Funnels Workshop Web Summit 2014 @geckoboard @GA
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Transcript of Funnels Workshop Web Summit 2014 @geckoboard @GA
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UNDERSTANDING FUNNELS AND
ANALYTICS
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Sofia Quintero
Head of Growth@sofiaqt
Customer experience |Digital Marketing Client side| Agency |
Freelance| Startups
BA Business Studies and MarketingMA Mass Communications
Data Driven
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3AGENDA
Basic Concepts and Foundational Stuff:
• Funnels• Vanity Metrics Vs Actionable Metrics
Tactics, Tools and resources
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4
Your user baseYour data
Your mindset
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5
Hidden Genius of Donald Rumsfeld
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THE FUNNEL
A funnel is a way of visualizing the journey your visitors will go through in order to complete a desired action……from complete strangers to raving followers
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7THE CUSTOMER JOURNEYMEASURE YOUR CUSTOMER JOURNEYAARRR
ACQUISITIONACTIVATIONRETENTION
REFERRALREVENUE
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THE FUNNEL
…from complete strangers to raving followers
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.
One minute auditDraw your funnel
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1010 Tools
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Lean Analytics
Analytics is the measurement of
movement towards your business goals.
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12
Your metrics
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Helps you pick a Helps you pick a direction.direction.
Find these.Kill these.
Vanity Actionable
vs.
Makes you feel Makes you feel good, but doesngood, but doesn‘‘t t change how you'll change how you'll
act.act.
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.
badmetric.
If a metric won’t change how you behave, it’s a
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15Empathy
Stickiness
Virality
Revenue
Scale
E-commerce SaaS MediaMobileapp
User-gencontent
2-sidedmarket
Interviews; qualitative results; quantitative scoring; surveys
Loyalty, conversion
CAC, shares, reactivation
Transaction, CLV
Affiliates, white-label
Engagement, churn
Inherent virality, CAC
Upselling, CAC, CLV
API, magic #, mktplace
Content, spam
Invites, sharing
Ads, donations
Analytics, user data
Inventory, listings
SEM, sharing
Transactions, commission
Other verticals
(Money from transactions)
Downloads, churn, virality
WoM, app ratings, CAC
CLV, ARPDAU
Spinoffs, publishers
(Money from active users)
Traffic, visits, returns
Content virality, SEM
CPE, affiliate %, eyeballs
Syndication, licenses
(Money from ad clicks)
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16 Some vanity metrics to watch out for
Number of hits
Number of follower/likes
Unique visitors
Number of visits
Page views
Emails collected
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.
One minute auditWrite down the top 4
metrics that you should be tracking
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18
Think Micro Conversions
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19Why is my conversion rate so low? Maybe you are selling features Vs. benefits
Maybe your ads suckMaybe your landing page sucks
(http://fivesecondtest.com/)Maybe your UX sucksMaybe your drip campaign sucksMaybe your on-boarding process sucksMaybe you don’t really know your customersMaybe your segmentation/targeting sucksMaybe your activation tactics suck
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20Product manager in his own habitat
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21Resources
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22Resources
http://goodui.org/
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23Resources
http://blog.optimizely.com/2013/04/30/71-things-to-ab-test/
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24Resources
http://www.quicksprout.com/landing-page-optimization/
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25
Q&A@sofiaqt
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26COHORT ANALYSIS
• Understand events which happen with a time-lag, or continue over time
• Compare improvements over time• Collect data for these in your database
Cohort analysis is a way of
dissecting your user base. You want to
compare groups of users and see changes over a period of time
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27COHORT ANALYSIS
Month of useCohort 1 2 3 4 5January $5.00 $3.00 $2.00 $1.00 $0.50February $6.00 $4.00 $2.00 $1.00March $7.00 $6.00 $5.00April $8.00 $7.00May $9.00
Averages $7.00 $5.00 $3.00 $1.00 $0.50
WHAT IS HAPPENING HERE?
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28COHORT ANALYSIS
Month of useCohort 1 2 3 4 5January $5.00 $3.00 $2.00 $1.00 $0.50February $6.00 $4.00 $2.00 $1.00March $7.00 $6.00 $5.00April $8.00 $7.00May $9.00
Averages $7.00 $5.00 $3.00 $1.00 $0.50
WHAT IS HAPPENING HERE?
We need some
hypothesis!
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Assumptions & Hypothesis
Customers are spending less money in month #2 because:
They don’t know we have more productsBecause we don't communicate with them ..enough..Because we don’t offer enough incentivesBecause they don’t perceive value after the first
purchase TAKE TIME TO BREAKDOWN THE
PROBLEM BEFORE YOU GO TESTING SOLUTIONS
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Assumptions & Hypothesis
Customers will spend money in month #2 if we:
Send them an email reminder Add notifications functionality in the appIf we call them at the beginning of the monthIf we offer a X% discount coupon
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A/B Testing! Choosing the right solution
Hypothesis: Customers will spend more in month #2 if they received a reminder
CohortAll new customers from 01/03 to30/03
A/B Experiment50% will receive email reminder 50% will not received email reminder
Measurement Open rateCTRAverage spend month #2 for both groups
Validation 60% of customers who opened and clicked the email reminder spent 35% more in the second month in comparison to the group who did not receive an email.
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A/B Testing!
Hypothesis: Customers will spend more in month #2 if they received an email reminder
CohortAll new customers from 01/03 to30/03
A/B Experiment50% will receive email reminder 50% will not received email reminder
Measurement Open rateCTRAverage spend month #2 for both groups
Validation 60% of customers who opened and clicked the email reminder spent 35% more in the second month in comparison to the group who did not receive an email.