You have a website. You sell your goods/services/widget through that website. You are tracking traffic and onsite behaviour, marketing channels, transactions, revenue generated and customers gained.
Given the volumes of traffic through this process, small changes can make huge differences.
Let’s look at a simple, hypothetical example.
Let’s say you have 10,000 visitors to your website a month. 120,000 a year. Each customer has a lifetime value (LTV) of £30. Your current ecommerce conversion rate sits at 2%.
120,000 * 2% * £30 = £72,000 revenue per year
(Adjust these figures for your own situation obviously but you get the idea)
Imagine now that you could increase that conversion rate by just 1% point.
That’s an extra £36,000 in revenue.
50% revenue growth from 1% point conversion rate growth.
If you’re not looking at ecommerce conversion rate, you should be.
So how do you achieve this miraculous uplift? The answer is conversion rate optimisation (CRO) through AB and multivariate (MVT) testing.
There are plenty of great AB/MVT tools out there. It is something we have a lot of experience of here at kleene so give us a shout to chat about it. However, the tools are only as good as the data you give them. And the measurement of success is only as good as the data systems allow.
The thing with conversion rate optimisation (CRO) is – it’s an incremental, iterative process. This means you have to be completely on top of your data, in a fully automated way, to constantly measure the impact of changes you make.
Change that button colour from red to green. Control for other variables by properly segmenting the audience who see the new button colour. Let the data get to statistical significance and then measure the impact.
Automate for the win
All of that requires that you have combined your data from all those sources (web tracking from Google Analytics, marketing channels like Facebook, Instagram and Pinterest, transactions from Shopify or Magento, financial data from Xero) to create a complete view of your customers and your non-converting visitors.
If you have automated all of that data flowing to a single source of truth and the logic to clean and combine it all, the rest is easy.
Fortunately that automation is easy too, with kleene.ai.
Want to know more? We’d love to chat. Please get in touch