The majority of conversion rate optimization companies don't give any guarantees on marketplace retention growth results and simply bill a fixed monthly rate avoiding any uplift KPIs.
We estimate potential growth opportunities before we accept a project so that we can forecast a specific percentage of growth of retention that we can achieve by an agreed date.
As an example, it could be 10% total retention growth in three months.
In case of not delivering by the deadline, which happens in 4-7% of projects, we do more A/B tests FREE of charge until we deliver the promised retention growth.
Sounds interesting? This estimation of guaranteed results is based on our experience of running experiments on 27 million monthly users of our clients in marketplace and understanding of retention average conversion rates.
How do we optimize marketplace retention?
Ask them about the experience with:
All conversion optimization firms assert to have CRO process expertise and propagate the same story of their capability in quantitative research and experiments.
And your in-house team should have at least enough experience to judge 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 A/B testing? The simple solution is to ask for their track record in a similar business model, as any marketplace has similar pain points and optimization methodologies.
Isn't it great when a conversion optimization firm has already conducted similar analytics on millions of users and gained data on how to optimize retention? However, each business model has completely unique tech and analytics stacks that require distinct teams, methodologies and mindsets.
And if you choose a contractor expecting a turnkey solution, you don t expect the agency to be inexperienced or find them hastily hiring freelancers to fill in skill shortages, right? Not least of all is industry expertise, which is all about knowing unique customer needs.
And that's the key area of the research if the agency already boasts the business model expertise.
So it's clearly a clear differentiator if the agency has that, but it dramatically narrows the choice of CRO agencies that have all three pillars (process, marketplace, and industry experience).
However, if the conversion optimization firm has helped to grow 322 clients as we have, then they likely have case studies in a similar industry to yours.
And even if it's from a different business model it could be even more useful as it can bring fresh retention growth hacks that your competition may be not utilize yet.
How will you increase our marketplace retention?
After growing a number of marketplace businesses, we understood that there is no вЂњone-size fits allвЂќ list of top-performing tactics to improve retention. The core value is in the depth of quantitative and qualitative research that results in statistically valid conclusions on the biggest leak. The most effective best practices for retention optimization most likely already used by your competition and already don't drive desired growth. And the role of a conversion rate optimization firm is to be on the cutting edge of mechanics, utilizing experience from other industries that are not yet used by the competition.
What is the price of retention CRO services?
Pricing depends on the volume of users per month, user flows and number of conversions to estimate the volume of a/b tests, the needed results and the complexity of achieving that.
What happens if the forecasted retention growth is not achieved?
We do more split-tests free of charge until we achieve the promised retention growth. This obligation is in the contract and we execute this promise anyway maintain the reputation of one of the most respected conversion rate optimization agencies.
What is the process to grow marketplace retention?
1. Data infrastructure audit. 2. Investigate the most serious retention step in the funnel and get quantitative and accurate data on the cause of it. 3. Prepare an alternativeinterface and copy. 4. Build an A/B test and conduct detailed quality assurance. 5. Calculate the results!
How to measure retention growth?
We calculate the impact on retention based on split-test results. If you haven't heard of A/B testing, it's splitting the visitors between different variations of the same UX element to gain statistical significance of the impact on the retention. We do a conversion tracking audit before starting with conversion optimization, to be confident that the data is not polluted and agree on ways to calculate the retention.
What is retention?
If you're in your first job in in marketplace then the first step is to learn not only the main metrics such as retention and their formulas, 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 strategy session with our leading optimization consultants to save a few years learning answers on these questions.
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