After years of speculation, researchers have proven that a pair of mummified knees found in Egypt’s Valley of the Queens once belonged to Queen Nefertari, wife of Ramses the Great.
The partial legs are all that remain of the legendarily beautiful Nefertari, who was buried in a lavish tomb during Egypt’s 19th Dynasty, around the 13th century B.C. At some point after her death, robbers ransacked the tomb.
Everything But The Knees
It was likely during this raid that her body was dismembere
So you converted 3.1% of your visitors last month?
Awesome! How many of them spent more than $100 on their purchase? Or how many were on your Enterprise plan?
And how many of the 3.1% added a coupon to their order?
How many of them came from your Facebook ad campaign?
That’s a problem.
Here’s why surface-level analytics can lead to bad decisions, and how the Kissmetrics Funnel Report can answer some questions that lead to better analysis and decision making.
How Bad Marketing Decisions Can Get Made
Let’s take this scenario:
You, the Director of Marketing for an e-commerce company, recently launched a Fall ad campaign on Twitter, Facebook, and AdWords. A month later you notice that your purchase conversions increase 1%, so you pour more money on all three ad platforms without knowing which campaigns led the most to conversion.
90% of the boost in conversions may be because of the Facebook ad campaign, but without doing research you’ll put more money on the effective campaign and burn money on the 2 ineffective marketing campaigns.
In another scenario, you see that most of your large purchases ($150+) come from AdWords, yet neglect that channel because it brought fewer conversions (when what you’re missing is fewer conversions but higher total purchase volume).
Here’s how to see the whole picture with the Kissmetrics Funnel Report.
Viewing a Funnel With Revenue Data
Continuing with the e-commerce marketing director scenario, let’s say we just ran our Summer advertising campaigns. We had campaigns on Twitter, Facebook, and AdWords. We’ve tagged all three with UTMs, which makes for pretty easy tracking across Kissmetrics and other SaaS platforms. We want to see which campaigns brought customers who spent at least $100.
We’ll need to create a fairly elaborate funnel. Here’s what we’ll do.
The first step is to look for people who came from an advertisement. We’ll have the first event be “Ad campaign hit”.
We’ll add additional conditions to this event. This is where we’ll narrow in on these three campaigns and be able to distinguish between each. We’ve tagged each campaign with a respective Campaign source. Twitter has campaign source twitter, Facebook is facebook, and AdWords is tagged as adwords.
Let’s first enter the Twitter campaign source:
We’ll add an Or condition by clicking here:
We’ll then do the same thing, but this time enter the Facebook campaign source:
Finally, the + button you see on the right allows us to add another condition. We’ll click it, create the same condition but this time use the AdWords campaign source:
Next we’ll add a step the funnel. Since most people visiting an ecommerce website visit a product page before adding an item to their cart and purchasing, we’ll add those next two steps:
The final step, Purchased, needs some conditions added to it. We’ll look for the customers that have made a purchase of at least $100.
First we’ll add the step:
Click that arrow button on the right and we’ll add that we’re looking for purchases being at least $100:
Keep in mind that your naming of events and properties will probably differ than what I’m showing in this example. We don’t have any default events or properties named Purchased, order amount, added item to cart, etc. You can set this up with a little help from a developer.
UTMs and Ad Campaign Hit are tracked automatically, however.
So here’s how our funnel looks:
That’s it! Now it’s time to run the report and see our data:
This is looking at all the ad campaigns together. We have pretty good traffic – a little over 26k people, of which about 2k converted to purchasing. Given that all of these people are spending at least $100, we’ve likely made some solid returns on these campaigns (if we were able to keep costs down).
To select each campaign’s performance, we’ll simply click on each of the three Ad campaign hits. Let’s click the top one, which is Twitter’s ad campaign:
The first couple steps of this funnel perform well, but falls off pretty quickly. Only 88 people purchased, leading to a putrid 1.1% conversion rate. This means that the other campaigns are likely performing better. Let’s check Facebook’s campaign performance:
We can see that this campaign is performing much better than our Twitter campaign, with about 10x the conversion rate. We’ll have to check what we’ve spent on both campaigns. If we’ve spent more on Twitter (with fewer views) we know we should definitely cut off ad spend there or try new a new ad set.
Finally, let’s look at the AdWords campaign performance:
This one is performing even better than AdWords (although both are performing very very well). We achieve a 12.3% conversion rate off about 3,400 visits, making this the highest-converting campaign of the three. We’ll see what we’re spending to see if it delivers a better ROI than the Facebook (and keep in mind that each of these orders are over $50).
What to do with This Data
This data provides great information – we see which campaigns are performing well and which are falling short. We can cut off the ineffective campaigns or try different ads on the platform.
And since these are valuable customers, we’ll want them coming back to purchase again. To remarket to them with ads or drip campaigns, we’ll just click on the Purchased button to find all the people that have purchased:
We’ll click those 2,126 people and we can export the list to MailChimp, a CSV, or create retargeting ads.
Where Are Your Marketing Dollars Best Spent?
Want to get more high-paying customers?
First find out where they’re coming from.
With the Funnel Report, you’ll be able to breakdown each marketing campaign and easily track the performance of each. And with the ability to further drill down by only viewing campaigns with high or low revenue from each, you’ll be better able to track ROI.
About the Author: Zach Bulygo (Twitter) is the Blog Manager at Kissmetrics.
Two recent studies of psilocybin, the psychoactive compound in so-called magic mushrooms, contend that the chemical can act as a powerful remedy for cancer patients suffering from depression and anxiety.
The two studies, one from New York University and one from Johns Hopkins University, are the largest and most rigorous studies of psilocybin and depression in decades, and they report that the anti-depressant effects of the drug can last for months, offering relief to chronically ill pati
In order for a business to generate a long-term, sustainable profit, new customers need to be driven to your site, existing customers need to be satisfied and ideally, existing customers should become repeat customers. For this to happen, it’s essential to have a deep understanding of how your customers behave in relation to your brand— luckily, the tools to get these insights are more readily available than ever before.
With key customer metrics such as churn rate and average revenue per user at your disposal, you can determine which parts of your business strategy are effective and which parts need a fine tune! Taking a data-led approach to analyzing the behavior of your customers will allow you see why they chose you over a competitor, how they respond to your marketing and in precise detail, how they interact with your brand online.
For more information on which customer metrics you should be looking at, check out our infographic below:
About the Author: Ciaran Daly is the Copywriter for Mammoth Infographics.
It will be a long time until humans put boots on Mars–at least until the 2030s and possibly a long longer, depending on what the incoming Trump administration thinks about NASA’s unfunded exploration plans. But through our robotic emissaries, we have already made quite a mark on the planet. The newest one, on October 19, was the sad and unexpected splat from the European Space Agency’s Schiaparelli probe. Apparently betrayed by an errant altitude reading from one of its instruments, the lan
Facing growth setbacks is part of the risk of doing business.
While most companies may only highlight their successes to the public, it’s important to understand that every business has its own group of challenges. The key is to recognize the issues and take the necessary actions to move forward.
“You may be facing your share of woes from financial problems to employee shortages to increased competition. Just because those setbacks are occurring and you are struggling to survive, doesn’t mean you can’t turn your circumstance around,” says Inc. contributor Carolyn Brown.
Let’s explore how your team can bounce back from a growth setback.
1. Reassess Your Business Strategy
When major issues arise, reevaluating your strategy is essential to realizing what happened. Moreover, your team can pinpoint the mistakes that stunted your ecommerce business growth.
So, where do you start? Begin with the problem.
Learn why the setback occurred, when it began, where it originated, and how it flourished into a setback. Dive deep into your analytics to assess your sales and reveal any gaps in your system.
Senior management recognizes that failure isn’t caused by a singular event. Instead, it’s usually a series of activities that slowly lead up to a business disaster. So, examine your current procedures to set up safeguards.
“The way we win business has changed radically, largely thanks to the internet and social media. Companies that are not up to speed digitally won’t exist for much longer, so make sure the business is using all the technological tools it can to build momentum,” states Andrew Morris, CEO of the Academy for Chief Executives.
Nike reworked its international expansion strategy. Rather than spending an exorbitant amount of money on sponsorships to gain a global audience, the athletic apparel company initiated the NikeID co-creation platform. Allowing customers to design their own products helped the business deliver unique products that align with different cultural preferences and styles.
Upgrade your business strategy. Keep what works well and toss the rest to the side.
2. Deliver Customer Value
Research shows that “for every customer complaint there are 26 other unhappy customers who have remained silent.” In a market full of competitors, it’s easy for consumers to try another brand.
To deliver remarkable customer value, start by analyzing your consumers’ purchasing habits. Learn what they like and how specific brand interactions make them feel.
For example, if you know consumers prefer assistance via live chat rather than by phone, your team should take steps to be available online.
Collect this data by instructing your sales representatives to jot down notes during customer conversations. Or simply ask consumers to complete a short suggestion form.
Think of customer value as a cycle. You must discover the opportunities, create the offering, deliver the value, and communicate it to your audience. Then, the process starts over again after receiving the customer feedback.
Peepers, an eyewear company, offer shoppers more value by customizing the checkout experience. With personalized messages, customers trusted the brand and believed their credit card information were safe. As a result, Peepers received a 25-30% increase in its organic traffic conversion rate and 15%-20% increase in its average order value.
Offer unprecedented value that your consumers can’t receive anywhere else. They’ll be happy and your ecommerce company will reap the revenues.
3. Differentiate Your Product
Sometimes, your team must do things differently. And it might just include changing the product.
In today’s economy, consumers possess a wide variety of choices. They don’t have to settle for products that fail to solve their problems or fall short of satisfying their needs.
Product differentiation is a marketing technique to make your product more attractive than the alternatives in the marketplace. This difference could include customer value, design, price, or even quality.
“Don’t focus on features alone, then. Instead, emphasize the benefits of those features. Your advantage lies in how your product or service ties into the emotional needs of your target audience. People make decisions on the basis of either logical reasoning or emotional impulses,” writes Entrepreneur contributor Ray Beharry.
Conduct market research to learn if you should modify your product or change the way you sell your product. To find pertinent data, host a focus group or invest in heatmap tools to monitor website interactions.
Oscar Health Insurance offers customers transparency and only focuses on a small, niche network in four U.S. states. The brand separates itself from the competition by presenting health plans in common language without the jargon.
It may be time for a product change. Find out how to fulfill your customers’ desires through differentiation.
4. Hire Employees With Diverse Skill Sets
During tough times, employees are the best assets for your business. And as your company begins to change directions, you will need people invested in your brand values.
In a recovery transition, recruit talented workers with skills that complement your current workforce. Experts claim that future work environments will need people who know how to work with data, understand virtual reality, and can apply the Internet of Things to industries.
Beyond technical skills, interpersonal character traits matter, too. Focus on hiring individuals who know how to develop connections, work on multiple cultural teams, and make creative decisions. Personal finance writer Erika Rawes agrees:
“Your ability to engage in conversation, get to know someone personally, and develop meaningful relationships will provide a competitive edge over the future.”
In addition, retrain your current employees by informing them about new business strategies and expectations. It’s a chance re-engage employees and to develop people professionally.
Revitalize your workforce during growth challenges. Let your business experience new talent with different possibilities.
5. Continue to Seek Growth Opportunities
Whether your company is undergoing a setback or not, your team should always continue to seek ways to expand. A proactive plan prepares your brand to handle challenges better.
Opportunity is a subjective term. What’s great for one business may be a disaster for another.
Therefore, before making any hasty decisions, work with your team to know what your business needs to recover. Do you need more qualified traffic to your website? Or more skilled sales reps to close deals?
And refrain from relying only on your own experience. Your company may benefit from building ongoing partnerships with other brands.
“Don’t limit yourself by your own knowledge base and expertise when your back is against a wall. Find partners who can help you implement the new strategy that makes the most sense, not the one that’s easiest to execute,” writes Fast Company contributor Carson Tate.
Below is a brand partnership example from Adidas and Spotify. The companies teamed up to offer their consumers a new product called Adidas Go. The app lets customers who exercise with their iPhones listen to music through Spotify that is automatically linked to the pace of the workout.
Growth is a continuous process for companies. Uncover new opportunities to respond to infrequent difficulties.
Aim to Recover
Challenges are inevitable in business. It’s vital to understand how to handle setbacks when they occur.
Reevaluate your strategy to ensure it fits your desired outcomes. Deliver unmatched customer value that competitors can’t duplicate. And continue to seek partnership opportunities that will benefit your brand.
Push through setbacks. Grow your business.
About the Author: Shayla Price lives at the intersection of digital marketing, technology and social responsibility. Connect with her on Twitter @shaylaprice.
A new study shows that confining water to very small spaces can keep it solid past even its normal boiling point.
Using carbon nanotubes, researchers from MIT report that they kept water from turning into a liquid, and even a gas, at far higher temperatures than normal. While not technically ice, this solid water could be used to create new types of wires that take advantage of solidified water’s unique properties.
Tiny Spaces Make the Difference
Researchers have known that pressure can