Is your Website Generating the ROI that it Should Be - Libby Swan, Axioned
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The document presents insights from Libby Swan, co-founder and CEO of Axioned, about optimizing website ROI by strategically investing in digital projects and user experiences. It emphasizes the importance of understanding the relationship between investments and returns, questioning priorities, and continuously improving various aspects like site speed, user experience, and data analytics. The document outlines key questions for assessing current strategies, potential investments, and prioritizing actions to enhance website performance and revenue generation.
Is your Website Generating the ROI that it Should Be - Libby Swan, Axioned
- 1. KEYNOTE Is your Website Generating the ROI that it Should Be LONDON, UNITED KINGDOM ~ SEPTEMBER 1 - 2, 2022 DIGIMARCONUK.CO.UK | #DigiMarConUK Libby Swan CO-FOUNDER & CEO AXIONED
- 2. Who am I? Who are we? ● Co-founder/CEO of Axioned; working with teams to execute technology + web-based projects for over 20 years. ● Axioned (“actioned”) designs & builds digital user experiences and tech products that give life to new ideas & businesses. We take action (hence the name) on digital experience ideas, goals, and visions. ● We're often helping clients deliver on digital projects or activities they otherwise couldn't do due to bandwidth or technology skillset challenges, and we do this by either augmenting in-house teams or executing end-to-end digital projects. ● At any moment, the Axioned team is designing, building, testing, or analyzing digital user experiences - i.e., websites, applications, products or platforms. ● Connect: https://www.linkedin.com/in/libbyswan/ | libby@axioned.com | www.axioned.com
- 3. Is your website generating the ROI that it could be? ● ROI = Return on Investment ● What’s Return? Ultimate measure of “return” = “income” = typically revenues, sales. ● What’s Investment? Ultimate measure of “investment” = ALL the costs required to generate the desired “return”.
- 4. Questioning actions & investments through the lens of ROI 1.Your businesses’ growth (“Returns”) is dependent on the decisions you make re: what to invest your time & money in (aka “Investments”) 2.Not everything can be done by everyone all at once; disciplined & consistent prioritisation is key 🔑 3.Questioning priorities and actions through the lens of ROI increases your ability to achieve a desirable Return on Investment (ROI)
- 5. What are some key ROI-related questions to be asking? 1. What’s your business’ no. #1 or most successful sales slash revenue- generating channel today? 2. How does your website support this channel? How or where does your website come into play? 3. To turn your website into a revenue generating engine: What’s the investment/scale required? What ROI data do you have on competitors who have made such an investment? 4. If you’re not looking for your website to generate revenues, what is the “Return” - financially speaking - that you’d like your website to drive or support?
- 6. What category does your website fall into & what are your priority KPIs? 1. Clearly categorize your website; broadcast it 2. Given your category: What are the priority KPIs for this category? 3. Which KPIs will you prioritise & why? 4. Formalize a schedule & process for discussing & actioning your chosen KPIs 5. Revise and re-broadcast your website’s category & priority KPIs, frequently
- 7. Let’s Discuss: What website actions & investments are you considering? Discussion Prompts: ● What ROI challenges are you having? ● Investing in Site Speed/Performance? ● Investing in Tech-stack/Infrastructure? ● Investing in User experience Design? ● Investing in Data Analytics?
- 8. Website Investments & Returns
- 9. Site Speed/Performance Return Objective: An improved user experience that positively impacts (or supports) sales/revenues Investment: ● Test/audit, fix, re-test - repeat ● Tests include: https://pagespeed.web.dev/ Does the Return outweigh the Investment? This should be fairly easy to execute on. The Investment/cost here should be manageable/doable. If you’re presented with something that’s not, something might be awry.
- 10. Tech-Stack/Infrastructure Return Objective: An improved user experience that positively impacts (or supports) sales/revenues. Investment options: ● Multiple Platforms: CMS, eCommerce, DXP ● Multiple Cloud Tools: AWS, CloudFlare, Netlify, Amplify ● Multiple Tech Skills: Javascript, Ruby, DXP-specific, Decoupled/Headless, DevOps/CI Does the Return outweigh the Investment? Given the multiple options and cost variations - the size (scale) of your business + future scale goals = key.
- 11. User Experience Design Return Objective: An improved user experience that positively impacts (or supports) sales/revenues. Investment options: ● ID pain-points: User Journey Mapping w/ Site Data, User Feedback (via site/social) ● Tweak/Improve UX/UI, Observe Results, Repeat ● Tweak/Improve Content (Imagery, Videos, Text), Observe Results, Repeat Does the Return outweigh the Investment? Compare/benchmark against competitors and North Stars. The Investment cost here (for each atomic project/activity) should be manageable/doable. The impact on user experience should be measurable.
- 12. Data Analytics Return Objective: An improved user experience that positively impacts (or supports) sales/revenues. Investment options: ● Data tracking tools/platforms: Tech- stack/infrastructure dependent + GA4/Google ● Data analytics/trend analysis & reporting Does the Return outweigh the Investment? If you’re using data to drive actions related to improving the user experience, and those actions lead to better results (KPI/s & Returns), yes, the Return should outweigh the Investment. Be careful of discussing data for data’s sake. “The Noise Bottleneck” Nassim Taleb argues that as you consume more data and the ratio of noise to signal increases, the less you know about what’s going on and the more inadvertent trouble you are likely to cause.
- 13. In Summary: Website Action & Investment Options 1. User Experience improvements 2. Site Performance/Speed 3. Tech-Stack/Infrastructure (including the ability to maintain/enhance your site, efficiently and effectively) 4. Site Reliability - incl. the prevention of downtime/hacks 5. Data Analytics (*keep in mind “Noise Bottleneck”) 6. Frequent action & investment prioritisation reviews/discussions