Author: Martin P.
Title: Content Marketer
EP 55: Goal Tree Mapping
When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps — Confucius
Martin P. from Speero here.
Time for another episode of Speero’s newsletter, where we talk about the latest blogs, podcasts, events, and frameworks in the world of experimentation.
This Week in Experimentation:
Blueprint of the week: Goal Tree Mapping: This Speero’s Blueprint lets you list all the different metrics and goals you should keep in mind when designing your program.
After running more than 500 A/B tests for over a decade, Marianne Stjernvall helped over 30 brands grow their CRO programs. She’s here to explain to you:
— Why it’s vital to contextualize your data
— Why you should centralize and standardize your experimentation processes first
— How to place people at the center of your CRO program
Read of the week: How today’s top consumer brands measure marketing’s impact
Primary research into how the top 40+ brands measure their marketing efforts (with links to each case study) based on the combination of 3 models:
— Digital tracking/multi-touch attribution (MTA): online marketing default, in which browser cookies or similar identifiers allow you to track the marketing source of your customers.
— (Bayesian) Marketing Mix Modeling (MMM): a statistical model for determining which channels in your marketing mix deserve credit for sales.
— AB Testing/Conversion Lift Studies (CLS): how would performance look like if you switched a channel off, or upscaled or downscaled marketing spend?
Remember the most important question in marketing: If I spend $1,000 more on marketing activity, how much more sales would I get?
Also known as incrementality, this phenomenon is quite hard to measure because there’s no world without marketing activity, what statistics call “counterfactual”. This article will help you answer this question.
Event of the week: GrowthHackers Conference 2023
Happening on October 17th, GrowthHackers Conference is tailored for pros in marketing, experimentation, growth, product, CRO, and others who want to drive growth through experimentation. Topics include:
— The Power of Synergy: AI, Experimentation, and Business Growth, Dr. Ozbay, Head of Experimentation Platform and Science at Etsy
— Driving Business Growth Through Strategic Website Experimentation, Josh Zaldana, Growth expert at Meta
— How to Drive Experimentation Best Practices Using a Maturity Model, Benjamin S. Skrainka, Data Science Manager, Experimentation at eBay,
By the way, registration for the live streaming is free.
Speero Story of the week: Show Surveys, Increase Revenue, and AOV — Speero showed the Customer Survey results to other customers on the Product page, and increased AOV, transactions, add-to-cart, and revenue per user.
Blueprint of the Week: Goal Tree Mapping
Do you see constant changes in your company's strategy and find it hard for teams to stick to and focus on projects?
Can’t find the common goal? Or maybe your stakeholders only care about top-level business goals and disregard any improvements in smaller metrics?
Goal Tree Map Blueprint lets you list all the different metrics and goals you should keep in mind when designing your program.
You can also use it to break down the KPIs into smaller metrics where you can see improvements faster and communicate better.
The main benefit of Goal Tree Mapping is that you align your CRO team to work on the same goal.
— Get buy-in for experimentation.
— Define the strategic KPIs that fuel optimization efforts.
— Identify metrics that are crucial to the company's success.
— Break down KPIs into smaller metrics where we can see improvements faster.
Speero Story of the Week: Show Surveys, Increase Revenue, and AOV
Speero showed the Customer Survey results to other customers on the Product page, and increased AOV, transactions, add-to-cart, and revenue per user.
This was an interesting test Speero ran for one of our clients.
We used available customer surveys in an original way.
Instead of just collecting insights from customer surveys, why not show them to other customers?
If we place them strategically, they may increase the perception of value and lead to more transactions.
Aaand… This is exactly what happened.
Variation resulted in:
+2.59% in Transactions (93% sig.)
+1.08% in Add to Cart (86% sig.)
+3.32% in Revenue per user (using Sessions)
+0.81% in AOV