Conversion Optimization for Startups


The Presentation inside:

Slide 0

CRO FOR STARTUPS


Slide 1

Hello! I am Espen Grimstad Serial Entrepreneur, Product Manager & Conversion Optimisation advisor / Experiments AS linkedin.com/in/espengrimstad @espengrimstad [email protected]


Slide 2

What is your Conversion rate?


Slide 3

Avg. U/A conversion rate on e-commerce sites 2014 2.2% #smartinsights


Slide 4

Optimization before marketing build optimize drive traffic


Slide 5

Figure out what works, do more of that Chris Neumann


Slide 6

CRO Marketing Chris Neumann Product


Slide 7

Don’t assume, use science


Slide 8

Conversion Optimization for Startups Agenda ■ What is CRO? ■ Gains ■ Method ■ Tools ■ Case study


Slide 9

CRO Gains Why do we do CRO?


Slide 10

Improves any metric on your website


Slide 11

Super high ROI, super measurable


Slide 12

Increases new customers, registrations, downloads


Slide 13

Creates the musthave user experience


Slide 14

Builds long-term business value


Slide 15

CRO Method How to apply CRO to your startup website or app?


Slide 16

“ “a method of using science and tools to continuously improve the performance of your website or app”


Slide 17

Conversion Rate Optimisation Method Plan Investigate Ideate Experiment Collate


Slide 18

STEP 0: PLAN Define Scope. Create Focus and Directions


Slide 19

Figure out what doesn’t work


Slide 20

Dave McClure’s Pirate Metrics


Slide 21

Dave McClure’s Pirate Metrics AARRR


Slide 22

Example AARRR metrics Dave McClure


Slide 23

Estimating conversion value http://www.entrepreneur.com/calculators/conversionrate.html


Slide 24


Slide 25

Select the investigation scope Dave McClure


Slide 26

STEP 1: INVESTIGATE Understand User Behaviour


Slide 27

Figure out why it doesn’t work


Slide 28

Quantitative tools


Slide 29


Slide 30


Slide 31

Qualitative tools Insights User behavior UX research


Slide 32

STEP 2: IDEATE Create your hypothesis


Slide 33

Come up with ideas on how to fix it


Slide 34

Everything is an ASSUMPTION Change Page Layout New Header copy Remove functionality Add new CTA Insert Video on page Add trust badge in footer


Slide 35

Your Hypothesis Change you want to make will lift conversion rates for Signups / Product sale


Slide 36

Ideation tools


Slide 37

STEP 3: EXPERIMENT Setup Your A/B Test (or A/B/C/D Test)


Slide 38

Test your ideas


Slide 39

Basic A/B testing


Slide 40

Variants


Slide 41

Experimentation tools


Slide 42

STEP 4: COLLATE What have we learnt? Analyze and implement


Slide 43

Summarize results and add to roadmap


Slide 44

Collation tools


Slide 45

THE STACK What, Why, How and When


Slide 46

The CRO Stack options The What The Why Quantitative Tools Qualitative Tools The Creative Ideation Tools The How & When Experimentation Tools The Learning Collation Tools


Slide 47

TRANSFERCAR CASE Optimizing their request funnel Increasing annual revenue with est. 2.5M NOK


Slide 48

The Rental Car Industry Business Problem Rental car companies are spending large amounts of money on transferring cars between their branches in order to position their fleet for new hires. Most companies are hiring trucks or trains to transfer their cars, and the average cost is over $600 per car. How can the rental car companies save money on car transfers?


Slide 49

The Solution Transfercar matches rental cars with travelers that need to be transferred willing to drive them for free Rental companies gets a low cost transfer, Travelers gets free one-way rental cars, Transfercar gets paid by the rental car companies - it’s a win-win-win!


Slide 50

Drivers get free service and free rental cars


Slide 51

3 countries 140 80,000 registered drivers companies 35,000 transfers


Slide 52

The planning Transfercar case


Slide 53

Plan: optimize Transfercar request funnel RO’s (O) Users (U) Request funnel New requests (R) Inventory (I) New bookings (B) New Cancellations (X) Completed Relocations (C) New listings (L)


Slide 54

Request funnel details view Users (U) Home page Content pages incl. Blog and Help Search page Details pages Authentication wall Confirmation page Request confirmed (R)


Slide 55

Project plan (Scope: US website transfercarusa.com) 1. Investigate funnel with Usertesting.com and Mixpanel – Collect test results in Sheets, break down problems per page – Report in Slides 2. Ideate. Convert findings to ideas. – Add ideas to Prodpad – Vote on ideas 3. Experiment with Optimizely in voting order – Collect results – Update Prodpad ideas on Impact 4. Prioritize ideas on Impact vs Effort (most low-hanging fruit) in Prodpad – Decide product roadmap in Prodpad – Implement


Slide 56

The Transfercar project CRO stack Investigation Tools The What The Why • Quantitative • Qualitative The Creative Ideation Tools The How & When Experimentation Tools The Learning Collation Tools


Slide 57

The investigation Transfercar case


Slide 58

Conversion rates (before) - Mixpanel


Slide 59

Usertesting.com test script (extract) 1. Tell us about the first impression the site gives you. What is offered? Is it relevant to you? Would you feel it's worth spending more time here? 2. Feel free to click around. What do you feel like doing next? Go ahead and do what comes natural. Tell us what you're thinking, what you're looking for, and what you find good or annoying. Proceed to the next question once you're ready for a new task. 3. Now tell us about your second impression. What is offered? 4. Would you personally be interested in using this service (why/why not)? Do you feel like you can trust the company and the product/service offered? 5. At this point, would you feel comfortable booking a car through Transfercar? Do you have any questions you'd want answered before you would proceed? If so, go ahead and see if you can find these answers. Please talk about what you're thinking and looking for along the way.


Slide 60

Usertesting.com investigations ● 20 trial user test: ● 10 computers ● 5 smartphones ● 5 tablets ● Additional 40 user test: ● 20 computers ● 10 smartphones ● 10 tablets 60 tests in total


Slide 61

Result: Over 180 issues collected Users (U) Home page 15 Search page Content pages incl. Blog and Help 4 30 Details pages 35 Authentication wall 20 Confirmation page 44 Request confirmed (R) ...and many more. View all issues collected.


Slide 62

Details page top issues Desktop and tablet Mobile Not clear that days have to be selected in the calendar picker (13) Difficult to see the details on a phone (1) Pricing is confusing. Does not understand the pricing at all, does not understand that some day are free and additional days cost extra (4) Phone - picking dates on the calendar is difficult (1) "or similar" is a negative. Want to know the exact vehicle type (2) Branches - what does the big circle mean? Would it be better with a pin? (2) Importance: High View 14 video highlights from listing details page test Importance: Medium


Slide 63

Auth wall top issues Desktop Mobile and tablet Long wait for confirmation email, or not received during the test at all (**often with Yahoo!**) /went to spam (10) On tablets: Email not recognized as an email address at first entry. Maybe because of "space" after .com? (4) Believes if registering, it takes the user to the front page and have to start all over again (does not understand that he can enter the code directly) (3) Suggest "log in with Facebook/G+/Amazon" or other known service (2) Importance: Medium View 9 video highlights from auth wall test Importance: Low


Slide 64

The ideation Transfercar case


Slide 65


Slide 66


Slide 67

The experimentation Transfercar case


Slide 68

Experiments ● Conducted 19 Optimizely experiments based on Prodpad votes (high impact/low effort) ● A/B and multivariate testing


Slide 69

Details page original


Slide 70

Details page variant Bold and rephrased label in a color separating from calendar picker bigger button and font size


Slide 71

Details page results


Slide 72

Auth wall variant new copy


Slide 73

Auth wall results


Slide 74

Experimentation results ● ● ● ● 9 weeks 5 experiments negative 14 experiments positive Request funnel conversion rates increased from 2.02% to 2.68%


Slide 75

Conversion rates (after)


Slide 76

The collation Transfercar case


Slide 77

Impact and effort aids roadmap decisions


Slide 78

The aftermath Transfercar case


Slide 79

Search page: New search engine ● ● ● Replaced the existing search page with a new (Solr) search engine, with faster results and faceted search Not possible to analyse with Optimizely due to complexity Mixpanel data shows Search page to Details page conversion rate increased 1.65%


Slide 80

Details page redesign Old New


Slide 81

Auth page redesign Old New


Slide 82

Conversion rate after redesign


Slide 83

Project results ● ● ● ● ● 5 months 5 experiments negative 14 experiments positive Total cost 34K NZD (175k NOK) Request funnel conversion rates increased from 2% to 3.3% $490k NZD (2.5M NOK) est. annual revenue increase


Slide 84

Thanks! Any questions? You can find me at: @espengrimstad [email protected]


Slide 85


×

HTML:





Ссылка: