Building Your Organization's Experimentation Engine YOUR GLOBAL BUSINESS GROWTH PARTNER

Transcription

1 Building Your Organization's Experimentation Engine YOUR GLOBAL BUSINESS GROWTH PARTNER

2 1981 Tweet

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8 40+ enterprise growth experts The best experimentation process, experts and results Tweet

9 Tweet

10 Conversion Rate Optimization Tweet

11 Experimentation Tweet

12 Tweet

13 g n i v i Dr g n i l a Sc g n ti a r o b a l ol C g n di l i u B I a i t ni g n ti Tweet

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15 Constraint

16 Constraint

17 Your Growth PACET Technology Process Accountability Expertise Culture 2018 Chris Goward

18 Most large organizations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. - Jeff Bezos

19 Even in the most mature organizations, optimizers say experiments are consistently derailed by gut-feeling. Source: State of Experimentation Maturity 2018 research study by WiderFunnel, widerfunnel.com/research WIDERFUNNEL.COM

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21 Proven Yin Quantitativ e Logical Solid Intuitive Qualitativ e Inspired Yang Fuzzy Tweet

22 The experimentation mindset should be embedded into your process. GOGROUPDIGITAL.COM

23 If you can t describe what you are doing as a process, you don t know what you are doing. -W. Edwards Deming

24 Your Growth PACET Technology Process Accountability Expertise Culture 2018 Chris Goward

25 WIDERFUNNEL.COM

26 WIDERFUNNEL.COM

27 Explore The LIFT Model helps you look at marketing touchpoints through customers perspective. WIDERFUNNEL.COM

28 LIFT Model TM WIDERFUNNEL.COM

29 New brand & website launch, big marketing spend Result: declining sales! Solution: Tie spend to direct sales Focus on Return on Ad Spend (ROAS) Outsource Conversion Optimization to WiderFunnel WIDERFUNNEL.COM

30 9,000 pixels or 9 8 tall WIDERFUNNEL.COM

31 VALUE PROPOSITION: Crisp, clear value proposition messaging. CLARITY: Based on scroll and heuristic analysis, the first block of content created a false bottom. CLARITY: White/black text on dark purple hard to quickly read. DISTRACTION: Overwhelming content creates cognitive load. WIDERFUNNEL.COM

32 Cognitive strain makes people wary of their actions. Daniel Kahneman WIDERFUNNEL.COM

33 Decreased confidence in one s actions/choices Decreased trust in the site/application Decreased likelihood of taking desirable actions source: NNGroup WIDERFUNNEL.COM

34 Control Variation A Variation B WIDERFUNNEL.COM?

35 Redesign Variation A Clear segmentation module. Best-selling products move higher on the page. WIDERFUNNEL.COM

36 Redesign Variation B Segmenting options to differentiate home and business shoppers. Tabs provide more info and data on engagement. WIDERFUNNEL.COM

37 Control A - product selector B - needs selector WIDERFUNNEL.COM?

38 Control A - product selector 15.8 Sales % B - needs selector 41.4 Sales % WIDERFUNNEL.COM?

39 Insight-driven experiments can produce dramatic and fast business improvements. GOGROUPDIGITAL.COM

40 Video Variation Video views % % 10.6 Sales WIDERFUNNEL.COM

41 WIDERFUNNEL.COM

42 Validate Analyzing results often leads to surprising insights for future experiments. WIDERFUNNEL.COM

43 Validate Hypothesis: Reducing prominence of videos will increase sales. WIDERFUNNEL.COM

44 Control Variation A % 29.4 Video views 33 Sales % WIDERFUNNEL.COM

45 Advanced optimization gains powerful insights from losing experiments. GOGROUPDIGITAL.COM

46 Explore WIDERFUNNEL.COM

47 Feedback Forms Tweet

48 Post-purchase surveys Tweet

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50 23% Sales 46% Sales Tweet

51 How s WeBoost doing now? GOGROUPDIGITAL.COM

52 Before After Tweet

53 Before After Tweet

54 Before After Tweet

55 Business Results: % 104 conversion rate lift (e.g. doubled) % 215 revenue lift across entire website % 71 increase in site traffic % increase in ad impressions GOGROUPDIGITAL.COM

56 Your Growth PACET Technology Process Accountability Expertise Culture 2018 Chris Goward

57 Your Growth PACET Technology Process Accountability Expertise Culture 2018 Chris Goward

58 Average # of team members dedicated to optimization Initiating maturity level (Level 1 of 5) Experimentatio n Strategy Development / QA Data Science / Analytics Project Managemen t Design Tweet

59 Average # of team members dedicated to optimization Scaling maturity level (Level 4 of 5) Experimentatio n Strategy Development / QA Data Science / Analytics Project Managemen t Design Tweet

60 Persuasion principles are underutilized 24 % at the Level 1 Initiating maturity level 80 % at the Level 4 Scaling maturity level are experimenting with persuasion principles Source: State of Experimentation Maturity 2018 research study by WiderFunnel Tweet

61 Explore Your visitors convert in their minds before they convert with their click. Nearly 200 cognitive biases we know of so far to persuade shoppers. WIDERFUNNEL.COM

62 Tweet

63 Self-consistency Bias Tweet

64 Self-consistency Bias We like to keep consistent with what we think, say and do, and will change to ensure this is so. - Cialdini, Influence. (2006) Tweet

65 Cognitive Dissonance Mental stress experienced when a person holds contradictory beliefs, or acts in contradiction to existing beliefs. - Leon Festinger (1957) Tweet

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68 Conversion Rate: +1.97% Average donation value: +3.07% Revenue per visitor: +5.10% Tweet

69 Selected Regular Donor Selected Occasional Donor 14% of visitors 68% of donors Selected First Time Donor Non-Responders 86% of visitors 32% of donors Tweet

70 Now, we re building on these insights to deliver Personalized data-informed experiences. GOGROUPDIGITAL.COM

71 Control Free Shipping +4.92% WIDERFUNNEL.COM

72 Loss Aversion Bias Tweet

73 Loss Aversion WIDERFUNNEL.COM

74 Control Loss Aversion +5.02%

75 Your Growth PACET Technology Process Accountability Expertise Culture 2018 Chris Goward

76 Discover how your experimentation program stacks up Get the new research report Go to: WiderFunnel.com/Research GOGROUPDIGITAL.COM