In my last blog post, we discussed linking customer behaviors to conversion rates and lifetime value to aid remarketing. But remarketing campaigns aren’t the only aspect of your marketing that benefits from this exercise. Once you identify web behaviors that positively, or negatively impact conversion rates and lifetime value, you need to put that data to work on your site. Also, remember from this blog that conversion rates are only half the story, and that lifetime value is a more critical metric.
Even if your team is using A/B testing software to improve conversion rates, they are still missing half the picture by not understanding how web activities affect lifetime value. What if removing a piece of content helps you get more free trial sign ups, but ultimately fails to generate customers that stay for years to come? Maybe that piece of content your A/B testing software told you to remove was actually helping to retain those high value customers.
WHAT YOU NEED
Event Tracking / Web Behavior Tracking
A Process or Tool for Connecting Lifetime Value to Behaviors
An Efficient Web Review Process
HOW YOU DO IT
You need to develop an efficient web review process that requires your team to analyze lifetime value before making major web changes. If watching a specific video increases lifetime value, position it on a higher traffic page. Likewise, if viewing a certain page negatively impacts lifetime value — revamp it.
This sounds like common sense, but without linking billing data, lifetime value and web behaviors, you are depriving your marketing team of the data they need to make these basic decisions about web layout, content and more.
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