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How Empiricus increased conversions by 45% through User Path Analysis

Summary

1 How Empiricus increased conversions by 45% through User Path Analysis1.1 Problem: Too many drop-offs following onboarding1.2 The solution: An easy onboarding process1.3 The results: A clear winner with increased conversions1.4 Best practices for user engagement analysis1.5 Conclusion How Empiricus […]

How Empiricus increased conversions by 45% through User Path Analysis

Over a million Brazilians know that the best investment consultant is not a person, but an app. Founded by three entrepreneurs in 2009, Empiricus is the largest financial publisher in the country today. The company has nearly 2 million subscribers and 400 000 readers. Its goal is to provide investment advice to retail investors to ensure they get the same returns as professionals. This team of 30 analysts is proud to provide information that anyone can understand and easily put into practice.

This is the story of how the Brazilian financial publisher leveraged User Path Analysis to create a seamless onboarding experience for customers, increasing conversions by 45%.

Problem: Too many drop-offs following onboarding

After establishing market leadership, the team decided that they would look at their own processes and optimize them. They started by running aMoEngage user path analysisTo investigate user behavior during the onboarding process. One issue stood out:There were too many people who dropped out after the engagement and onboarding process.

There were too many drop-offs after the app open stage

The current onboarding process involved users talking to a chatbot. This bot would create an investor profile and suggest the most relevant articles. Users could pay a one-time fee and gain access to all content if they were interested.

The onboarding process was complicated and disincentivized users from signing up

Empiricus discovered that the onboarding process was not working. This was based on customer feedback and user path analysis. Users didn’t get to see the benefits of the app as soon as they needed. It was difficult to understand.Users were disenfranchised from using the app because of its complicated onboarding process.

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The solution: An easy onboarding process

The new onboarding process gave users direct access and allowed them to view content. The app allows users to download up to five articles for free. Users would need to register to access more.

The new onboarding process gave users direct access to content

To test out this hypothesis, the Empiricus team split 30,000 new users into two groups and set up an A/B test. The old onboarding process would be followed by the second group, while the new one would follow.

An A/B test was performed on the two onboarding journey variants

The results: A clear winner with increased conversions

The new onboarding journey increased conversions by 45 percent

Contrary to what people thought, Empiricus did not lose purchasing power during the new onboarding process. In fact, their purchases increased by 4 percent.

Other engagement metrics also saw a significant increase in popularity.Conversions rose by 45 percentBecause users had to sign up for more functionality, this resulted in a significant increase in engagement. App sessions also increased by as much as 20% and engagement increased by a whopping 22%.

It was clear that there was one winner. The new onboarding allowed users to access the value offered by Empiricus directly, rather than the narrower original path.

This hypothesis was confirmed by a user path analysis of the new onboarding journey.

Drop-offs reduced significantly with the new onboarding journey

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Best practices for user engagement analysis

Empiricus uses a four-step approach to solving problems. It combines multiple levels of data analysis and user feedback to find the best solution.

Empiricus uses a four-step framework for problem-solving

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The following are some best practices that the team follows:

  • Each touchpoint should be markedTrack the user journey to convert it into an event. Tracking every touchpoint on your app will allow you to determine what is happening and turn the most important into events.
  • Do daily/weekly status checksIf you don’t plan to analyze the data later, it’s useless to translate touchpoints into events. It is essential to continuously monitor data and develop hypotheses, conclusions and insights.
  • One at a Time– Separate the variables that you wish to test and only test one. You won’t be able to determine what caused a particular result if you try to test them all simultaneously.

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Conclusion

The word ‘Empiricus’, named after Sextus Empiricus, a Greek philosopher, means ‘to derive from observation and practice.’ True to their name, the Brazilian powerhouse takes an ’empirical’ approach to everything they do, observing user data to put their findings into practice. They are now ready for the next challenge, thanks to a revamped onboarding process and higher conversions.

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