Article summary: Revenue Opportunities is one of the latest improvements to FullStory Conversions, available for all Enterprise plan customers. By tapping into the extraordinary machine learning power of this funnel analysis product, FullStory can now ingest unique revenue events for your business and correlate friction (like errors, custom events, performance issues, etc) with lost revenue. With Revenue Opportunities, immediately understand the urgency behind digital experience issues, and expedite your prioritization and approval process.
What’s FullStory Conversions?
Built by our team of data science experts, Conversions uses machine learning to analyze different cohorts of users as they pass through your key workflows or funnels. By showing precisely when, where, and why users are dropping out of key workflows, Conversions enables digital teams to prioritize issues based on business impact. You can see how bugs, slowness, and frustrating user experiences directly correlate with lost conversions––and now, lost revenue. View the annualized value associated with any issue to stack rank opportunities and gather buy-in faster.
After speaking with many of you and conducting years of research, our team built Conversions to solve the main problem we heard from product leaders at ecommerce and SaaS companies: We have a lot of data, but we struggle daily to find clear, actionable insights and a way to prioritize them. FullStory was uniquely positioned to create a solution, so we set out to build Conversions.
"Based on the first few insights from Conversions, we'll be able to recoup our contract costs and see immediate ROI in the first month of use." –Vishal Arora, Director of Digital Product and UX- Lucky Vitamin
Conversions has been helping our Enterprise customers identify and prioritize issues that were costly to their business. Not only does FullStory proactively surface issues that are causing funnel drop-off, but every Opportunity is tied to a list of real user sessions from people who did or did not convert. The ability to immediately validate insights makes them more actionable––and therefore more valuable––for our customers.
Many improvements have been made to Conversions since launch. We found that customers were taking screenshots of the analyses surfaced in Conversions to share internally, so we added the ability to create a shareable link or download a PDF. We’ve also added functionality that allows customers to view conversion rates by top dimensions - giving them another tool to identify the root cause of an issue.
Additionally, our Opportunities Table (seen below) would previously rank issues only by conversion impact––a number calculated by comparing the conversion rate of both the affected and unaffected groups for a specific funnel. Today, you can choose to see Opportunities prioritized by projected annualized revenue lost––based on real customer transactions on your site or app.
With Revenue Opportunities, you can select a Revenue Event that represents a transaction to your business, and send it directly to FullStory (learn more here). Our Conversions engine will pull in that event for analysis, and correlate the projected annualized revenue lost to specific issues in your funnel.
Unlike other solutions, FullStory takes the average value of converted users that is specific to an analysis, and multiplies it by the annualized lost conversions. This average value is derived from the exact funnel you are using, any Segment that has been layered on, and the time range of the analysis.
It’s important to note that these calculations are not pulled from a cart value, but from the average order value of all applicable users who converted (in other words, customers who made it to the last step in this funnel). Some customers may load up their carts with items they never intend to purchase. This means that a lost revenue analysis based on abandoned cart values could drastically overstate the expected revenue from that customer if they had actually converted. With FullStory’s innovative approach, the projected revenue lost will be most accurate for each analysis–so you can act confidently on every finding.
As digital products account for larger shares of revenue, organizations of all sizes and industries will have evolve their product management strategies to be successful.
We believe that the ability to trust your data is the most valuable thing we can offer our customers. With clarity (one of our FullStory watchwords) in mind, we built Conversions to be as transparent as possible, and have included abundant tooltips that break down the math behind the numbers. And the same goes for every Revenue Opportunity. Now you can reimagine the way you prioritize work, and finally have access to the full spectrum of both quantitative and qualitative data to support your decisions and punctuate your presentations.
We’ve found that with the right information, digital product teams are fully empowered to find high impact work that affects their bottom line and significantly improves their customers’ digital experience.
If you’d like to learn more about how FullStory can help your business grow, sign up for a customized demo here.