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eCommerce Revenue Hack: How to generate effective ideas

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💰 eCommerce Growth Marketing : How we found ideas generating €150K+ turnover.

We explain our method, and share tools to do it on your own.

Publié dans : Marketing

eCommerce Revenue Hack: How to generate effective ideas

  1. 1. How we generated growth ideas worth €150K+ Method and Tools #mCommerce
  2. 2. “How are we gona double our revenue in the next few months?” Me CEO “We should invest in partnerships, email marketing, review our pricing, and redesign the app” Coworkers “WTF?! We should take a look at the data to craft a Strategy”
  3. 3. 👉 How did we craft our strategy?
  4. 4. A - High Impact Area B - Roadmap
  5. 5. A - High Impact Area B - Roadmap
  6. 6. Strategy Design > High Impact Area We were a small team and we had limited resources. We needed to be focus to have an impact.
  7. 7. Strategy Design > High Impact Area To maximize impact, we gathered insights on our product by looking at our metrics.
  8. 8. For obvious reasons, the data is fake. Strategy Design > High Impact Area Our High Impact Area is the place where our funnel was leaking the most.
  9. 9. For obvious reasons, the data is fake. Strategy Design > High Impact Area Our High Impact Area is the place where our funnel was leaking the most. High Impact Area
  10. 10. A - High Impact Area B - Roadmap
  11. 11. At the end of our thinking, our roadmap looked like that: February March April Focus Area Revenue Success Metric CTR (Cart > Thank you) Goal 25% 35% 45% Strategy Design > Roadmap
  12. 12. At the end of our thinking, our roadmap looked like that: February March April Focus Area Revenue Success Metric CTR (Cart > Thank you) Goal 25% 35% 45% Strategy Design > Roadmap From our funnel It will determine if a test is successful or not CTR goals distributed on the next 90 days
  13. 13. Insights High impact area Metrics Roadmap “We lose a lot of users at the last step of our funnel “ We focus on this area for 90 days. The goal is to improve our current conversion rate (20%). To measure the impact of our futur tests, we monitor the CTR (cart > thank you). To summarize our process: Strategy Design > SummaryStrategy Design > Summary
  14. 14. 👉 Now that we had a clear strategy, how did we find great ideas?
  15. 15. A - Looking for opportunities B - Looking for inspiration C - Our ideas
  16. 16. A - Looking for opportunities B - Looking for inspiration C - Our ideas
  17. 17. 1 - We segmented our data in kissmetrics to find where the leak was coming from.
  18. 18. France Country Germany United Kingdom 68,049 (68%) 53,345 (65%) 33,654 (71%) 23,840 (5%)74,897 (25%)210,000 (70%)298,351 (100%) February 1, 2016 - February 28, 2016 24,746 (24%) 22,967 (28%) 12,487 (26%) 100,787 (100%) 82,326 (100%) 48,033 (100%) 10,078 (10%) 2,467 (3%) 5,786 (12%) Looking for opportunities > Analytics & Data Did users from a country drop more than other users?
  19. 19. France Country Germany United Kingdom 68,049 (68%) 53,345 (65%) 33,654 (71%) 23,840 (5%)74,897 (25%)210,000 (70%)298,351 (100%) February 1, 2016 - February 28, 2016 24,746 (24%) 22,967 (28%) 12,487 (26%) 100,787 (100%) 82,326 (100%) 48,033 (100%) 10,078 (10%) 2,467 (3%) 5,786 (12%) German users’ conversion is not as good as other users’ Looking for opportunities > Analytics & Data Bingo!
  20. 20. 2 - We looked into the data in Tableau to understand what Germans were using as a payment method.
  21. 21. 5% 74% 21% CB Paypal Other France Germany 5% 30% 65% CB Paypal Other Looking for opportunities > Analytics & Data What kind of payment methods our users used?
  22. 22. 5% 74% 21% CB Paypal Other France Germany 5% 30% 65% CB Paypal Other German users paid a lot with PayPal compared to French users. Looking for opportunities > Analytics & DataLooking for opportunities > Analytics & Data Bingo!
  23. 23. [Company X] We sent 3000+ emails to simply ask users why they were not paying (and used PayPal so much). Looking for opportunities > User ResearchLooking for opportunities > User Research [X]
  24. 24. [Company X] We sent 3000+ emails to simply ask users why they were not paying (and used PayPal so much). Looking for opportunities > User ResearchLooking for opportunities > User Research We used YAMM to automate personalized emails easily. [X]
  25. 25. They told us they were dropping because ‱ they wanted to pay by money transfer (SEPA) and other ways we didn’t even know existed. ‱ they didn’t trust the brand because of bad translation. Looking for opportunities > User ResearchLooking for opportunities > User Research
  26. 26. đŸ˜± Fair Enough Looking for opportunities > User Research They told us they were dropping because ‱ they wanted to pay by money transfer (SEPA) and other ways we not even know existed. ‱ they didn’t trust the brand because of bad translation. Looking for opportunities > User ResearchLooking for opportunities > User Research
  27. 27. We did 20+ user tests. Here’s what they told us: Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
  28. 28. We did 20+ user tests. Here’s what they told us: Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
  29. 29. “What if I want to buy without having to register?” We did 20+ user tests. Here’s what they told us: Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
  30. 30. Looking for opportunities > User ResearchLooking for opportunities > User Test
  31. 31. What if I want to pay with other payment methods? What if I want to choose an other delivery method? Looking for opportunities > User ResearchLooking for opportunities > User Test
  32. 32. Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
  33. 33. Are you kidding me? Need some real known logos there. Looking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > User Test
  34. 34. Opportunities Summary Users wanted other payment methods Users didn’t pay because of bad translation Users experienced a lot of friction in the flow Looking for opportunities > SummaryLooking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for opportunities > Summary
  35. 35. A - Looking for opportunities B - Looking for inspiration C - Our ideas
  36. 36. 1 - We looked at other products’ payment flows for inspiration.
  37. 37. Looking for inspiration > Fancy flowLooking for opportunities > User ResearchLooking for opportunities > User ResearchLooking for inspiration > Fancy Flow
  38. 38. Looking for inspiration > Groupon flowLooking for inspiration > Groupon Flow
  39. 39. 2 - We inspired ourselves with great mCommerce companies email tactics.
  40. 40. Looking for inspiration > Abandonment Cart EmailsLooking for inspiration > Abandonment Cart Emails
  41. 41. A - Looking for opportunities B - Looking for inspiration C - Our ideas
  42. 42. ‱ Perfectly Translate the Payment Flow in German and Italian ‱ Redesign the UX of the flow (Groupon copycat) ‱ Redesign the Summary Screen (focus on the expedition date) ‱ Add trusted elements on the payment screens ‱ Add other payment methods (SEPA transfer) ‱ Add a guest login to remove friction in the flow ‱ Triggered emails when the left an item in his cart At the end of the day, we came up with dozens of ideas, among which: Ideas
  43. 43. 👉 Now that we had ideas, how did we predict which one will have the biggest impact?
  44. 44. A - ICE Scoring & Backlog B - Results
  45. 45. A - ICE Scoring & Backlog B - Results
  46. 46. The goal is to launch first the most easy and impactful ideas. "ICE" stands for Impact, Confidence, and Ease. ICE ScoringICE Scoring
  47. 47. ‱ Impact: If it works, what is the potential impact? ‱ Confidence: Do we have evidence it will work? ‱ Ease: How easy it is to test our hypothesis? ICE ScoringICE ScoringICE Scoring
  48. 48. Start with this one BacklogICE ScoringBacklog We assigned 1 -10 scores for Impact, Confidence and Ease (10 being the best)
  49. 49. A - ICE Scoring & Backlog B - Results
  50. 50. 🙌 +30% Revenue Growth when translating professionally. +40% Revenue Growth when adding other payment methods. = +150K€ Turnover ICE ScoringResults
  51. 51. Our tools Some websites we used to find inspiration ICE ScoringTools & Website
  52. 52. Thanks for watching! Next time, I’ll dive into our process (e.g. launching these ideas). PS: Feedback is a gift, help me iterate for next time!
  53. 53. Need help to grow revenue of your eCommerce website / app? 👉 http://gabrielgourovitch.com

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