With the use of Analytics, Tag Manager and a simple A/B test we gained our client an additional $47,600 in revenue in 30 days here is a brief rundown how.
Why focus on signups?
Through the use of Google analytics, we found that 70% of signups hold a party within 30 days of signup, and with an average net revenue gain of $400 per party it seemed to worth the effort to try and increase signups and or conversion rate.
Hypotheses: We wanted to see whether changing the signup process to shorter steps would increase sign-ups.
The project started with the basics, less is more. We looked at what information we really needed and what was fluff. We also looked at how to also increase traffic to our party signup page once we launched the test.
How to get more traffic:
We focused on two channels one for the immediate impact the other for long-term, so we focused on increasing both organic and paid traffic to our party signup page. Again, with an already 70% of signups having a party within 30 days of signup bringing more traffic meant potentially more revenue quickly.
Results part 1:
By creating a more SEO friendly signup page we saw the following results. Organic traffic in total to the page was up 10% some 6000 pageviews during the testing period over previews time frame. Then we increased our paid channel targeting for party signups which increased traffic 113% with a minimal price increase in ad spend.
Now that we had the increased traffic we needed to come up with a look and flow that would continue or increase the signup rate.
Testing different variables
We learned that the color and text used in the prompts matter. What we did was break up the signup from one page that seemed to look simple enough to 3 short steps (the last optional comment) with only the information needed to confirm the party. Along each step of the signup process, we give more details on what to expect and ask for again only the information needed.
Results part 2:
Test period showed the following:
We had an increase of 170 additional party signups up 19% than the previous period and with 70% (119) of those having a party within 30 days saw net revenue increase of over $ 47,000 in 30 days.
Annual projections based on 70% of all party sign-ups with a net value per party of $400 would have an estimated additional increase of $924K in net revenue.
Learning how to use a Tag Management system to send the data you want to your Analytics for reporting. Then being able to take that data and tell the story and uncover insights, will allow you to use those insights to test your theories to see if you have tapped a new revenue stream or come up with several others.