Enjoy these videos from my old podcast called Marketing Optimization. While the podcast is not live anymore, the content is still relevant and you can see the videos on my YouTube Channel.
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Matin Movassate is the CEO and Co-founder of Heap, a company that automates customer analytics for some of the largest online businesses in the world. Within four years, Heap already boasts over 6,000 customers, including Lending Club, Zendesk, Twilio, and Liberty Mutual.
Welcome Matin Movassate from Heap Analytics to the Marketing Optimization Video Podcast. Today we talk about Mobile and Web Analytics to increase your conversion rates.
Question: What would be your definition of optimization and why is it beneficial?
Answer: Optimization is a pretty broad term. I think it means a lot of things to different people. The way I think about it in the context of my business, Heap, and our customers, is, I think, improving the performance of one key part of your business. I think the “one key part” there is the important part of that definition. You know, it’s pretty obvious what sort of things you need to increase as a business—it’s pretty obvious you need to increase revenue, it’s fairly obvious to figure out top-line metrics you need to increase like active user growth, but I think optimization is figuring out what specific components of your product or business lead to that growth and trying to focus on improving those things.
I think a good analogy here is if you’re playing pool and you know you wanna get the balls into the holes but in order to do that, you need to focus on hitting the cue ball at the right position and so if you focus on doing that correctly, that can lead to downstream effects that are beneficial. So that's how I think of optimization.
Question: What would be one thing that optimizers and implementers of analytics can do to take their conversion rates and their businesses to the next level?
Answer: I think there are a lot. I don’t know if there is a single silver bullet. I will mention one small thing that I actually think is quite important that I don’t see many businesses do which is ask your users how they found you. Understand, ‘cause obviously you look at referral data and web traffic and that’s flawed for many reasons, but as part of your sign-up flow if you have some sort of step that says “How did you discover us?” It can play a huge role in understanding what are the best sources of traffic for you and where to focus on in terms of generating awareness for your product.
We do that ourselves and it’s hugely illuminating to see where people find us, like for us, I wanna say 85% came through word of mouth—friends or co-workers—and some people came from search and we ran like some AdWords briefly but for the most part, it does come from word of mouth which is really interesting for us because that means, “OK, maybe we should focus on a referral program or making it really easy for people to share Heap with their co-workers,” and so if you ask people how they found you, and again, I can’t think of many businesses that do this as part of their sign-up flow, then you can better understand where you can spend your time in terms of acquiring more customers and retaining them.
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