Our founder Todd Chambers appeared on The Marketing Analytics Show by Supermetrics to break down the fundamentals of Conversion Rate Optimisation (CRO). Here are some of the main take-aways from the episode.
Upraw Media founder and Masters of SaaS host Todd Chambers sat down with Anna Shutko of Supermetrics’ The Marketing Analytics Show to discuss:
- How to collect and analyse data (qualitative and quantitative);
- How to design, rank and track experiments;
- The most common CRO mistakes SaaS companies make;
- Why making the most of your data and experiments is so important.
Here are 5 key learnings from the episode:
1. Value qualitative data as much as quantitative data
Marketers tend to forget the people behind the numbers.
Just as Mark Colgan said on his episode on Masters of SaaS:
Remember it’s a human who you’re trying to start that conversation with.
That’s where qualitative data comes in; to uncover the why behind the numbers.
Qualitative data can help you understand:
- What are your customer’s motivations?
- What are their pain points?
- What do they value?
- What are their potential anxieties?
Sources you can use to uncover all this information include:
- Hotjar polls;
- Sales calls;
- Interviews with sales teams / customers;
- 5-second tests;
- And case studies.
Want to know more about qualitative sources and how to use them?
Check out our Message Mining Research Sheet!
2. Track the micro level interactions too
Quantitative data aims to uncover the what, where, when and who of your visitor.
All of this information can be found on Google Analytics, CRMs, Hotjar and other platforms that focus on the numbers, like:
- Users;
- Page view per session;
- Bounce rate;
- Conversion rate;
- Source / medium.
Look beyond the obvious goal tracking, we want the micro level interactions such as:
- Internal and external button clicks;
- Video watch-time;
- Demo step funnel.
When it comes to quantitative data, the devil is in the details.
3. Design experiments upfront
A common misconception in SaaS is that companies should test everything.
The truth is that the kind of experiments you do depend largely on two things:
- How much data you’re working with;
- What kind of business you’re running.
Contrary to popular belief you can’t A/B test everything. You need around 1,000 conversions per month, and for the majority of people this is not possible.
You can’t always afford to be data-driven; but you can be data-informed.
SaaS companies should also rank their experiences.
At Upraw Media, we separate our experiments into two frameworks:
How about determining your experiment’s priority level?
You can easily do this by ruling its:
Blink score (1-5):
The idea here is to tap into your first gut reaction.
Malcolm Gladwell’s book ‘Blink: The Power Thinking Without Thinking’ gives great insight into the psychology behind intuitive judgement.
So, in a blink of an eye:
How much do you like this idea? Could it work for your company?
Relevance score (1-5):
How relevant is this user acquisition technique to your target audience?
How can you target and reach your customer with it?
This is what Bird’s CPO Ryan Fujiu refers to as product/channel fit.
For example, for GoPro, sending free cameras to sport heroes for them to film with and post on YouTube has a very high product/channel fit.
But if you’re a B2B company looking at promoting on Pinterest, it may be lower.
Ask yourself – is this channel where my audience usually is? Or – is it relevant?
Availability score (1-5):
Essentially, what is the cost of your experiment? And how easy is it to execute?
Scalability score (1-5):
How scalable is your experiment, if re-used?
You can then calculate your experiments’ prioritization rank by using this formula:
B x R x A x S
Designing your experiments upfront goes a long way in SaaS.
4. Stop overlooking messaging and copy
One of the most common mistakes SaaS companies make?
Underestimating the importance of good messaging and copy.
PPC isn’t the silver bullet that will accelerate growth.
Messaging, positioning, tracking are crucial to scaling up.
Remember, as Andrew Yedlin said: “a bold claim proves nothing”.
Just saying: “we’re the world’s best PPC agency” doesn’t mean anything.
You have to prove it!
5. The finishing touches: analyse and document your learnings
So, you’ve collected all your qualitative and quantitative data.
You’ve designed and ranked your experiments.
You’ve set a start date, an end date, an hypothesis, and metrics.
What’s next?
First, it’s crucial to keep track of your experiments while they run!
We hold a weekly or bi-weekly meeting to check on their progress.
And once they’re done, it’s time to take a step back and ask yourself:
- Why did we fail?
- How did we win?
- What did you learn?
This reflection will often lead to new, improved experiments – and more wins.
To sum it all up, SaaS CRO is not rocket science…
… But tackling it from a scientific point of view is a great way to make it work.
Did you know we also had Mikael Thuneberg @ Supermetrics on Masters of SaaS?
Check out the full episode below:
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