– The company has implemented a strategy to increase subscription to conversion rate, resulting in a 6% overall increase (20% relative increase from the starting point) in the last 60 days.
– The timing of when a customer plans to make a purchase significantly affects their conversion rate, with “today” resulting in a 39.9% conversion rate, while “in a few months” only has a 6.3% conversion rate.
– Utilizing data effectively can provide valuable insights, such as identifying the leading indicators of quality traffic and optimizing ad creative based on conversion rates.Utilize data to determine the timing of subscriber conversions and adjust advertising strategies accordingly.What if I could tell you the value of your subscriber after signup and give you the likelihood of their conversion? We’ve been playing with a strategy to unlock a higher subscription to conversion rate. We’re up 6% overall (20% relative from our starting point) in the last 60 days, with a near 30% subscription to conversion rate. E-commerce is all about timing. Here’s the data: When someone answers “today,” they convert at 39.9%. When you move to “in a few days,” it drops to 16.8%. When you move to “in a few weeks,” it drops to 11.1%. When you move to “in a few months,” it drops to 6.3%. So for all my paid ad friends, what if you knew the answer to the signup relative to the campaign, ad set, and ad that you’re running as a leading indicator of the quality of traffic? Not all these orders will be of equal value, making ROAs not make much sense. Just scale the ads that get the most signups with “Today” as answers. What if you built a lookalike audience around top-performing data point combinations with purchase data? What if you did it in reverse and pulled “Today” as a value and found that one of your products converted at near 50%? You might just switch up the creative you’re advertising with. This is what we mean by being data-driven. This shift is a fundamental change to the current approach of marketing and makes things clearer in terms of what actions to take. For my email friends, the lower subscription rates require education based on their other provided answers. There are segments to be created and narratives to write to convert them at a higher rate. Data, when used correctly, paints a clearer picture, takes out guesswork, and allows you to save a ton of time. The world of running an agency is getting harder. It might be time to let modern technology take over. Attribution software doesn’t come close to this; it doesn’t have the data. #marketing #data #ecommercehttps://www.linkedin.com/in/jivanco