marketing multiple products: how radical thinking about a multi-product offer led to a 70% increase...
DESCRIPTION
Marketing with multiple products is difficult. Whether you are in e-retail or not, multiple products can throw a wrench in our best laid marketing plans. Often, what we know to be our most powerful products appear doomed to be over-shadowed by the clutter of less impactful (and sometimes even competing) products. But what if there was an elegant way to think about our multiple products that could maximize the impact of the whole? In this Web clinic, we’ll be discussing how one marketer was able to cut through the clutter of a convoluted multi-product offering and increase revenue by 70%. You’ll learn: • The exact before and after creative that achieved the result • How we discovered a way to communicate (seemingly) competing offers • Key tactics that you can take away and apply to your product offering • Exactly what this could look like for your own pages through live optimizationTRANSCRIPT
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Marketing Multiple ProductsHow radical thinking about a multi-product offer led to a 70% increase in conversion
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We’re sharing on Twitter!#WebClinic
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Today’s speakers
Ben HuppertzSenior Research ManagerMECLABS
Austin McCrawDirector, Content ProductionMECLABS
Jon PowellSenior Manager,Research and StrategyMECLABS
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Experiment: Background
Background: An independent vitamin manufacturer and distributor.
Goal: To increase the total revenue from the page.
Research Question: Which page will generate the highest total revenue?
Test Design: A/B multifactorial split test
Experiment ID: TP1903Record Location: MECLABS Research LibraryResearch Partner: (Protected)
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Experiment: Background
• Here is the landing page for this offer.
• This page did not change for both treatments of this experiment.
• In this step, we collected all the contact information prior to collecting billing information in the next step.
Landing Page
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Experiment: BackgroundLanding Page Treatment A
Treatment B
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Experiment: Treatment A
Version A used a radio button table format for each of the offers.
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Experiment: Treatment B
Version B utilized a horizontal comparison matrix to present the offers.
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Experiment: Side by side
Treatment A Treatment B
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What made the difference?Control Treatment
12% In Clickthrough
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43% In Conversion
Control
Previous experiment Treatment
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112% In Conversion
Control
TreatmentPrevious experiment
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Experiment: Side by side
Treatment A Treatment B
70% In Revenue
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Experiment: Results
Relative increase in revenue70%Treatment A produced 70% more revenue than Treatment B.
Page DesignConversion
RateRelative
DifferenceRevenue Increase
Treatment A 2.88% 74.56% 69.95%
Treatment B 2.31% - -
Statistical Validation 99%
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Experiment: Results
Why did this product display approach underperform in this experiment?
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Managing multiple products
FKey Principles
1. People do not buy from product pages, people buy from people. The art of marketing is not conversion, it is conversation.
2. When applying this principle to selling multiple products, we must understand that our goal is not simply to give prospects more options or products, but to lead them to the “one” option that is most relevant, important and urgent to them.
3. Therefore, the marketer must use three key objectives when selling multiple products:
1. Eliminate – Minimize the number of competing choices as much as possible
2. Emphasize – Use visual weight to sequence the presentation of products
3. Express – Ensure clear expression of the product-level value proposition
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OBJECTIVE #1: ELIMINATE
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Objective #1: Eliminate
Control
• The control features a generic call-to-action in the main eye-path that does not create enough value force in the customer’s mind to move them forward.
• There are three products in no particular order down the sidebar.
• The products have overlap and are unclear about which one makes sense for a particular customer.
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Objective #1: Eliminate
Instead of having three separate products on the page, the marketers hypothesized that a single product with a dropdown selection for a computer operating system would increase conversion.
Treatment 1
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Objective #1: Eliminate
ControlTreatment 1
24% In Revenue
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Objective #1: Eliminate
24% In Revenue
Control Treatment
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Objective #1: Eliminate
We must be careful not to eliminate too much !
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Objective #1: Eliminate
Control
In the control, there were three separate products for three different sizes of engines.
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Objective #1: Eliminate
In the treatment, the marketers wanted to understand the effect of reducing the product selection down to a single product.
Treatment
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Treatment
Objective #1: Eliminate
35% in Conversions
Control
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Objective #1: Eliminate
5 questions to ask before you eliminate products:
Are the products on my page the ones my customers want?
Can I visually group my products so they appear as one?
Can I eliminate one or more competing products?
Can I segment my traffic in the channel so that products are more personalized?
Is there a gap in my product mix that indicates I have eliminated too much?
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OBJECTIVE #2: EMPHASIZE IMPORTANT PRODUCTS
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Objective #2: Emphasize important products
In the control, we have five equally emphasized products on the page.
Control
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Objective #2: Emphasize important products
Treatment
In the treatment, the marketers eliminated a few products, but also emphasized the most important product of the five.
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Objective #2: Emphasize important products
Treatment
66% in Conversions
Control
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#WebClinichttp://bit.ly/1lERR1y
Objective #2: Emphasize important products
How could this page do a better job of emphasizing the right product?
?
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Objective #2: Emphasize important products
5 elements that help you control emphasis:
Size: How large is the product on the page?
Shape: Does the shape of the product distinguish it from others?
Motion: Is there a tasteful way to emphasize the product with motion?
Color: Does the color of the product distinguish it from others?
Position: Is the product being emphasized in the main eye-path?
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OBJECTIVE #3: EXPRESS THE PRODUCT VALUE
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Product-level value proposition
1
3
2
Question: If I am [PROSPECT A], why should I buy from you rather than any of your competitors?
Question: If I am your ideal prospect, why should I buy from you rather than any of your competitors?
Question: If I am [PROSPECT A], why should I buy this product rather than any other product?
Question: If I am [PROSPECT A], why should I click this PPC ad rather than any other PPC ad?
Prospect B
PRODUCT
#3
PRODUCT
#4
PRODUCT
#1
PRODUCT
#2PRODUCT
#3
PRODUCT
#4
PRODUCT
#2
PRODUCT
#3
PRODUCT
#4
Primary Value
Proposition
Conversion steps associated with a specific product
PRODUCT
#2
The Value Proposition Spectrum
PROSPECT-LEVEL
PROCESS-LEVEL
PRODUCT
#1PRODUCT
#1
PRODUCT-LEVEL
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Treatment
Control
61% in Purchases
Objective #3: Express the product value
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93% in Conversions
TreatmentControl
Objective #3: Express the product value
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Why did Treatment A from the first test generate more revenue?
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ELIMINATE: Notice that we did not remove any options between the two treatments
Treatment A Treatment B
Why did Treatment A generate more revenue?
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Treatment A
Why did Treatment A generate more revenue?
Emphasize:
Which of the three products has greatest visual weight
in Treatment A?
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Treatment B
Why did Treatment A generate more revenue?
Emphasize:
Which of the three products has greatest visual weight
in Treatment B?
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Treatment B
Why did Treatment A generate more revenue?
Express:
Which of the three products has the greatest perceived
value?
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Treatment B
Why did Treatment A generate more revenue?
• In the Treatment B, we brought more clarity around the differences in the cost savings per serving.
• The savings differential between the products is not enough to justify the cost differential.
$0.66Savings
$0.12Savings
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Treatment A Treatment B
Experiment: Side by side
1. ELIMINATE – Minimize the number of competing choices as much as possible
2. EMPHASIZE – Use visual weight to sequence the presentation of products
3. EXPRESS – Ensure clear expression of the product-level value proposition
Three key objectives when managing multiple objectives:
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#WebClinic
Live Optimization: Unlimited Cellular
Primary Audience
Primary ObjectivePromote deals and savings on specific products
Customers seeking specific mobile products and accessories
http://bit.ly/1poSttI
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#WebClinic
Live Optimization: Marriage Helper 911
Primary Audience
Primary Objective
Product resource page
Spouses in troubled marriages
http://bit.ly/1icYTZ1
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#WebClinic
Live Optimization: Marotta
Primary Audience
Primary Objective
Aerospace engineers
B2B satellite propulsion system sales
http://bit.ly/1gPycEm
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#WebClinic
Live Optimization: Daimer Industries
Primary Audience
Primary Objective
Steam cleaner product page
Commercial and industrial cleaning services
http://bit.ly/QxByFN
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#WebClinic
Next Clinic: Background
Background: A large news syndication company.
Goal: To increase the overall number of sign-ups.
Research Question: Which form design will result in the highest number of new member sign-ups?
Test Design: A/B split test
Experiment ID: TP1636Record Location: MECLABS Research LibraryResearch Partner: (Protected)
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#WebClinic
Next Clinic: Treatment ATreatment A
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#WebClinic
Next Clinic: Treatment BTreatment
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#WebClinic
Next Clinic: Side by sideTreatmentControl
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#WebClinic
Live May 14 at 4:00 p.m. EDT
• The exact changes the company made to its form with before and after versions and how those changes affected conversion on the page
• Examples and case studies on Web form optimization from our library
• How to apply everything you learn to your own pages through live optimization
Join the next live 35-minute Web clinic to discover:
Next Clinic: Optimizing Web forms
To join live, register at the link below:
MarketingExperiments.com/WebForms
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#WebClinic
See how you can conduct research with us
MECLABS conducts rigorous experiments in the new science of optimization. We apply our discoveries to help leaders optimize the financial performance of their sales and marketing programs.
Learn more about how you may be a fit for a MECLABS Research Partnership:
• Select Research Partnership Opportunities on the post-webinar survey
• Contact us [email protected]
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