Customer research increases revenue
LEARN WHAT MATTERS TO YOUR CUSTOMERS TO SELL MORE EFFECTIVELY
You sell an amazing product, but I’m sure you’d love to be selling even more of it – making even more money from your eCommerce store. Regardless of whether your business is still growing, or if your growth has plateaued or even stagnated a bit, you know there are still other ways to improve your business that will continue to increase your revenue stream.
The word “research” might conjure up images of someone in a lab coat from a James Bond movie. But in actuality, when it comes to your business, customer research is truly the key to understanding your customer's buying habits. This information enables you to give your prospective customers exactly what they want, making it effortless for them to buy.
Your eCommerce site is the bridge between your prospects and your product. Making sure that bridge is simple and easy to traverse is what we do. Space Suit is a customer research and optimization consultancy that helps eCommerce businesses make better decisions, and more money.
Speculation Is Not a Business Practice
You don’t run your business on the basis of speculation, making blanket assumptions on what will work and what won’t, and you don't work with people who do. You make smart business decisions backed up by supporting data. You’ve created a product that resonates well with your niche audience. You know what your customers want from your product, and you give them exactly that. But do you know exactly what your customers and prospective customers want from your website?
I’m sure you’ve heard the echoes of snake-oil hacks from every corner of the internet that promise to get more people to your site to buy and make you loads of cash, tomorrow. These modern day used car salesmen are selling blanket solutions that don’t actually apply to your niche, and that’s a problem.
At Space Suit, we know that your customers drive your business. They’re who ultimately determines your business’s success or failure. To turn your prospects into customers, you have to get them to buy your product from your website. Your website has to perform just as well as your products do, and to make sure that happens, you have to know what your customers and prospects care about. You need to know what their motivations, behaviors, and expectations are when they’re visiting your site, and cater to them.
Learning deeply who your customers are and how they operate will allow you to slowly amend your store to their wants and needs, leading to massive increases in your monthly recurring revenue. Time and again, we've seen our clients’ getting a return on their investment by, at the very least, 3X within the first six months of our engagement. We help eCommerce businesses grow, make better business decisions, and then grow even more.
Our business decisions aren’t made in the dark – they’re made with your bottom line in mind and your customer at heart. And they’re backed with solid, validated data that is focused on both your business’s success and your customers satisfaction.
taking TINY STEPS
You probably already know that you need to know more about your customers to sell to them more effectively. But, maybe you’ve been too busy running your business to conduct customer research in the first place. Or, you may have done customer research in the past, but the results are collecting dust on a shelf in your office.
Maybe you’ve tried to implement the results of research with a full redesign of your eCommerce store. But, in this massive overhaul, you would not have been able track exactly which changes had a positive or negative impact on your bottom line. What changes to the site did your visitors love, hate, or get confused by? Which changes made it easier (or harder) for them to buy?
When making such large leaps, it’s impossible to learn what actually matters to your prospective customers when it comes to your site. Making small changes and recording the results will allow you to learn what your prospective customers want from your store, and focus on making impactful changes that increase revenue. Taking smaller steps also reduces risk, helps you avoid internal politics, and frankly, is a hell of a lot cheaper than a total redesign.
Taking incremental steps towards improving your eCommerce site can dramatically impact your business’s bottom line. It’s worked for eCom’s large and small. The end state of a thorough research process can result in making huge strides through small changes because you understand your customer’s behaviors at such a deep level. Take Walmart, for example. They were able to make a single change in a form that increased revenue by $300 million! After much in-depth research, other small businesses have gone on to remove a single dropdown menu and have increased their revenue by over 50%. Small steps can lead to massive gains if you deeply understand how your customers tick.
IN REAL LIFE
So, how does all of this work?
We start by doing comprehensive user research to understand your customers. We’ll work to answer these questions, among others: What are you customers motivations? What are their current behaviors on your site? What pages on your site are customers leaving from the most? Who of your customers are purchasing the most, and why?
This information will not only enable you to build a site that compels visitors to buy.
You can also use this information to influence other parts of your business. Want to know what segment of people to focus your ad spend on? This research can inform those decisions. Want to display the benefits of your product using the same language your prospects use to describe your product? Hearing what your customers have to say about their experience with your site is how you’ll be able to mirror their thought processes in your site's messaging, making them feel right at home. Get inside your customer’s head, and you’ll be able to better focus your business on what your customer wants, and deliver it to them.
We love partnering with growing eCommerce businesses who are invested in continuing their growth for the long-term. We’ll research your customers’ motivations, behaviors and needs, write reports for you, propose changes we could make on your website, create the new designs, and validate their impact on your bottom line live on your site.
THIS IS WHAT YOU’LL GET
First, we’ll complete a quantitative audit of your web analytics, covering the current state of your visitor’s behaviors. We’ll also run an assortment of qualitative studies that will key in on your customers motivations – which can include anything from interviews with customers, watching customers use your site via usability testing software, surveying customers, and so on. In combining these research techniques, we’ll be able to hone in on where your site is losing the most money, and best figure out what can be done to remedy this loss immediately.
We’ll then create an updated version of your site design, which we’ll use to A/B test against the current page. Our goal here is to see which page is most effective in increasing conversions and revenue in tandem. If the alternative design creates more revenue, we’ll implement it on your site.
From time to time, the proposed update won’t end up increasing revenue, and we’ll stick with original page design. But it’s still an important learning opportunity for us, since understanding what your prospective customers don’t like is just as important as learning what they like. This information about your customers can be used to influence future business decisions, and future A/B tests. Our success rate is, on average, 62.4% for our client’s A/B tests. Most folks’ success rate with these types of tests is just over 12%.
We’ll run an average of five A/B tests a month. We’ll provide a comprehensive monthly report that details all of the A/B test results, describes all learnings that come out of both unsuccessful and successful tests, and lists next steps for the following month.
WHo's behind the space suit?
I’m Scott Pandel, a user-experience researcher, designer and analyst with 8+ years of client facing experience. I primarily run Space Suit Consulting along with a small, rotating cast of consultants. I’ve worked with a wide array of companies, ranging from world-renowned brands like GM, Capital One and Neiman Marcus, to nationally acclaimed eCommerce businesses, to small mom and pop shops. If you’re interested in learning a bit more about me and my work, check out my portfolio here.
The proof is in the pudding
Sorry for the confusion–sadly, I will not be sharing my chocolate snack pack with you today. However, of our previous clients who have tried the Space Suit pudding– well, they seem to like it. You can take their word for it.
CP Diamonds is a eCommerce jewelry store that sells diamonds, wedding bands, assorted jewelry and gemstones. Here’s what Chris Pinto, President of CP Diamonds, had to say about working with Space Suit:
“Scott and the Space Suit team were able to help our business grow tremendously, with an 32% increase in revenue in our six months working together. I was dumbfounded at what we’ve learned from our customers and how we’ve been able to apply it to other aspects of our business.”
Here at Space Suit, we like working with eCommerce people who are determined to sustainably grow their business. We know it’s hard to find good people in the deep space that is the internet… which is why we’re here for you, with your saving grace, a Space Suit.
Space Suit’s customer research and optimization plan works on a 90-day initial engagement. From there, it’s month-to-month. The initial 90-day engagement is $13,000, and every month after is $3,000 per month. For substantially larger eCommerce businesses, we offer a custom plan. All payment is required upfront.
Get In Touch
If you’re interested in forming a long-term partnership with Space Suit, getting to know your customers, increasing your revenue, and reducing costs, fill out the form below. We’ll ask you a few quick questions about you and your business, and then take off from there!
If you’re curious and have more questions, feel free to follow up with us anytime. We’ll get back to you as soon as we can.
Thanks for taking the time to give this a read. Have a great one!
- Scott Pandel