of your product, make it a “default” for them to buy more - Highlight why they’d want more (best deal, most popular, etc.) - Give them price incentive to buying more - Make sure the pre-selected default is the one you want them to buy - What it looks like - https://try.javycoffee.com/lp43/ - What KPI’s it effects - AOV - CVR - LTV - Estimated total impact on KPI’s - 3-5%
  • 13. Strategy #2: Package Protection - What the strategy is - Give your users the option to add package protection on the cart/checkout - You can have a checkmark people can mark off which adds package protection to the order - You can charge on a sliding scale, OR just have a fixed price for what you charge. They both work - This is basically giving them confidence that: - If something happens to their package in transit, you will cover any related costs - If something happens to their product, you make sure to provide an end to end service - What it looks like - https://shop.carawayhome.com - What KPI’s it effects - AOV - CVR - Estimated total impact on KPI’s - 1-2% (depends on your current AOV - $50-100)
  • 14. Strategy #3: Free Gifts - What the strategy is - When a user is in the cart, offer them a free gift when they order for a certain amount - Make sure the amount they must order is above the current AOV in your store (should be monitored once per 30 days) - Make sure the cost of the free gift is low ($1 COGS branded item) OR make the free gift threshold higher (although lower opt-in) - You can show the free gift threshold as a progress bar, that once the cart value reaches the threshold, the free gift is unlocked - Note: You can also use “Mystery Gifts” - What it looks like - https://www.eatraize.com/pages/keto-cookies - What KPI’s it effects - AOV - CVR - Estimated total impact on KPI’s - 1-2% (depends on your current AOV - $50-100)
  • 15. Strategy #4: Shipping Price Testing - What the strategy is - Set up an A/B test where you show the user different variations of shipping options - The goal is to be able to charge the most you possibly can without hurting your conversion rate - If the product hits a strong enough pain point, your customers will be willing to spend on shipping regardless - Start by offering 1 shipping option (the most basic one) and charge for it - If you currently offer free shipping for everyone, the test should help you understand how much that actually affects your conversion rate - With the 1 shipping option, you want to test 4 variants - High ($14.99), Medium ($7.99), Low ($2.99), Free
  • 16. Continued.. - This becomes your starting point for more testing - Eventually you can test multiple shipping options to see how to use shipping options together to maximize conversions and order value - What KPI’s it effects - AOV - CVR - Estimated total impact on KPI’s - 1-3% (depends on your current AOV - $50-100)
  • 17. Strategy #5: Post-Purchase Upsells - What the strategy is - Once someone completes a purchase, immediately show them (same session) an offer which they can accept or decline - If they accept, the product can be added to the original order as part of that order - Since people have already bought from you, they’re a lot more likely to opt-in - Each store will be different but some offers will be things like: - Discreet Packaging - First in Line - Mystery Gift - Digital Products - Algorithm Recommendation (Existing) - Complementary Discounted Product - Most Expensive Product Discounted - Least Expensive Product Discounted
  • 18. - What it looks like - https://cdn.zappy.app/5410e5a22668b9650440ad9023f218c5.png - What KPI’s it effects - AOV - CVR - Estimated total impact on KPI’s - 5-10% (depends on your current AOV - $50-100)
  • 19. BONUS: Digital Product Add-Ons - What the strategy is - Work with a content strategist to identify 3-5 pieces of content that would be really valuable to produce to your customers (guides/magazines/courses/etc) - Build all pieces of content with a content creator which will allow you to test what your audience will find valuable - You can also survey your customers before this to reduce the pieces of test content - Test the content as a post purchase upsell to see the perceived value - Of course, you can discount the product as much as you want since you paid only once to produce it - Can open the doors to potential digital content subscription
  • 20. - What it looks like - https://cdn.zappy.app/b5cd74ccb480e12f2cdc0c242404d447.png - What KPI’s it effects - AOV - CVR (if pre-purchase) - Estimated total impact on KPI’s - 5-10% (depends on your current AOV - $50-100)
  • 21. Wrapping up - This is for anyone…except if you have 0 sales and have been working on your store for >6 months - These implementations will help you profit more from your traffic so you can focus more on short-term and long-term growth - If you are foolish with these profits, then don’t even get started - There are easy ways to add more profit to your business…some we talked about are: - PDP Bundles - Package Protection - Free Gifts - Shipping Price Testing - Post-Purchase Upsells - BONUS: Digital Product Add-Ons
  • 22. Thank you Questions? Let’s have a chat on stage, request from the side bar!