3rd June 2020
There has never been a bigger demand for digital solutions across every sector and every part of our lives.
This statement was probably true even before Covid-19 swept across the world – now it’s undeniable. Over the last decade the introduction of smartphones, high-speed internet connections, social media and messaging platforms, has changed customer behaviour dramatically and made digital tools increasingly important for most businesses. In 2020, with isolation and social distancing becoming part of our new normal, these digital tools have now become essential to every business.
But most of us have already gone through a digital transformation. We’re online, we’ve got a CMS and a CRM system and a ton of data about our customers, now we need to get a return on the – quite frankly – enormous investment we’ve made into all of this digital infrastructure. Our focus has moved from digital transformation to optimisation and we’re all chasing Amazon’s illustrious conversion rates. This is all good and well for businesses like Nike and Asos that have straightforward purchasing mechanics, but if you work for a big institution with multichannel customer journeys then your conversion optimisation is a much more challenging task. Here’s why...
Your purchasing process is complex
Some customer journeys will never be as simple as adding an item to your cart and checking it out; you’re never going to be able to book train tickets with one click or buy insurance policies without filling in forms, no matter how optimised the website is. If buying your products involves a multistep booking process, detailed data input, funnels for different customer types or requires multiple visits to complete the purchase then there’s little you can do to reduce clicks in the path to purchase and it’s unlikely that the standard approach to conversion optimisation would be successful. Because your customer journey is more complicated than the average online store, you’re more likely to have a higher dropout rate, so you’ll have to come up with creative ways to simplify the process and keep your prospects engaged.
Subject matter expertise is critical
Most ecommerce optimisation is predominantly informed by quantitative data about how customers engage with your website. This indisputable data from Google Analytics might include traffic acquisition information, visitor demographic, device and browser details, bounce rates and the flow of traffic through your site. However, quantitative data only tells us one part of the story – what actions have taken place on your site – and doesn’t provide the contextual information behind the customer behaviour. Qualitative data helps us understand why customers might be acting in a certain way by looking at things like sector trends, user feedback and competitor benchmarking. You need to consider both the quantitative and qualitative data to understand user behaviour in complex customer journeys; but while quantitative data can be analysed by any digital analyst, you need both sector and subject matter expertise to understand and interpret the qualitative data.
You’ve got plenty of data, but no action plan
As an organisation that’s already been through a digital transformation programme, there’s little doubt that you’ve done a lot of work both internally and with external agencies on things like competitor benchmarking and customer persona analysis. You probably have all the data you need to inform your conversion optimisation strategy and a long list of recommended tasks to get on with, but without a tool or formal method of prioritising your next steps it’s easy to become overwhelmed. This often results in what we call “analysis paralysis” where digital teams are left unsure of how to identify and take the next step despite – or perhaps because of – an abundance of data.
Because we recognise these struggles in many of the organisations we work with, ORM has developed the Digital Revenue Uplift Consultancy (DRUC) – our proprietary method of helping big organisations with complex purchasing processes get a return on your digital investment. It’s a method that’s already proved successful for businesses like Southeastern and Great Western Railway and we’ve just introduced a multinational home repairs provider to the benefits of this unique approach to conversion optimisation.
We’ll be sharing the secrets to DRUC success at the virtual Digital Leaders’ Summit on 15 June where we’ll also be giving away a free version of the ORM priority planner which uses a simple formula to rank activities based on business impact, complexity, speed and cost so that you can create an action plan with confidence. Trust me, it’s a game-changer.
Sign up now to secure your place.