Are You Ready To Move Towards Conversion Optimization?
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Getting repeatable and predictable success in A/B testing is one of the key challenges that online businesses face today. It’s imperative to have more than just traditional testing ideas in your conversion optimization strategy. However, how to know what’s missing? And how do you plug the gaps in your optimization strategy? Well, one of the many ways to begin here is by investing in the right people and mastering the best tools. KEY TAKE-AWAYS What successful companies do differently with their optimization program The essential components of building a conversion optimization strategy When to deploy a conversion optimization strategy and what you need for the same How VWO can accelerate your conversion optimization readiness
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Are You Ready To Move Towards Conversion Optimization?
- 1. Are you ready for Conversion Optimization?
- 2. Ask Questions on Twitter #AskVWO
- 3. About VWO World’s Leading Conversion Optimization Platform 2.5Bn+ 600k+ 5000+ 91 Users served per month Experiments run on our platform Customers across the globe Countries
- 4. Brands that trust VWO Over 5,000 high-growth brands trust VWO for their conversion optimization needs.
- 5. VWO The All-in-One Connected A/B Testing and Conversion Optimization Platform ANALYZE visitors’ behaviors in real time • Heatmaps • Session Replays • Forms • Surveys TRACK your key business goals • Goals • Funnel your optimization program with your team • Observation • Hypotheses PLAN and validate your ideas • A/B Test • Split Test • Multivariate Test • Bayesian Stats TEST specific visitor groups • Personalization • Segmentation TARGET
- 6. What we are going to talk about • Are you ready to move to conversion optimization - Today • Art of conducting visitor research - 27 November • How to plan your optimization roadmap - 5 December • Scaling your A/B Testing program - 12 December
- 7. A little about you
- 8. INCREASE REVENUEWhat is the primary conversion goal of your Website? GENERATE LEADS MORE ENGAGEMENT OTHERS 48% 41% 11% 1%
- 9. Since how long have you been running A/B Tests We are just starting up It’s been a little over 3-4 months 6 months to a year 1 to 2 years 52% 41% 10% 11% More than 2 years 10%
- 10. Most commonly used methods for optimizing conversion rates
- 11. What is A/B testing In the most simplest form, A/B Testing is comparing two versions of a web page to see which version performs better for a defined conversion goal
- 12. Adding ‘Free Shipping’ threshold leads to increase in AOV by 7.3% A N E X A M P L E Variation Control
- 13. Is A/B Testing really working? Only Only More than 1in 8 Tests create a major impact on conversions 25 % Companies are quite satisfied with their conversion rates 7in 10 Companies do not take a structured approach to testing Source: Conversionxl and econsultancy 2016 report High frequency, low returns testing
- 14. So What Does It Take To Achieve Your Goals?
- 15. A successful Optimization Engine People Process Techniques
- 16. Building a Team
- 17. Different models for a Team In-house • Completely managed by employees • Typical skills required to kick off a team - Marketing + UX + Coding Agency/Vendor • Entire Optimization program managed by an Agency or Full service Vendor Hybrid • In-house team with certain activities outsourced to Freelancers or Agencies
- 18. >4FTE Strong correlation between the team size and how long the optimization program has been running at the company What is size of your optimization team? 10% 8% 52% 31% 1 1.5 2.5 7.5 0 1 2 3 4 5 6 7 8 0% 10% 20% 30% 40% 50% 60% <6 months 6 months to an Year 1-3 years >3 years
- 19. Dev, Design, QA are the top outsourced areas What areas of optimization are you most likely to outsource? 0% 5% 10% 15% 20% 25% 30% 35% Entire Optimization Program Strategy Project Management Idea Generation User Research UI/Design of the Test Copywriting Development of the Test QA of the Test None
- 21. What restricts you from scaling your conversion optimization efforts? No optimization roadmap/framework Institutional issues like low traffic Difficulty in understanding a/b test results Poor applicability of CRO tools 37% 28% 9% 8% Lack of buy from the leadership team 7% Other 11%
- 22. A step-by-step approach to increase conversions Conversion Rate Optimization Process Research Tracking metrics and identifying what parts of conversion funnel need fixing Hypothesize Constructing educated hypothesis, based on your research Prioritize Planning and prioritizing your hypothesis Test Testing your hypothesis against the existing version of the website Learn Deploying the winning hypothesis and/or gathering learning for subsequent tests Multiple frameworks and processes prescribed by expert practitioners all follow the same flow for optimization
- 24. 5+ Tools are used on average by a conversion optimization team How many tools do you use for conversion optimization? 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Less than 3 3 to 5 5 to 10 10 to 15
- 25. It is a complex landscape
- 26. Let’s Dive Deeper Into What VWO Can Do For Your Business
- 27. A Connected Conversion Optimization Platform 1 Data Consistency & Coherence: Common Users & Conversion Definition 4 Organizational ease: Single contract, Single invoicing, Single tracking code 3 Connectedness: Complete user journey at one place CONNECTED CRO PLATFORM 2 Single platform for Website Optimizers, Product Managers, UI-UX teams, CRO specialists, Growth Managers
- 28. What we are going to talk about
Hinweis der Redaktion
- Lets look at the different models for a team.
- Econsultancy asked this question in their annual CRO report as to “Which is the most commonly use method to boost conversion rates?” And as you can see in the responses that A/B Testing clearly is one of the most prominent methods
- So coming to the question of what is A/B Testing. How many of you here have either used A/B Testing or heard of it. Based on the response -
- So a quick classic example to introduce A/B Testing
- So now the question arises that are marketers able to exploit A/B testing to its fullest potential? So essentially what happens is Companies find quick early wins but are unable to sustain it. And soon are pushed down the loop of high frequency low returns testing before giving up.
- To answer this question, I would like to take the classical way of looking at People, Process and Tools or Techniques needed. In the rest of my talk I will cover each of these aspects into lot more detail. I have also gathered data from our customers through a survey to add more insights to these aspects.
- Lets look at the different models for a team.
- So lets look at the third dimension of building an optimization engine which is applying the right tools and techniques
- So now the question arises that are marketers able to exploit A/B testing to its fullest potential? So essentially what happens is Companies find quick early wins but are unable to sustain it. And soon are pushed down the loop of high frequency low returns testing before giving up.
- Lets look at the different models for a team.