Speero

"Improving your conversion rate is not a strategy. Yes it's important and it could generate you a lot of revenue, but it is NOT a strategy. Your business strategy might be something like these: > Shift our demographic to a younger audience > Sell the first product as a loss leader and then generate LTV through CRM > Be the cheapest in the market through process automation > Diversify into new audiences by creating new use cases for the product In what way does 'improving your conversion rate' help specifically achieve any of these things? Yes you're getting someone to buy, but are they the right kind of person? Are they buying the right kind of thing? What does it all mean? There is absolutely no reason that experimentation cannot be used in service of business strategy." By Jonny Longden. In this week's Speero's best take of the week — where we celebrate and elevate the opinions and takes of experimentation experts.

We tested defaulting the Ship-insure status to on, and increased AOV and RPU without hurting conversions. Hypothesis: If we set the Ship-Insure to on-status by default, AOV and revenue will increase without hurting conversion rates. Outcome/Takeaway: Win - Implement Variation resulted in: +0.21% in Transactions (55% sig.) +3.90% in AOV (98% prob.) +3.58% in Revenue per user (using Sessions) Recommendation (next step): After 2 weeks of running, we didn’t observe any harm to conversions, while AOV and RPU grew. This pattern was consistent among countries. Keep the variation.

EXL+Unite Workshops nearly sold out! Go check the lineup, you don't want to miss these!

Do you even do 'Potential Weighted Revenue'?! 🤷♀️

🚀 CRO Insights from Moiz Ali & Ben Labay: Key Triggers and Foundational Strategies 🚀 Curious about when to kick off your CRO efforts? 🌟 Moiz Ali, founder of Native, shares his journey with Ben Labay on when and why to start Conversion Rate Optimization. Here's a snapshot of their insights: > Timing is Crucial: Start CRO when you have substantial traffic. Moiz recommends not focusing on CRO too early. Ideal starting point? Around $750k to $1M in monthly revenue. > Impactful Strategies: Early CRO at Native included offering product bundles, which doubled their Average Order Value (AOV) and significantly boosted marketing capabilities. > Key Metrics: Focus on AOV and conversion rates. These were the primary North Stars for Native’s CRO efforts, driving significant business growth. > Proactive Partnering: Moiz emphasizes the importance of working with proactive CRO partners like Speero who bring thoughtful test ideas to the table, rather than just executing pre-defined tasks. > Continuous Testing: Understand customer psychology through constant testing and be prepared to be surprised by what works. This approach led to smarter branding and pricing decisions for Native. For businesses aiming to scale, investing in CRO at the right stage can lead to transformative growth. 🌟 #CRO #Ecommerce #BusinessGrowth #MarketingStrategy #CustomerPsychology #Entrepreneurship #ProductOptimization

EXL + Unite—where 50% of the event is designed for you to meet new people. Instead of listening to content from YT, we will give you a hand-made list of who to meet. Plus an early bird discount in this post. Meet peers who share your issues and goals and talk about solving them in mini-group discussions. Listen to top practitioners from Hulu, Disney Streaming, Vista, and Shopify talk about their work. Join two great workshops the day before: 1 — Ron Kohavi: Advanced topics in practical A/B testing (P-values misconceptions, power and false positive risk, why give positive results a haircut, when and how to correctly peek). 2 — Various practitioners: Application of AI in experimentation (how to use AI for ideation, hypothesis, problem statement and exploration, discovery). Experimentation Live + Unite 2024. October 10-11, 2024. Optional workshop day on Oct 9. By Speero and Kameleoon. For earlybird discount enter: EARLYBIRD25. Only valid until the end of July. Link in comments.

Why do you test? When you start experimenting systematically, it’s easy to just test for the sake of it and miss the actions and changes we want to drive through experimentation. Experimentation Decision Matrix blueprint is here to remind not only you and your team, but also the stakeholders about the actual actions you plan to take after you finish each one of your experiments. How? Implement a group of action tags in your knowledge database so that you can classify and take action on these results. The idea is to have a plan of action depending on all the possible outcomes you might see from your experiment. - What's going to happen if the primary metric shows enough but the secondary metric is flat? - What’s the difference in the actions we're planning to take if we're testing a non-inferiority treatment (where we’re looking only not to harm) or a superiority treatment where we are looking to increase conversion rates, potentially introducing more complexity? So the idea here is for you to adapt this to your own business and use case and start playing with it. Link for the blueprint in the comments. And feel free to contact Carlos Trujillo or Martin P. through LinkedIn for any questions, feedback, or suggestions. 

Speero's Experimentation Report 2024 includes 18 key findings we distilled from what 206 companies shared on how they perform in 4 maturity areas needed for effective experimentation programs. What’s else in the report? — Run your own maturity audit (on our site for free) along this report to benchmark and compare your performance against others. —Explore how-to’s, tips, blueprints, and must-have practices (most aren't using) to help you get ahead. — 18 findings like how you don’t always need core SME teams, why you should link your goals to the company’s goals, or why you need to do a better job of recording and sharing results. The report and maturity audit are free. Link for both in the comments.

"💰 At first I liked to find winning experiments. 🥷 Now, 800+ A/B tests later, I care much more for its secret power... Which is that... ⭐ It removes ego and opinions. ⭐ Hierarchy doesn't predict which experiment wins. ⭐ Experimentation forces people and teams to work together. ⭐ Ultimately, people will feel more free to share their knowledge and backgrounds to come up with ideas And all of that leads to well-being of individuals, teams, companies and... you guessed it: successful online products." By Lucia van den Brink ✨️. In this week's Best Take of the Week, where we celebrate and elevate what industry experts have to say about experimentation.

While users do interact with the ‘available offer’ popups, they still have to enter chosen coupon manually. If we let them apply with a click one of available coupons friction will be lowered and RPU will increase. Outcome/Takeaway: Win - Iterate Mobile Variation resulted in: +0.36% in Transactions (66% sig.)     +0.54% in Revenue per user +0.25% in AOV                                         +2.25% in Coupon Applied (99% sig.) Desktop Variation resulted in: +5.40% in Transactions (93% sig.)      +8.59% in Revenue per user +3.04% in AOV                                          +11.47% in Coupon Applied (99% sig.) Recommendation (next step): Rollout the variation. That’s it, folks.  Stay tuned for more Speero Stories.  There are a lot of them coming. Every Friday, right here on LinkedIn. #Optimization #Experimentation #CRO #CXO #conversionrateoptimization