The difference between wildly successful
and struggling companies is one thing:
how they use their data.
No matter what product or service you launch, you will never get it 100% right the first time. That is because the judge of whether you get it right is not you; it is your customers. But your customers can't tell you until after you've launched your product. That is why after you launch, optimization is critical.
Optimization is adjusting your product to improve key performance indicators (KPIs) for driving revenue. It is the single greatest predictor of success and likewise, the silent killer of companies that ignore it.
Your customers are telling you what they think of you and what they want every day. But they don't say it to your face or your feedback forms, they say it in their actions. The answer lies in your data. Data is vital because it is a direct translation of their actions into signals you can process.
Too often people make important decisions based on what they think they know about a market, especially if they have been in it for a while. They try to sell to customers something nice and shiny when what they actually want is something entirely different and much simpler. They spend $500k on an app when an app with 1/10th the features could’ve been 10 times more successful. Optimization pinpoints these areas of opportunity before you waste resources investing in areas that won't work.
Basic numbers like how many new sales or signups don’t tell you anything useful. If you ran a big promotion and numbers don’t change much, you might think the ad was bad. If you were monitoring every step of your sales funnel, you could have realized that the ad was a great source of traffic, but your first-time user experience was terrible, killing all those quality leads. Basic numbers tell you very little. Real data gives you the insight to make smart decisions. Real data shows you precisely what is working and what isn't.
Our Optimization services are designed to help you find hidden areas of opportunity and unlock their potential. Using a data-driven approach, we find these areas faster and have the experience to know the best strategies to unlock them. Our clients regularly see orders of magnitude changes in their KPIs after Optimization.
The first step is to build and implement analytics systems to monitor all your key user processes. These systems track activity at a very granular level with layered contextual information. This allows us to explore and drill down the data across many qualitative and quantitative dimensions for deeper analysis.
Next, we take a look at primary process paths and their decision points. We create a series of experiments to test different versions of these decision points. Interactions are split between the versions in real time to avoid introducing confounding variables like time and day.
We compare the experimental data in analytics against the original baseline. We break it down my customer segment and look for find winning candidates and potential optimization targets. With those results, we iterate on a new set of experiments and continue testing as KPIs rise.