Mike is the co-founder and CEO of Freshbooks and he explained that he was doing a marketing/business talk rather than tech.
Background:
He says build as little as possible and launch. But do include a tracking system. He explained a bit more.
Standard conversion Funnel
100 visitors to your site
10 sign up to use your service
1 pays for it
To track this you need to design and implement a marketing system
What to track in a cookie
- ref url
- keyword phrase
- landing url
- referring domain
Store your marketing info with your user profile
Q - most important thing ever done to increase conversion rate
A - easy to increase trials but conversion plummets. He could not name one specifically for converting trials to paying customers which stood out.
Q - average customer value, average retention value
A - He would not say :-)
Background:
- Built Freshbooks in his parents basement
- No institutional investment
- 1M users since May 2004
- 30plus employees
- They use Freemium business model
He says build as little as possible and launch. But do include a tracking system. He explained a bit more.
Standard conversion Funnel
100 visitors to your site
10 sign up to use your service
1 pays for it
To track this you need to design and implement a marketing system
- Tracking system
- Storage system
- Reporting system
What to track in a cookie
- ref url
- keyword phrase
- landing url
- referring domain
Store your marketing info with your user profile
Report - query and dump in sortable column.
Key point again - build this tracking into V1. It gives you vital information upon which to base decisions - and communicate externally what is working and not working for you.
Q - most important thing ever done to increase conversion rate
A - easy to increase trials but conversion plummets. He could not name one specifically for converting trials to paying customers which stood out.
Q - average customer value, average retention value
A - He would not say :-)
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