Conversions - Revenue Opportunities

Note: This feature is currently available to select customers through a private Beta. If you would like access to this Beta, let us know!

Introduction to Revenue Opportunities 

Revenue Opportunities is a new feature within Conversions, which is available to customers that have FullStory Enterprise edition.

In addition to seeing the number of lost conversions associated with friction and frustration points affecting your customers’ experiences, you can now also see the potential revenue gain from addressing the issue.

If you are not already familiar with creating funnels and running analyses in Conversions, reach out to your dedicated Customer Success Manager or register for a live training session.

mceclip0.png

Ideal Use Cases

The most common use case for Revenue Opportunities is when the primary goal of your website or mobile app is to take users through a checkout or purchase flow. Like in the example below, your funnel may cover steps from adding a product to a cart, entering payment information and completing the transaction.

mceclip1.png

Another good use case is a lead generation marketplace if there is a specific revenue amount earned on each lead. Any funnel that includes a monetary transaction as the end goal is a good candidate for this feature.

Setting up Revenue Opportunities for the First Time

In order to begin seeing Revenue Opportunities, you first need to configure your primary revenue event. This will tell FullStory what event represents the transaction occurring and will contain data on the monetary value of each order. 

Send Order Event Data to FullStory

First, you’ll need to make sure that orders on your site or app are recorded as events in FullStory. You can do this by using the FS.event API to send a custom event with a property that contains the revenue value of the order. Since this event can be used in OmniSearch and other places across FullStory, you may want to consider adding additional properties for things like the Order ID or number of products purchased that may provide valuable context to your team.

These are two examples of what your event could look like:

FS.event(‘Order Completed’, {
  order_id_str: '12345',
  items_int: 3
  revenue_real: 18.97,
  shipping_real: 5.99,
  tax_real: 2.86,
}); 
FS.event(‘Plan Purchased’, {
  uid_str: '12345',
  plan_name_str: 'Professional',
  plan_price_real: 299,
  plan_users_int: 10,
  days_in_trial_int: 42,
  feature_packs: ['MAPS', 'DEV', 'DATA'],
});

If you have already instrumented custom events in Segment or Tealium - we have integrations to pull in your events automatically with no extra code to write. Visit the Segment integration or Tealium integration page for more details.

For more information on using the FS.event API, check out this guide for sending custom event data into FullStory. If you have already done this, keep reading.

Choose Your Revenue Event in Settings

Once you have a Custom API Event firing on your site, you need to assign it to be your revenue event.

 

mceclip2.png

 

  1. Go to Settings and choose Custom Events from the left-side menu
  2. Scroll down to the box labeled Configure Revenue Insights
  3. Click “Configure Revenue Event”
  4. Follow the prompts to choose the appropriate event, property and currency

 

mceclip3.png

Which event should I choose?

You will see all of your Custom API Events in the dropdown. Choose the one that represents your primary conversion event where revenue is generated. This might be called Order Completed, Purchase Submitted, or something else depending on how your team has set it up.

What if I don’t see my event in the list?

Events will show up in FullStory once they are actually triggered in live sessions. If you just started recording it recently, make sure there have been sessions on your production site that have triggered the event. 

How do I know which property to pick?

After you choose an event, you will see all of the properties for that event that have a real or int type suffix. These suffixes tell FullStory that the property is a number that can be used in calculations. Learn more about property types in this guide.

Choose the one that matches what your company considers to be your revenue. This might be called something like price, value, subtotal, total, or another label that is custom to your site.

If your event isn’t showing any properties to choose from, make sure that (a) you have a property set up with your order event to track the revenue and (b) it is using the proper type suffix of real or int.

Enabling Revenue Opportunities in Conversions

Once you have selected your revenue event in Settings, you are ready to turn on Revenue Opportunities for analyses in Conversions. You will enable it by Funnel so you have control over which ones revenue shows for depending on what makes sense for your business. For example, you may want to enable Revenue Opportunities for your checkout funnel but not for your return or exchange funnel.

Turn on Revenue Opportunities for an Existing Funnel

If you already have a saved funnel that you want to use, find it in the Conversion Funnels dropdown list and click the pencil icon to edit it.

mceclip4.png

Right below the funnel name, toggle the option for Show Revenue Opportunities on.

You will notice that this adds your designated revenue event as the last step in your funnel. If this is duplicative with the previous step, adjust your funnel to make sense.

Note: You want to make sure your funnel ends with the revenue event, not a confirmation page. This is because the confirmation page actually loads after the transaction is completed. It is best to analyze this as a separate funnel. If there are any friction points between the revenue event happening and the confirmation page loading, these may not cost your company any lost revenue, but you still want to identify them and improve your customers’ post-transaction experience!

mceclip1.png

Build a New Funnel to See Revenue Opportunities

If you don’t want to modify an existing funnel, you can start from scratch with a new funnel.

Open the Conversion Funnels dropdown and click “Create Conversion Funnel.” Give the funnel a name, and toggle Show Revenue Insights on.

This will pre-define your last step as your revenue event. Configure the earlier steps to make sense for your site as usual. For help building your funnel, check out this guide for creating your first conversion funnel.

It’s on… now what?

Once Revenue Opportunities has been turned on for a funnel, all analyses run in Conversions using that funnel will show revenue values along with lost conversions. 

Hover over the value to learn more about how it’s calculated.

mceclip5.png

The Average Value of Converted Users, or Average Order Value, is the average of all transactions completed by users in the analysis who did convert. This is specific to the exact funnel you are using, any Segment that has been layered on, and the time range of the analysis.

Discovering Revenue Opportunities for Specific User Segments

Say your website sells a wide variety of products, ranging from hammers to refrigerators and everything in between. If you run an analysis using the Everyone segment, your Average Value will be a blended average across all types of purchases.

If you are only interested in seeing revenue opportunities for friction points that your highest value users have experienced, you can change the “Performed By” dropdown to a Segment that includes only those users. Examples may include a Segment for sessions where a refrigerator has been added to the cart, or for users that came from a specific remarketing campaign.

mceclip6.png

We hope you find Revenue Opportunities helpful in understanding the business potential of addressing UX frustration points on your site or app! If you need help getting it set up for your specific use case, don’t hesitate to reach out to your dedicated Customer Success Manager or register for a live training session.

 

Need to get in touch with us?

The FullStory Team awaits your every question.

Contact us