As we begin 2015, it’s time to reflect on what we learned in 2014 and how we can apply it to the coming year.
Over the last year, we saw a large emphasis on conversion optimization as well as data centralization and integration. From finding your best converting customers to integrating data in order to personalize content, these two themes emerged as the keys to analytics success in 2014. Let’s take a closer look at the top five lessons from the year.
1. Personalization Increases Revenue – And It’s Not Hard
Chris Tiutan from Optimizely explained how personalizing content for users can have a drastic impact on your revenue. Chris explains that customers appreciate customized messaging and are more likely to return to sites that use personalization. This means personalization leads to greater customer loyalty, and loyal customers spend 10 times more over their lifetime.
So why aren’t more marketers harnessing personalization? There’s a misconception that personalization is prohibitively difficult to implement. However, it doesn’t have to be. For example, with Woopra and Optimizely’s AppConnect integration, companies can easily personalize content based on user behavior.
2. Biggest Conversion Killer = Greatest Results
There is usually one area in every conversion process that is causing you to lose the most sales. This area is your biggest conversion killer. If you can find this area, and then fix it, you will see the greatest results.
For example, if I am losing 60% of my users at a specific step in my funnel, then improving this step by 20% will result in a ripple effect throughout the rest of my funnel. In order to do this, you have to first identify where the conversion killer is – if you don’t know where the problem is, you can’t fix it. This is where funnel analysis comes in.
Learn More: Finding Your Biggest Conversion Killer
3. Find Your Best Customers and Get More of Them
In addition to helping you spot problem areas, funnels can also help you find your best customer segments. This is important because identifying your best customers, and getting more of them, is a key factor of success for any company.
To do this, you will need to compare how different customer segments convert through your funnel. For example, do do users from different countries convert better than others?
Or, do users who found you from search convert better than users who found you from a social channel? The answers to these questions will help you identify where to focus your efforts.
Learn More: Finding Your Best Customers
4. Data Needs to Work Together
Data silos are plaguing companies today, creating inefficiencies and widespread frustration. Overcoming data silos and getting data to work together leads to countless benefits.
When data works together, your customers benefit from an improved user experience, your organization benefits from smarter decision making based on complete data sets, and your team benefits from an increase in productivity thanks to consistent data.
Learn More: What If Your Data Worked Together?
5. Make the Most out of Mobile with Measurement
Measuring mobile apps starts with proper tracking. Make sure you are able to identify users and store data about them, such as their name, age, or other information they provide. The next step is to track the right app events, such as app signups and key actions within the app.
Now that you’re tracking the right data, you can use it to improve your metrics, such as conversions. There are three important funnels ou should be measuring for your mobile app: The onboarding funnel, the in-app purchase funnel, and the campaign funnel.