How to significantly increase online conversion
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This document discusses the importance of customer experience (CX) over simply driving traffic. It argues that companies often misallocate marketing spend solely toward increasing traffic rather than improving the visitor experience. Only a small percentage of visitors actually intend to purchase. The key is to understand different visitor types and individualize the experience. Great CX during the discovery process is crucial for conversion. It provides examples of companies like eSalon.com and Free People that deliver personalized discovery experiences through guided help, social interactions, and real-time assistance. Improving CX can significantly increase customer satisfaction, conversions, sales, and lifetime value.
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How to significantly increase online conversion
- 1. Why investing! $1 in CX ! is better than ! $1 in Traffic Originally presented @ eTail West 2015
- 2. #AwesomeCX Needle.com 1 What we’re talking about Misallocating marketing spend toward traffic? Improve understanding visitors AND visits. Individualize experiences for each visit types. Great CX during Discovery is the key ingredient. 2 3 4
- 3. Are you misallocating your marketing spend? 1
- 4. #AwesomeCX Needle.com >10% spent on $50.8 Billion spent on U.S. digital media in 2014 Primary (only) objective: Drive Traffic
- 5. #AwesomeCX Needle.com What happens when the traffic arrives?
- 6. #AwesomeCX Needle.com Only 2% buy anything
- 7. #AwesomeCX Needle.com Not all visitors are created equal.
- 8. #AwesomeCX Needle.com 1-5% Intend to buy 35-40% “Conditional” intent CONVERSION > 10% 3-5% < 1% TRAFFIC SOURCE Direct Bought PaidNaturalRe-targetedE-mail 50-60% Little or no intent to buy 10% sales : 20% traffic @ 1% conversion rate, Breakeven . . . AOV = 100x CPA Average 2.0% sitewide Biggest opportunity lies in converting traffic you’ve already paid for
- 9. #AwesomeCX Needle.com Improving conversion for target segments pays off 1-5% Intend to buy 35-40% “Conditional” intent 50-60% Little or no intent to buy Invest here for maximum return 10% sales : 0.5ppts CR% 0.5 ppts CR% : 2-3% Engagement CONVERSION > 10% 3-5% < 1% Average 2.0% sitewide
- 10. #AwesomeCX Needle.com 53% of companies spend less than 5% of total budget on conversion rate optimization. eConsultancy, 2014 And yet…
- 11. Improve understanding of your visitors. 2
- 12. #AwesomeCX Needle.com What you are doing right now tells me more about what you need than what you did before. Understanding behavior
- 13. #AwesomeCX Needle.com Best individualized experience Visit-based insights Visitor Ability to act in real-time on them
- 14. Individualize experiences for different visitor types. 3
- 15. #AwesomeCX Needle.com Typical conversion improvement list þ Place CTA above the fold & make it bigger. þ Add more product details – visuals and videos. þ Shorten forms & make flows frictionless. þ Provide testimonials & other user-generated content. þ A/B Test non-stop
- 16. #AwesomeCX Needle.com Amazon = selection, availability, price You (today) = content, reviews, promos, recommendations Just a bunch of noise, which leads to frustration, long lead times to discover/buy, lower trust, etc. vs. Plus, Amazon already has most of the content anyway.
- 17. #AwesomeCX Needle.com You (tomorrow) = individualization, simplified CX for high, low & medium propensity to buy Get out of their way; self-service is ultra easy and quick Automate, content-oriented, with a goal to convert to MPTB Focus on helping them find what they had a “conditional” intent to buy Specific answers, trusted input, related items, etc.
- 18. Great CX during Discovery is the key to conversion. 4
- 19. #AwesomeCX Needle.com • Unable to get specific questions answered • No access to real-time help • Long, tedious ‘self-service’ discovery • Non-contextual, impersonal reviews • Trusted advice is elusive; in-store visits reduce convenience • Targeted searching vs. browse Current online experience
- 20. #AwesomeCX Needle.com • Text more, talk less • View more, read less • Short-form content • Strangers over brands • Customers over sales associates • People who share interests • Everything now • Great design • Great experiences How consumers communicate Who consumers trust What consumers expect Why is CX important now
- 21. #AwesomeCX Needle.com eConsultancy & Adobe Digital Trends Report, 2015 CX is the single most exciting opportunity in 2015 Why is CX important now?
- 22. 3 examples of Awesome CX
- 27. #AwesomeCX Needle.com eSalon.com • Guided discovery • Anticipates questions • Visual CX • Before/after pictures • Ability to consult with previous buyers & stylists in the experience Awesome Would Be Awesomer
- 32. #AwesomeCX Needle.com Free People Me • Great social brand experience • Easy to purchase in the discovery process • Real-time interaction with the best community members Awesome Would Be Awesomer
- 33. #AwesomeCX Needle.com Case Study | Needle & Nikon Their CX challenge • Customers need answers to detailed, technical questions. • Lack control of brand experience across channels • Couldn’t access and enable Nikon fans The Needle solution • Rule-based targeting to deliver real-time, human interaction with “conditional” shoppers. • Sourced community of Nikon photographers, and enabled via gamified, virtual service platform Impact to date NPS: 73 CSAT: 9.1 Conversion Lift vs. Site: 8.9x Incremental Revenue Rate: 84%
- 34. #AwesomeCX Needle.com Nikon & Needle TARGETED INVITES SALES TOOLS IN CONTEXT CHAT WINDOW ADVOCATE PICTURE
- 35. #AwesomeCX Needle.com PERSONAL BIOS PRODUCT TRAY BASKET BUILDING Nikon & Needle
- 36. #AwesomeCX Needle.com 1 4 key takeaways Misallocating marketing spend toward traffic? Improve understanding visitors AND visits. Individualize experiences for each visit types. Great CX during Discovery is the key ingredient. 2 3 4
- 37. #AwesomeCX Needle.com When online customers have a great experience • >70 NPS • 9.2 CSAT They buy, they buy more, & they buy more often • 6-15x Conversion • +10-35% AOV • 20-35% LTV • +5-10% Total Revenue Lack of trust and confidence Inability to find relevant information in timely manner Matching experience to customer’s context and situation Enabling best people (advocates) to deliver great service Delivering emotional and connected experiences We solve big CX challenges… …for great brands… …with measurable impact Needle in a nutshell
- 38. #AwesomeCX Needle.com We believe in the superpower of advocates
- 39. Learn how Taylormade & Nikon advocates – who were onsite @ eTail West – put their superpowers to work for the brands they love. Meet Travis Meet Jay