The majority of conversion optimization agencies don't promise any guarantees on marketplace ltv improvement and simply bill a fixed monthly fee without any uplift responsibility.
We conduct research before we make an offer in order to forecast a specific percentage of uplift of ltv that we can achieve by an agreed deadline.
For instance, it could be 5% total ltv growth in four months.
In case of not delivering by the deadline, which happens in 4-7% of projects, we conduct more experiments FREE of charge until we achieve the promised ltv growth.
Sounds good? This forecast of guaranteed growth is based on our experience of running experiments on 28 million monthly users of our clients in marketplace and understanding of ltv average conversion rates.
How do we optimize marketplace ltv?
Ask them about the experience with:
The majority of conversion rate optimization agencies claim to have conversion optimization process competence and propagate the same things about their skills in analytics and experimentation.
And the client should have some hard skills to comprehend the depth of this expertise on initial calls, which could be difficult.
What do you do if you can't do a technical assessment on data tracking and experimentation? The simple solution is to look at their expertise in a similar business model, as any marketplace has similar pain points and best practices.
Isn't it handy when your contractor has already carried out the same research on millions of users and gathered data on how to optimize LTV? On the flip side, different business models typically have completely unique technical and data tracking stacks that require distinct teams, methodologies and mindsets.
And if you choose a contractor not to micro-manage, you don t want the agency to be inexperienced or find them quickly hiring freelancers to cover gaps in their team, right? Last but not least is industry expertise, which is mostly about knowing your user requirements.
And that's the main goal of the research if the agency already has the business model experience.
So it's definitely a killer differentiator if the contractor has that, but it dramatically decreases the pool of contractors that have all three pillars (process, marketplace, and industry experience).
However, if the CRO agency has helped to grow 326 clients like we have, then they most likely have case studies in a similar market to yours.
And even if it's from a different business model it could be even more useful as it can bring new LTV optimization tactics that your competitors may be not utilize yet.
How will you increase our marketplace LTV?
After growing a number of marketplace customers, we understood that there is no “one-size fits all” list of top-performing techniques to improve LTV. The core value is in the depth of data analytics and UX research that results in representative conclusions on the top-priority leak. The most effective best practices for LTV optimization are typically already used by competitors and no longer result in significant additional growth. And the role of a conversion optimization company is to be on the cutting edge of tactics, utilizing expertise from other markets that are not yet used by competitors.
What is the pricing of LTV conversion optimization services?
Pricing depends on the amount of of monthly users, funnels and number of conversions to estimate the number of a/b tests, the needed uplift and the complexity of achieving that.
What happens if the promised LTV growth is not delivered?
We do more A/B tests for free until we achieve the promised LTV uplift. This obligation is included in the contract and we do this anyway maintain the reputation of one of the most respected conversion rate optimization agencies.
What are the steps to optimize marketplace LTV?
1. Data tracking setup audit. 2. Investigate the most problematic LTV step in the funnel and get quantitative and accurate data on the reason behind it. 3. Create a new version of the UI and copy. 4. Code an experiment and conduct detailed quality assurance. 5. Report the results!
How to calculate LTV improvement?
We estimate optimization results based on A/B test results. If you're new to it, it's splitting the traffic between different variants of the same page to gain statistically valid data on the impact on the LTV. We do a conversion tracking health check before starting with experimentation, to be confident that the data is correct and agree on the methodology to calculate the LTV.
What is ltv?
If you are new in marketplace then you should learn not only the most important metrics such as LTV and their definitions, but also their interconnectedness, ways, processes, tactics, strategies to increase it and the basics of data engineering, so that you can estimate the results. Schedule a consultation with our leading optimization consultants to get detailed answers to your specific questions.
Very impressed by the speed and efficiency of the team’s work. All the proposed changes and updates are always backed by data, not by assumptions. Since we’ve started working together in August 2019, the UX of our website has vastly improved and our monthly revenue has increased by 200% (tripled).
The Conversionrate.store completely turned around our website conversion delivering an 88% increase in the total number of conversions. Their work is logical and smart, both identifying and improving existing funnels and creating new funnels for conversions delivered by excellent UX/UI. We are incredibly happy with their work and highly recommend working with them.
We achieved 4X growth in leads with Conversion Rate Store"s team over a period of two months. They have excellent proficiency in data analysis and the creation of CRO recommendations. Highly recommend working with them.
Conversionrate.store is very detail and logic focused. You want insight into your data? They will give it to you and without bias. They let the data speak and they know how to interpret it.
Conversionrate store’s expertise and experience helped us improve the signup phase with more accurate communication and customization of the experience, resulting in 8.3% growth in new user revenue across all countries. We also saw an 18% uplift in conversion rate of new users as a result of rather bold and controversial solution of moving the block with recommended images to a more visible real estate on the main landing pages of organic traffic.
Conversion Rate Store have been instrumental to our online growth, we have seen a 26% increase in visitor to lead conversions. Their pragmatic approach has completely removed the guesswork from conversion rates, and just delivered results. If you are looking to dramatically improve your conversions online, speak with Conversion Rate Store.
Conversionrate.store is very detail and logic focused. You want insight into your data? They will give it to you and without bias. They let the data speak and they know how to interpret it.
We saw a 13.5% uplift in conversion rate of Auto.ria.com as a result of working with Conversion Rate Store. The first of their hypotheses was already a success. We were pleasantly surprised by the professional approach and a high level of expertise of their team.
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Schedule a FREE consultation to get:
