What is the true ROI on your technology investments?

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Agenda !How to make the most out of your technology investments– Holly Tabor, Associate Strategist, QubitBuilding a testing strategy for 3rd party technologies – Mark Dugdale, Head of Online Marketing & Customer Loyalty, Monsoon Accessorize !Q&A

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How to make the most out of your technology investments !

!!!Holly Tabor Associate Strategist, Qubit@qubitgroup

The average ecommerce business has

30 marketing technologies

on their site

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Qubit, Making the most of your technology investments, 2014

Onsite vs. offsite

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Functional experiential spectrum

Where to start?

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Run a full technology audit

What are your goals?

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What are your goals?

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!

• Conversion rate!

• Customer engagement !

• Average order value !

• Reducing returns!

• Increasing life time value !

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Categorize your technologies

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Building your hypothesis

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Building your hypothesis

Building your hypothesis

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Building your hypothesis

!The basic test: is having this technology better than not having it?

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Building your hypothesis

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!

Ask yourself these kinds of questions

!• Could this be more effective somewhere else on

the page? !

• Is this actually increasing conversions, or just engagement?

• Which marketing channels drive the highest long term value?

• Does this tool actually drive revenue? !

• Does this technology reduce customer returns?

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What are you measuring?

• Conversion rate

• Customer engagement !

• Average order value !

• Reducing returns

• Increasing life time value !

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Running your test

Running your test

!

The 5 checkpoints of testing: !1. Use a randomized control group

2. Formulate a hypothesis

3. Calculate the necessary sample size

4. Wait for the test to reach significance

5. Validate your tests

Compare your results to your vendor’s claims

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Compare your results against your vendors’ claims

Test technologies against each other

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!You might even find that technologies work best in conjunction with each other, rather than on their own Example !!!

Repeat tests, run them regularly

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Check your results by testing again

Optimize how you deploy technologies

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You can begin personalizing your tech deployment

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Do you think you can deploy your tags more effectively?

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Can you deploy your tags more effectively? !Should you deploy live chat just to new visitors? !Should you have a minimum rating threshold to show ratings and reviews? !Is it best to only retarget specific products?

How to make the most out of your technology investments !

!!!Holly Tabor Associate Strategist, Qubit@qubitgroup

Case  study:  Building  a  testing  strategy  for  3rd  party  technologies

Mark  Dugdale

Key  Objectives?

   • Incremental  Revenue– Visits  – Conversion  – ATV

• Personalise  &  improve  customer  experience

• Reduce  technology  &  marketing  costs  !!

 

Key  Objectives?

Why  Test?

   

• Remove  ‘Gut  feel’  from  decision  making  and  replace  with  hard  data

• Truly  understand  new  technology  effectiveness  against  our  KPIs

• Effectively  measure  ROI

• Supplier  leverage    

How  do  we  do  it?

   • Continuous  pipeline  

!

• Prioritize  in  order  of  return  !

• Collaborative  approach  !

• Agree  on  hypothesis/test  conditions    

What  have  we  tested?

Onsite:  Search  test

KPIs  Conversion  uplift  versus  control  Incremental  Revenue  ROI  (Profit  less  tech  cost)

Hypothesis  New  improved  search  functionality  will  increase  website  conversions  !Segmentation  50/50  split  test  All  users  visits  (>2)

Onsite:  Interactive  shopping  experience

!

Hypothesis  Customers  engaging  with  content  will  convert  better,  &  spend  more.    

!Segmentation  Purchasers    Non  Purchasers  visits  (>2)

KPIs  Conversion    ATV  Conversion  of  items  featured  in  Editorial  Dwell  time/Interaction  with  content

Offsite:  Effectiveness  of  brand  PPC

Hypothesis  Brand  PPC  will  drive  increased  site  visits,  convertors  &  revenue  compared  to    

Triggers  &  Segmentation  !Purchaser  =  No,  Session  number  >2  !Goals  !Conversion  Conversion  of  items  featured  in  Swoon  Interaction  with  content

Monsoon  challenged  on  incremental  revenue  driven  by  brand  and  brand  generic  PPC

Proposed  control/expose  test  to  measure  incremental  revenue  driven  by  brand  &  brand  PPC

Cities  paired  based  on  visitors,  converters  &  revenue  split  between  control  &  variant

During  test  period  visitors  in  variant  exposed  to  brand  PPC,  visitors  in  control  were  not

Pre  &  post  test  periods  used  as  control  of  performance  in  cities

Incremental  revenue  driven  by  PPC  in  variant  cities  compared  pre  &  post

What’s  next?

     

• Offsite:  Effectiveness  of  display  retargeting

• Onsite:  Virtual  fitting  rooms  technology  tests  !

Thank you

Any questions?

What is the true ROI on your technology investments?

@qubitgroup