Embed Size (px)
Citation preview
Always Be OptimizingZarget CRO Meetup, Bangalore
February 17, 2017#CROmeetup
Thank you for joining us!We’ll be starting in just a few minutes.
Tweet your experience with #CROmeetup Follow us at @ZargetHQ | fb.com/ZargetHQ
#CROmeetup
Zarget CRO Meetup
Arvind Parthiban CEO & Co-founder, Zarget
[email protected] @ArvindParthiban
#CROmeetup
Zarget CRO Meetup
“For every $100 spent on driving traffic to websites, companies spend only $1 converting that traffic into business.” - Forrester Research
Zarget CRO Meetup
#CROmeetup
Deepak Kanakaraju Founder at DigitalDeepak.com
[email protected] @DigitalDpak
#CROmeetup
“The Art & Science of CRO”
Zarget CRO Meetup
The Art and Science of Optimization
Who is Deepak Kanakaraju?
• Graduated in 2008. Started “BikeAdvice.in” in 2008 and sold it in 2012. Had 1 Lakh+ Subscribers and 1M page views per month.
• Worked as Digital Marketing Manager at Exotel, Practo, Instamojo and Razorpay.
• Blogging at DigitalDeepak.com about digital marketing.
Understanding Your Target Market
• Imagine a B2B company doing sales. How do they acquire the first 100 customers?
• Near 100% Targeting, Near 100% Conversion.
• Spillovers happen with expansion.
• Develop customer avatars, understand target market, convert with the right messages.
Why Optimize for Conversions?
• Does it ring a bell with your target audience?
• Ideal State: 100 views -> 100 Clicks -> 100 Leads -> 100 Sales.
• Think about the worst case scenario. Wrong targeting: Showing a women’s shoe ad to a men.
• Where are you in the targeting spectrum?
“Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
~ John Wanamaker (1838-1922)
Where did split testing originate?
• “The book is cited as being the original description of the process of split testing and of coupon based customer tracking and loyalty schemes.” - Wikipedia
• “Hopkins outlines an advertising approach based on testing and measuring. In this way losses from unsuccessful ads are kept to a safe level while gains from profitable ads are multiplied. “
Why A/B Testing?
• Start with hypothesis, confirm with experiments.
• Things like: Blue Button Vs. Green Button can be discovered only using experiments. To deep to understand by talking to customers.
• Minimum points - 1000. (1000 impressions to clicks, 1000 visits to leads). - Maintain same target audience.
The Law of Large Numbers
• Numbers stabilize over time.
• Ex: Throwing a dice 6 times vs. 60, 600, 6M and so on.
• Predicting Random Events (Clicks, Conversions are random events)
Murder Rate in New York?
Thank You!
“Companies with a structured approach to improving conversions were twice as likely to see a “large increase” - eConsultancy.com
Zarget CRO Meetup
#CROmeetup
Ranjit Radhakrishnan Chief Product Officer, BYJU’S
[email protected] @RanjitR
#CROmeetup
“Gaming to eCommerce”
Zarget CRO Meetup
Optimizing Conversions RANJIT RADHAKRISHNAN | @ranjitr
A quick dive
The experimentation and optimization Karmic cycle Templating the culture Experiments and Impact Estimates Yin and Yang: Human centred design and Analytics
A quick dive
The experimentation and optimization Karmic cycle Templating the culture Experiments and Impact Estimates Yin and Yang: Human centred design and Analytics
Karmic Cycle
Karmic Cycle
UNDERSTAND METRICS, INSIGHTS
& BASELINE
BUILDING A HYPOTHESIS
DESIGN EXPERIMENTS
PRIORITIZE
RUN THE EXPERIMENT
POSTMORTEM ANALYSIS
Business Goals
Product objectives
Learning objectives
Insights
Control & Variants Duration, Effort, Complexity
Expected Outcomes
Take-aways Iterate Share & document
A quick dive
The experimentation and optimization Karmic cycle Templating the culture Experiments and Impact Estimates Yin and Yang: Human centred design and Analytics
Templating the Culture
Analytics Cultural Maturity
I: Capture Events
Guessing
• Transactional systems
II: “What Happened?”
Awareness
• Reporting, Dashboards, and Alerts
III: “Why Did it Happen?”
Understanding
• Analysis, Experiments, and Mining
IV: Create Advantage
Action
• Analytics Driven Execution and Innovation
Postmortem Analysis
Every feature or initiative should be reported with 1. Summary overview – Objectives – Hypothesis 2. Experiment Design 3. Expectations vs. Outcomes funnel 4. Support 5. Takeaways/ Next Steps
Feature Read: Executive Summary
Overview: • Describing high level hypothesis/ goals design
Experiment design: • Describing high level hypothesis/ goals design
Expectations
• +xx BPS D30 retention
• +yy% Task completion rate
• Neutral for revenue
Actual Outcomes • +xx BPS D30 retention
• +yy% Task completion rate
• - zz% Revenue
Insights & Recommendations:
• Concrete takeaways for other teams
• Point of contact
Support data, Conclusions and Next Steps
Takeaways: • Takeaway 1
• Takeaway 2
• Takeaway3
Next Steps • Next Step 1
• Next Step 2
• Next Step 3
New Buyer conversion • Rev hit mainly due to lower than expected new buyer conversion
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
D1 D2 D3 D4 D5 D6 D7 D8 D9 D10
New Buyer conversion
Variant1- ControlVariant 2Variant 3
Create competitive advantage by
providing everyone with
fast and easy access to the
insight that’s needed
Analytics Vision
Compete on Analytics
A quick dive
The experimentation and optimization Karmic cycle Templating the culture Experiments and Impact Estimates Yin and Yang: Human centred design and Analytics
What is an Impact Estimate ? The dark art
What is an Impact Estimate ? The dark art
A quantitative prediction of how new content or features will impact user behavior and thus high-
level metrics.
Example impact estimate for a new social feature involving gorillas: 50% of DAU will send gorillas to each others’ campsites every day, causing:
a) Increased retention for people who have been clamoring for gorillas and otherwise might have quit the game b) Catchy gorilla virals will bring in new installs. c) An extra 20% DAU one month after launch, all things considered
What is an Impact Estimate ? The dark art
• Improves designs & increases ROI of features
• Help us diagnose poor performance after feature launch
• Help us set experiment sizes
• Aid in prioritization of feature backlog
• Turns us into product ninjas
1. Estimates make for better designs
• Good estimates demand thorough evaluation of every facet of your design.
• They often expose opportunities to increase return on investment (ROI) of the feature by cutting scope
2. They help us refresh features quickly post-launch
• Estimates help you quickly identify bottlenecks and drop-offs in your feature after it launches (the funnel)
• Fast reaction reduces time for the refresh, and revenue that otherwise might be lost
Example of rapid identification of a busted flow: “A Valentine’s Day event saw a significant decay in clicks on a cupid statue, which was the beginning of the user funnel. Because we had predicted high clicks on the statue and implemented a counter, we immediately saw that it was underperforming against our expectations and reacted quickly by adding a persistent sparkle effect. This significantly increased daily feature participation.”
3. We need estimates to set experiment sizes
If you want to prove a small bump in a metric, we need a large group of people in the experiment to prove it confidently • Small experiment groups may not be random enough to capture enough behavior or represent the
diversity of players on platform. This is especially true with ARPU features.
Small sample sizes = skewed results
4. Estimates help us prioritize the product backlog
Avatar shoes Revenue impact: $300 per day Dev cost: Low
Jelly missiles Revenue impact: $1,500 per day Dev cost: Low
5. Estimates make you a product ninja over time
• You’ll become more objective and scientific in your approach to product
• You’ll recall results when designing future systems and content
• You’ll make better products, faster
What is a SWAG?
XKCD
SWAG: A Sophisticated Wild-Ass Guess Use SWAGs early in the feature design process to help focus on and refine the right bets
A SWAG is composed of three parts: 1. Low-level impact on user behavior
The sustained, long-term impact to one or several low-level metrics for user behavior that you intend to improve
2. High-level impact on DAU, revs, etc. The sustained, long-term overall impact to the target high-level metric (installs, retention, engagement, DAU, revenue.) 3. Supporting evidence
…for why you assume increasing these low-level metrics will correlate to the predicted increase to the high-level metric • It’s OK for this to be based on product instinct • It’s better for it to be based on past results, research, a
previous experience or evidence, even if qualitative.
I worked in a coal mine previously and have little or no basis for SWAG’ing. How do I catch up?
Creating a thorough estimate
XKCD
Process drives Impact
• Most of the value of impact assessments comes from the *process*, not the final estimate
• Help drive that evolution by questioning your and others’ assessments and continuing to innovate
• Build an internal body of knowledge within the company. Make it a knowledge economy not a people economy.
A quick dive
The experimentation and optimization Karmic cycle Templating the culture Experiments and Impact Estimates Yin and Yang: Human centred design and Analytics
Human Centred design & Gaming
Using Gamification to drive conversions
It is not about mechanics or game elements!
Mechanics do no trump Core human motivations
Design optimization and experiments with core human motivations in mind
Ying and Yang: Human focused design & Analytics
Use data to understand product metrics and experiment results
Use understanding of human behaviour and motivations to
structure optimization and innovations
Don’t be this!
Optimizing Conversions RANJIT RADHAKRISHNAN | @ranjitr
“Companies with over 40 landing pages generate an average of 12 times more leads than those with 5 or fewer pages.” - HubSpot
Zarget CRO Meetup
#CROmeetup
Pratik Kumar Co-founder, Green Giraffes
[email protected] @pratikks
#CROmeetup
“Product to Marketing and Beyond”
Zarget CRO Meetup
Product to Marketing and BeyondThe road to funnel optimization
Are you tracking Conversion?
Conversion as a metric is Overrated & Misleading.
The funnel
Your Product
CartAudience Customer
Funnel Optimization
“Marketing Weds Product
Top-down vs Bottom UpBottom of the funnel customers are the most engaged
Lose them and in effect you lose 50-100x of your top of funnel cost
Scale of business does not matter (Rooter/TVF)
The Zivame story
Fixing the funnelCart Success
Acquisition
Retention
Cart success
Cart Success, dɛfɪˈnɪʃ(ə)n/
Total # of Transactions
-------------------------------------
Unique # of add to cartsWhat is the optimal number??
Desktop vs mobile, web vs app, horizontal vs vertical/niche, fashion vs necessity, video vs gaming
Cart success
Marketing
Shipping Costs
Offline conversions
PGs
Product
Avoid one page checkouts
Guest Checkout ??
Friendly Error messages
Analytics based compatibility testing (device/browser etc.)
Marketing & Product
Cart abandonment mailers
Cart offers
Acquisition
Marketing
Interest based targeting (LookAlikes etc.)
The Marketing funnel - Prospecting to re-targeting
Marketing & Product
Ads optimization automation (Adwyze)
Carousel/ dynamic product ads and product innovation
Banner links
Product
Email capture
Wishlists
Retention
Marketing
Promotional e-mailers (Ayr, text)
Product
Recommendations
Marketing & Product
Drip Campaign (Nykaa e.g)
Loyalty points
“For every $92 dollars spent acquiring customers, only $1 is spent converting them.” – eConsultancy
Zarget CRO Meetup
#CROmeetup
Leslie Joseph Sr. Director Marketing, [24]7 INC
[email protected] @LeslieJoseph
#CROmeetup
“Gaming to eCommerce”
Zarget CRO Meetup
@lesliejoseph
Promises and Pitfalls
Predictive Marketing
Senior Director Product Marketing[24]7
Leslie Joseph
@lesliejoseph
Who am I?
@lesliejoseph
Who am I?
A complex combination of:• Demographics• Behaviors and behavioural patterns• Device usage patterns• Preferences and attitudes• Intents• Signals and data
I am unique. Just like everybody else!
@lesliejoseph
On today’s digital battleground… moments matter
4
REVENUE MOMENTS
BRAND EXPERIENCE
MOMENTS
SERVICE RESOLUTION
MOMENTS
Initiate service
Pre-purchase research
Offer premium service
Make purchase
Cross-sell
Give feedback
Set-up profile
On-time delivery
Inquiry Greeting
Billing error
Product stopped working
Where is my
order?
Wrong item
shipped
Credit card
expired
© 2017 24/7 CUSTOMER, INC. 5
Marketing in the age of Intent
@lesliejoseph
Data, data everywhere, but not a drop to drink?
@lesliejoseph
Yet
• 99.76% of online ads are ignored• 60% shoppers abandoned a purchase due to a poor service experience• 61% CMO’s said they struggled to access or integrate the data they needed last
year.
7
Source: Google, 2016
@lesliejoseph
The big picture
8
• From touchpoints to journeys• From channel-centric to intent-
centric• From analytics to insight• From reactive to predictive
@lesliejoseph
Intent infuses the entire consumer journey
Organic Search
9
Web/ mobile
Social
Paid Media What are these people doing on your website?• Who are they?• What are they trying to do?• How likely are they to purchase?• Do they need help? An offer? A chat?
@lesliejoseph
Data + Math = Prediction
10
• Predictive models• Real-time targeting• Artificial intelligence• Machine Learning
@lesliejoseph
Deriving intent from interactions
11
@lesliejoseph
Intent infuses the entire consumer journey
Organic Search
12
Web/ mobile
Social
Paid Media
Personalisation
Retargeting
Engagement CONVERSION
Who to targetWhen to engageWhat to present
@lesliejoseph
Leveraging intent-driven prediction in real time
Identifying segments
13
1
Multi-intent modeling
Predicting Intents and characteristics1
Dynamic Personalization1
Interested in Phone
Cart Abandoner
New Customer
Deal Seeker
Switcher
Custom home pagesPersonalized bannersTargeted offersChat engagement
3x
Conversion:+ Search signals
7x
+ Predictive chat
@lesliejoseph
Takeaways
• Make predictive marketing a part of your strategy• Integrate predictive with mktg. automation and programmatic
• It’s the journey, stupid!• Focus on consumer intents for key consumer journeys
• Identify opportunities to leverage interaction data to hone prediction• Experiment!
14
© 2017 24/7 CUSTOMER, INC. 15
Prediction in the B2B world
@lesliejoseph
Account based marketing
16
versus
Account based marketingHigh ACV/ Low volume
Traditional demand genLow ACV/ High volume
• Coordinated strategy between marketing and sales
• Understanding and marketing from the prospect’s perspective
• Measured on engagement/ account success, NOT MQL’s and leads
@lesliejoseph
Finding and classifying prospects by ABM account tiers
Machine learning
Account scoring
Target Market Assumptions
Technographics
Firmographics
Behavior/ Intent
Growth Signals
Buyer Personas
@lesliejoseph
The ABM personalized content spectrum
100% personalized
Generic
@lesliejoseph
Next up
19
Programmatic Account Based Marketing?
20
Questions?
https://www.linkedin.com/in/leslie/
@lesliejoseph
“Using videos on landing pages can increase conversions by 86%.” – EyeView
Zarget CRO Meetup
#CROmeetup
Bharath Ganesh Head - Product Solutions, Zarget
[email protected] @bedotgee
#CROmeetup
“Zarget and It’s Role in CRO”
Zarget CRO Meetup
And it’s role in Conversion Rate Optimization
Questions to ask your website
Where to Opt imize? Funne l Ana lys i s
What to Optimize?
Heatmaps + Fo r m Analyt ics + Pol l s
How to Optimize?
A/B Test ing + Spl i t URL Test ing
Where to Optimize?
Funnel AnalysisHelps you identify high drop-off pages which should be optimized on priority
Identify bottlenecks in your conversion funnel
21%
65%
14%
Homepage
Signup
Buy
Identify drop offs in each page
Identify the holes in your funnel and fix it with integrated A / B Testing & Heatmaps
Screenshot
What to Optimize?
Heatmaps now
EVOLVED
No more heatmaps of your website on a snapshot
Track visitor behaviour on dynamic elements
Get accurate, live reports that nobody else in the industry can offer
with Dynamic Pages Support
Screenshot
Form AnalyticsOptimize your forms, increase form fills rate, find out which ones are ambiguous and which ones cause hesitations etc
Helps you identify high drop-off fields which should be optimized on priority
Sign Up
Login
73% filled
often edited
45% hesitated
24%dropped
56% skipped
Screenshot
Screenshot
Polls & FeedbackGet instant feedback from your customer
Understand if your website, product etc. meets users’ expectations by asking them directly
FEEDBACK
Good
Screenshot
Screenshot
How to Optimize?
A / B TestingCompare two or more versions of the same webpage against each other to determine the best performing version
Test out hypothesis and get the best converting design
Industry’s first Chrome Plugin to create and manage A/B tests
No more importing or loading the pages in an iframe
Optimize gated pages beyond the login screen
Only tool to test internal non-product sites
Screenshot
What you see, what you get editor.
Optimize effortlessly for all kinds of users
Optimize instantly!
The One Stop Solution
Optimize Your Website Effortlessly
HeatmapsA / B TestingSession Recording
Funnel Analysis
Polls &
Feedback
Form AnalyticsA/B Testing & Heatmap Software
www.zarget.com
All-in-one Conversion Rate Optimization Tool A/B Testing + Heatmaps + Session Recording + Funnel Analysis + Form Analytics + Polls & Feedback
SOME OF THE WORLD'S MOST RESPECTED COMPANIES TRUST ZARGET
“The average ROI on CRO tools is 223%” - Venture Beat
Zarget CRO Meetup
#CROmeetup
Thank You & Happy Optimizing!
#CROmeetup
