The majority of conversion rate optimization companies don't promise any guarantees on marketplace ARPU optimization results and just ask for a fixed monthly cost without any growth obligations.
We conduct research before we start working so that we can forecast a specific percentage of increase of ARPU that we can achieve by an agreed date.
As an example, it could be 5% total ARPU growth in 4 months.
In case of not delivering on time, which happens in 4-7% of instances, we conduct more experiments for FREE until we provide the promised ARPU growth.
Sounds fair? This estimation of guaranteed growth is based on our experience of optimization on 32 million monthly users of our clients in marketplace and understanding of ARPU benchmarks.
How do we optimize marketplace ARPU?
Ask them about the experience with:
Most conversion optimization firms claim to have conversion optimization process experience and propagate the same story of their mastery in research and experimentation.
And you should have some experience to assess the depth of this expertise on initial calls, which could be difficult.
What do you do if you can't do a technical interview on data analytics and statistics? The simple solution is to look at their track record in a similar business model, as any marketplace has similar challenges and optimization methodologies.
Isn't it great when a conversion optimization firm has already carried out the same research on millions of users and obtained data on how to optimize ARPU? On the other hand, each business model has completely unique technical and analytics stacks that need distinct teams, methodologies and values.
And if you choose a contractor for their expertise, you don t expect the agency to have an entirely trial and error approach or find them quickly recruiting freelancers to cover gaps in their team, right? Not least of all is market expertise, which is all about knowing unique user demands.
And that's the main focus of the research if the CRO agency already boasts the business model experience.
So it's clearly a killer benefit if the agency has that, but it dramatically decreases the choice of CRO agencies that have all three components (process, marketplace, and industry experience).
But if the agency has worked with 319 clients like we have, then they likely have case studies in a similar market to you.
And even if it's from a different business model it could be even more valuable as it can bring new ARPU optimization tactics that your competition may be not have yet.
How to create an effective ARPU optimization strategy?
After working with a number of marketplace clients, we understood that there is no universal list of top-performing techniques to improve ARPU. The вЂќsecret sauceвЂќ is in the depth of quantitative analytics and UX research that results in strong insights on the biggest drop off. The most effective best practices for ARPU optimization are typically already used by competitors and no longer bring significant additional uplift. And the value of a CRO company is invent new mechanics, using processes from other industries that are not yet used by competitors.
What is the pricing of ARPU CRO services?
This depends on the quantity of monthly users, funnels and conversion rates to calculate the number of experiments, the required growth and the difficulty of executing that.
What happens if the promised ARPU uplift is not delivered?
We do more split-tests for free until we bring the promised ARPU growth. This obligation is included in the contract and we do this anyway to further the name of one of the most trusted CRO agencies.
What are the steps to optimize marketplace ARPU?
1. Data infrastructure health check. 2. Investigate the most critical ARPU step in the funnel and get quantitative and accurate data on the cause of it. 3. Prepare a new version of theUX and copy. 4. Build an experiment and conduct rigid quality assurance. 5. Report the results!
How to track ARPU growth?
We estimate growth based on experiment data. If you're new to it, it's dividing the traffic between two or more versions of the same funnel step to get a big enough sample size of the impact on the ARPU. We do a data tracking audit before starting with experimentation, to make sure the data is correct and discuss the methodology to calculate the ARPU.
What is ARPU?
If you are new in marketplace then you should learn not only the key KPIs such as ARPU and their definitions, but also their interrelatedness, ways, processes, tactics, strategies to optimize it and the foundations of product analytics, so that you're able to evaluate the results. Schedule a consultation with our most experienced CRO experts to get a basic understanding of how to track results in ARPU optimization.
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