Gamc2010 09 - price testing holy grail of marketing - rachit dayal - happy marketer
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This material was presented at the Google Analytics Master Classes in Singapore and Kuala Lumpur on March 9 & 11 respectively. Rachit Dayal's talk covered strategies for variable price testing using GWO and the challenges of using GWO in Southeast Asia. Happy Marketer are a GAAC
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Gamc2010 09 - price testing holy grail of marketing - rachit dayal - happy marketer
- 1. Happy Price Testing Getting to the Holy Grail of Marketing Rachit Dayal Lead Consultant, Happy Marketer rachit@happymarketer.com http://twitter.com/rachitdayal Google Confidential and Proprietary 1
- 2. How much can you charge for your product? The optimal price is the holy grail of trading / sales / marketing / business Even prehistoric man wondered how many pails of grain he could get for that goat he was trading away! Google Analytics Master Class 2010 2
- 3. Whatâs the impact of price on profit? Google Analytics Master Class 2010 3
- 4. Current Methods of Price Testing ï»âŻ Strategic âGuessingâ ï»âŻ Not based in fact, mostly guesswork ï»âŻ Customer Surveys ï»âŻ Honestlyâs a problem â they do different from what they say ï»âŻ In-Store Tests ï»âŻ Very expensive, could lead to backlash ïŒâŻ Online Price Testing ïŒâŻ Affordable, quick to implement ïŒâŻ Accurate data compared to other mediums Google Analytics Master Class 2010 4
- 5. The Story of Genopal 72 hrs to Launch of New Product âąâŻ Werenât sure how much to price ï§âŻ US$24.95 ? ï§âŻ US$29.95 ? ï§âŻ US$39.95 ? 1. Home Page 2. Buy Page 3. Checkout Where all users start out Where all come to read Beginning of the Shopping and explore the site about pricing details Cart & Confirmation Process Google Analytics Master Class 2010 5
- 6. Vary only one thing â the price Buy It Now. Only $24.95 Buy It Now. Only $29.95 Buy It Now. Only $39.95 Google Analytics Master Class 2010 6
- 7. The Price Testing Results ⊠Items Sold Revenue 100% 100% 100% 100% 50% 60% 0% 5% 0% 8% 2X Sales at $24.95 and 66% more revenue Google Analytics Master Class 2010 7
- 8. A Subsequent Marketing Test Told Us ⊠Google Analytics Master Class 2010 8
- 9. Summary of Testing Results âąâŻ Home Page Headline ï§âŻ Best Headline led to performed 42% better than the original headline âąâŻ Home Page Image ï§âŻ Best Image led to performed 27% better than the original image âąâŻ Overall Results ï§âŻ Conversion Rate went up from 2.6% to 3.8% (32% boost) ï§âŻ Price changed from 29.95 to 24.95 (led to 2X more sales) Google Analytics Master Class 2010 9
- 10. Summary â How To Price Test 1.⯠The Process Buy It Now. Only $24.95 ï§âŻ Relied on Online Testing & Google Website Optimizer â faster than offline Buy It Now. Only $29.95 ï§âŻ Show the price in very few places ï§âŻ Vary only the price âkeep as many other Buy It Now. Only $39.95 things constant as possible 2.⯠The Result ï§âŻ The data was probably not statistically ï»ï» significant â too little time ï§âŻ Provided some preliminary market intelligence about price ï§âŻ Gave us a good idea about what headlines and images appealed Google Analytics Master Class 2010 10
- 11. Lessons about Getting Good Data 1.⯠Be Patient, confidence in results take time (wait for green bars) ïŒ ï» 2.⯠Start with the most High Traffic Pages (home Home Page Call To page, ad landing pages) Message Action 3.⯠Focus on big things that Price could really make a Page Format difference Google Analytics Master Class 2010 11
- 12. Thank You! http://www.HappyMarketer.com/ Rachit@HappyMarketer.com http://twitter.com/rachitdayal Google Confidential and Proprietary 12