Our methodology
Get customers. Keep customers. Grow your ecommerce store
with OptiMonk’s proven Customer Value Optimization methodology
DEFINITION
What is Customer Value
Optimization (CVO)?
Customer Value Optimization or CVO is the framework in which companies focus on raising the value of their customers to grow their businesses. The aim of the framework is to create an incredible customer journey and increase the ROI for entire digital marketing activities.
Read more about CVO
Our methodology
Onsite Journey Analysis
You cannot solve a problem that is unknown. The first step to getting and keeping your customers is to suss out where they run into problems on your site. We analyze the current onsite journey of your visitors, find bottlenecks and uncover opportunities to provide a better customer experience along their journey. We collect customer data, analyze the data, and create hypotheses.
Step 1: Marketing & Customer Discovery Interview
The endgame of your analysis is to understand your market and your customers in depth. The Marketing and Customer Discovery Interview is our go-to method for mining gold dust on your customers — so you can trade irrelevancy for relevancy throughout your marketing messages.
Your discovery interview helps you uncover:
- Customer Personas — Learn who your customers are. Get in depth insights into their problems, anxieties, and goals. Find out why they choose your products and how they use them. You’ll find the biggest opportunities for optimization by learning what influences their buying decision and what stands in their way.
- Value Propositions — What is the greatest value you give your customers? It might be different to what you think. Find out why your customers buy from you and not your competitors. Your unique value propositions are often hidden from new visitors. Pinpoint them and bring them into focus — as soon as your visitor lands on your site.
Step 2: Data Analysis & Opportunity Discovery
You understand your market. You get your customers. Now it’s time to pool all the data you’ve collected in step one and find the leaks where your store is losing money.
In step two, we go full-on detective — we uncover the problems with your onsite journey and learn how you can revamp your onsite experience to grow your customer base.
Google Analytics reports are a great place to start. It is very easy to get lost among the hundreds of reports Google Analytics provide, so we usually start with the largest sources and the most visited landing pages, and look for segments that convert suboptimally compared to others.
Step 3: Opportunity Prioritization
What are the biggest issues with your onsite journey? Confusing checkout process? The usual high rate of cart abandoners? A bad user experience on your product pages?
Opportunity prioritization is all about selecting the best opportunities for your ecommerce store. Unfortunately there are usually more opportunities than resources to deal with all of them at once. So we need to prioritize them.
Creating Optimization Plan
We know the problems. We know the opportunities. Now we are ready to turn them into a plan to help optimize your online store.
Step 4: Solution Brainstorm
First up, we move through the prioritized opportunity list, one-by-one — starting with the highest-ranked opportunities. We’ll then brainstorm messages that solve these problems.
At this stage of the process, the more ideas we have, the better — as many as 5-7 messages for each opportunity is an awesome place to start.
Step 5: Developing a Journey Plan
The next step is to turn our list into an implementation plan — aka the Journey Plan. This involves narrowing down our list to the top messages.
We’ll also decide who should see them — and at which point in their onsite journey. We’ll choose their format (think: popup, sidebar, or sticky bar) and which visitor segment to target.
Step 6: Draft Message Plans
Brainstorm? Check. Journey plan? Check. Now it’s time to create your messages. We like to keep this stage simple, dropping our messages into a basic wireframe (the fun design stuff comes later).
Implementing Optimization Plan
Let’s put your plan in motion! In the implementation phrase, we design, set up, and launch your campaigns. Then we also evaluate your results
Step 7: Designing Message Creatives
We’ve got the messages, now it’s time to jazz them up. Our designers will deck out your messages with sleek, on-brand designs that amp up their delivery — winning conversions and repeat customers for your store.
Step 8: Setting Up & Launching New Campaigns
Once the design plans are finalized, we’ll use OptiMonk’s powerful capabilities to set up unique targeting for each campaign. We’ll plan each message so that it’s only seen by the right visitors — boosting your conversion rates. Then? You’re ready to launch 🚀.
The campaign launch is an important milestone – but not the last one.
Step 9: Evaluating Results
Our next task is to evaluate your new messages’ performance. What impact have they had on your conversions, sign-ups, subscribers, orders, and revenue?
Testing involves a super-speedy smoke test on the first day to measure their impact. We then test monthly, bi-weekly, weekly, or daily — depending on your levels of traffic. This helps us pinpoint where we can level up their performance.
Learn & Repeat
The Customer Value Optimization process doesn’t end here.
Based on our results, we have proven or disproven several our starting hypothesis. We have learned a ton about what’s working and what’s isn’t when it comes to converting and keeping your customers. And we’ll have a bunch of new ideas to try. It’s time to go back to Opportunity Prioritization to begin a new cycle.
Customer Value Optimization is a cyclical process. We usually run these cycles as a 2-to-4-week sprint.
This timeline gives us enough time to test our hypotheses and assumptions. Once a sprint is over, we hit repeat on the cycle and get back to analysis, brainstorming, planning, and ideation.
SEND US MESSAGE
UNICORN DIGITAL INC
677 N washington blvd 57.
sarasota, fl 34236.
mailing address:
p.o. box 222447
hollywood, fl. 33022