Growth and conversion are hard. Depending on your organization, the ultimate goal is to transition a user from casually visiting your site to becoming a paying customer, potentially, all without ever actually interacting with them. Based on this white paper from Pendo, where they surveyed 500 product professionals, 54% of companies are actively looking to improve how they grow to help control costs.
I talked in our last blog about Product, Marketing, Growth, Revenue/Sales, and Customer Success teams needing to work together. What those teams are trying to accomplish will look similar to this:
These are the high level goals. Within each of these milestones there are additional goals, and each company may approach them slightly differently.
Using traditional analytics, it can be incredibly difficult to determine what is actually driving customers to move from one stage to another. Are views of a specific piece of content driving engagement? A certain message? Maybe. Or maybe that content or message is just in a high traffic place, so it looks like it’s driving the outcome you’re looking for.
Companies are looking to be smarter with their data and really make it work for them. As part of that, Dacture wants to make it easy to predict how to drive overall growth and conversion by using data you have already collected to identify what changes will really have an impact.
Using a freemium conversion data set (that has a small sample size, but it works well enough to illustrate our point), you can see that we’re able to predict what the current conversion rate is: 22%. We then asked our product what would happen if we increased the use of a specific tutorial. As shown below, the conversion rate would be expected to increase by 4%, to 26% overall.
How easy was it for us to do that? Very easy. There’s no code, it’s just a few clicks and questions. We’re trying to make growth and conversion easier for everybody that’s involved in revenue, and get them all using the same platform and language.