Making Money On-line: Creating Relevance with Multivariate Testing and Digital Analytics

Monday, 31 August 2020

Creating Relevance with Multivariate Testing and Digital Analytics

From optimizing the site experience to sending out a marketing email, the modern marketer should always be mindful of one important factor, relevance. The more relevant an experience is for the user, the more likely he or she will convert on a major KPI that will positively impact your business’ bottom line. Will your website visitor find content relevant to them? Will this email be delivered to your customer’s inbox at a relevant time? Will your product offer be relevant to your customer? Identifying barriers to conversion allows a marketer to create relevant opportunities.

Creating relevant opportunities is especially important right now, with the ongoing pandemic causing major disruptions across industries. One of the hardest hit industries is travel. According to eMarketer, the travel industry is expected to experience a 44.7% loss in digital travel sales, a $93+ billion-dollar economic loss.

Digital travel sales aren’t forecasted to hit pre-pandemic levels until 2022. With fewer people spending money, it’s crucial that every single customer experience is relevant.

How do you make each experience relevant? With the sudden increased reliance on digital channels to singlehandedly drive revenue and sales, one should look to invest in optimization tools that utilize A/B and multivariate testing as well as digital analytics.

A/B and multivariate testing

Which lead capture form is going to drive more submissions? What’s the optimal length of a checkout funnel? What design and content are most easily digestible? These are all use cases that can be answered with personalization and testing capabilities.

Using customer data, you personalize each touchpoint along the customer journey as much as you can, making it as relevant and of value to your audience as possible. You test variants of your landing pages, sites, headlines, copy, and offers to see which audiences respond more to in order to revise and optimize each touchpoint. In this way, testing leads to business intelligence and actionable insights that help you improve the customer experience and show what’s relevant to your audience to inform what other revisions you make and projects you undertake.

Digital analytics

What is the bounce rate of the website? Where’s the biggest drop off in the purchase funnel? Which content is most downloaded? These are some of the use cases that can be answered by digital analytics tools that provide insights into how users are behaving while visiting your site.

Such a tool allows you to harness real-time data and analytics to generate actionable customer intelligence. It gives you a picture of the overall health of your website, by showing how many visitors you’re getting, what pages they’re viewing, and what they’re downloading and clicking through. How long do they spend on the site?

These analytics show you where you can improve and what direction to move in to generate more customer interest. How testing and digital analytics can go together

Both testing and digital analytics provide valuable data with powerful, actionable insight for businesses. When combined, the value of these tools can increase exponentially in showing what customers are interested in, what they respond to, and how you can optimize accordingly.

For example, let’s say,

A user arrives to the website.
They browse the site and are ready to check out.
However, after finishing that first step of the funnel, the user drops out at the next step and abandons the cart.
From having looked at the data and analytics, you know this might be a weak point in the funnel, therefore, the actions of the user abandoning the cart triggers a window with a “Save/Offer” message to intrigue them enough to not drop off.
To achieve optimal results, you test all the steps that lead to the “Save/Offer” message to see what causes customers to abandon, how you keep them from dropping off, and/or keep them moving on through the funnel.

Optimizing your website doesn’t end with only testing and digital analytics. You can also combine those tools with an email marketing platform and a marketing automation platform so no missed conversion opportunities occur.

DEVGRU is Oracle’s preferred partner for Maxymiser and Infinity. With over 25 years of industry experience, the team at DEVGRU has successfully created and managed optimization programs for Fortune 100 and 500 companies within numerous industries. All our work, including development, strategy, analysis, design, copywriting, training and implementation, is proudly done here in the United States. We look forward to working with you on optimizing your user’s experience.

To learn more about DEVGRU, contact us here.

To learn more about A/B and multivariate testing, check out Oracle Maxymiser.

For more information about digital analytics, check out Oracle Infinity.