– Marketers are often focused on outdated KPIs and strategies that don’t contribute to conversion.
– Collecting phone numbers can disrupt the customer journey and hinder conversion rates.
– Conversion and revenue come from a quality audience and a well-defined customer journey, not just ads.Focus on subscription to conversion rate and understand the underlying elements that contribute to conversion, rather than solely tracking list building numbers.Stop trading a discount for just an email.
Marketer: But Jon, I don’t want to create too much friction.
Me: You want them to purchase, but you ask for a phone number to make them leave a website and go to their inbox to collect a coupon code, and you’re worried about a few questions?
Marketer: Um yeah, but you know, phone numbers are cool, and they are a KPI we track for growth.
Me: Did you know that 75% of subscribers that convert do so in the first 12 hours, during which you might send a single email?
Me: Did you know that asking for a phone number grinds the customer journey to a halt 50% of the time?
Me: Did you know that there is no notification that an email has been sent when you’re on the phone number step?
Me: Did you know that subscription to conversion is the only thing that matters? What’s the point of collecting a bunch of phone numbers if no one converts?
Marketer: Ummmmm, ehhhhh, ummmmm. This is my daily life.
There is a lot of confusion in e-commerce about the best ways to do things. Usually, when someone is suggesting something, they are copying what someone else says to do. I don’t play in the copycat game, I play in the data game. Test, report, adjust.
Marketers are being held to outdated KPIs around list building numbers without understanding the underlying elements that contribute to conversion. We all need to unlearn what we’ve been told because it turns out it doesn’t make much sense for the customer journey. Things have already changed, and what you’re now seeing with slowdowns in sales and things getting harder are actually a reflection of these bad habits of focusing on things that don’t matter. It’s systemic, and you’re not alone.
At best, some companies are tracking a subscription to conversion rate but still have no idea why someone converted. This is what nearly everyone is doing. I’ve seen the reporting out there, and there is no financial context attached to the data.
So here’s where we’re at, as Rishi put it the other day: marketers are sheep blindly clutching to and wanting to believe in things they have read, products that will save them, and some sort of new attribution that provides a clear picture. That’s not the way these things work; it’s a reactionary response to deeper issues.
We collect data and provide context with it so you can actually do things to improve and I’m not talking about ad budgets, for many brands those are a lost cause of searching for lighting in a bottle where it’s really just a matter of quality audience not conversion rate. Conversion and revenue come from a quality audience and a well defined customer journey not ads. Want a customer journey audit? You know where to find me. Often times data isn’t always the solution, it just makes it easier to justify creating one. #ecommerce #marketing #datahttps://www.linkedin.com/in/jivanco