Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)

options 300x212 Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)Deciding which website A/B tests to prioritize can be a dilemma at best and a nightmare at worst. But, do it right and you can save your team months of work and your company millions in revenue.

But before we even get to that happy point, we need to look at how a typical web optimization analyst would arrive at what options to even test. This is how it’s done using the ClickTale software:

The screen shots below shows a typical travel website. In this site, ‘conversion’ is defined as a straight journey from the ‘Home Page’, to the ‘Trip Planner’ page (where they choose which country they want to visit) to the ‘Book a Hotel’ page where they actually book their hotel and pay.

Route Perfect conversion process 1024x576 Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)

Conversion Funnel route perfect 1024x726 Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)

Step 1: So Where is My Conversion Low?

From the ClickTale instantly generated conversion funnel we see a good conversion from the ‘Home Page’ to the ‘Trip Planner’ page (63%). But only 15% converted from the ‘Trip Planner’ page to the ‘Book a Hotel’ page.

So our challenge is obviously to increase the conversion from ‘Trip Planner’ to ‘Hotels’ page. But how do we go about doing that?

Step 2: Compare Success vs. Failure

One of the fastest ways to improve a page is to compare visitors that converted with visitors that didn’t.
We can then make elements that are correlated with success even more noticeable, and conversely, we can minimize elements that are correlated with failure. These changes then become our A/B tests. Stay with me as I explain how, below:

Step 3: Start Listing Your Possible A/B Tests:

Side by Side route perfect 1024x543 Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)From this Clicktale side-by-side heatmap comparison of success (left) vs. failure (right) we can now make 3 significant observations:

1. Visitors that succeeded (to the ‘Book a Hotel’ page) had a greater tendency to scroll down the page than visitors that didn’t (88% vs. 54% in this example). So one A/B test would be to move the ‘Check Accommodation’ button higher up the page – above the fold.

2. Visitors that succeeded had a greater tendency to save their trip (28% vs. 8%). So another A/B test could be to move the ‘save trip’ button above the fold or make it more noticeable.

3. Visitors that succeeded had a much lower tendency to price their trip (1.4% vs 6.8%). So a third A/B test could be to make the ‘price trip’ button less noticeable or remove it all together.

weighing value 300x199 Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)But Which Test Do I Perform to Bring Most Value?

Well, if you have an enormous web team you can probably test all 3 at once. But even still, testing can take weeks and during that time you’re losing valuable business revenue. Ideally, you want to be able to prioritize your test according to how much value each fix will bring.

Step 4: Create an Instant Funnel for Each Hypothesis!

With ClickTale you don’t just get an automatically generated conversion funnel which we saw above. You can also program specific funnels to see how much value a certain A/B test will bring you! For example:

From our third observation above, we suspect that we’re losing visitors from the ‘price trip’ button. But how many visitors are we actually losing? To find out we can build a segmented funnel to show people that did price their trip vs. those that didn’t price their trip:

funnels test and monetize Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)

How Much is a 360% Conversion Rate Increase Worth to Your Company?

We can see from this funnel that clicking the ‘price trip’ button lowers our conversion rate from 3.78% to 0.82%.  So, resolving this A/B test issue can raise our conversion rate by an incredible 360%.  Its then a simple step to build similar funnels to check the conversion value for our other 2 tests above.

How much would a 360% conversion rate increase be worth to your company in revenue terms ? It could be millions. Not just that, but also consider the incredibly fast ROI associated with the discovery of the whole ‘price trip’ problem and how easy it is to resolve by the simple change in the position of the ‘price trip’ button!

Watch our Free Demo This Coming Monday!

Demo Social Prioritize your A/B Tests for Maximum Monetization (In 4 Easy Steps)

Join Shai Tamari, Pre-Sales Manager for ClickTale, in this 30 minute webinar where he explains the above scenario in practical detail!

This webinar will show you how to really understand and interpret what visitors are doing on every page of your website and how this knowledge can be used to monetize far more efficiently and effectively! Join our webinar.

 

 

 

 

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About Sam Green

Sam Green is the Chief Content Editor for Clicktale