Who can use this feature?
- Available with Enterprise and Advanced plans.
- Requires an admin or architect role to configure.
Introduction to Revenue Opportunities
In addition to seeing the number of lost conversions associated with friction points affecting your user experience, you can now also see the potential revenue gain from addressing the issue. This is what we call Revenue Opportunities.
If you are not already familiar with creating funnels and running analyses in Conversions, check out the Conversions Quick Start Guide. You can also reach out to your dedicated Customer Success Manager or view our Learn courses here.
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.
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 which event represents a 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 captured as events in Fullstory. You can do this by using the Analytics Events API to send an 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 using V2 of our Analytics Events API:
FS('trackEvent', {
name: 'Order Completed',
properties: {
orderId: '12345',
items: 3,
revenue: 18.97,
shipping: 5.99,
tax: 2.86,
}
});
FS('trackEvent', {
name: 'Plan Purchased',
properties: {
uid: '12345',
planName: 'Professional',
planPrice: 299.99,
planUsers: 10,
daysInTrial: 42,
featurePacks: ['MAPS', 'DEV', 'DATA'],
}
);
Note: We officially released V2 of our Analytics Events Browser API (e.g. trackEvent
) on November 1st, 2023. If you're still using V1 of our Browser API (e.g. FS.event
, please refer to our V1 API documentation found here.
If you were using Fullstory prior to August 3rd, 2023 and aren't sure which version of our Browser API is compatible with the data capture snippet deployed on your website, please refer to these instructions to confirm.
If you have already instrumented 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 Analytics Events API, check out this guide for sending event data into Fullstory. If you have already done this, keep reading.
Choose Your Revenue Event in Settings
Once you have an event firing on your site, you can designate it as your "Revenue Event."
Note: Only Admins or Architects will be able to configure or modify Revenue Insights settings.
- Go to Settings > Data Management > Events
- Scroll down to the box labeled Configure Revenue Insights
- Click “Update Revenue Event”
- Follow the prompts to choose the appropriate event, property and currency
Which event should I choose?
You will see all of your 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 capturing it recently, make sure there have been sessions on your production site that have triggered the event.
Note: Because the event needs a property that contains the revenue value, you cannot use an event that was configured within the Fullstory UI. You must use an event that was created via the API.
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 in Conversions. You will enable it per 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. Click Edit to make changes, or click Create custom Funnel to start a new one from scratch.
Set the last step in your funnel to be the event called Revenue Event. This will map to whichever event you designated as your revenue event in your account settings.
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!
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.
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.
We hope you find Revenue Opportunities helpful in understanding the business potential of addressing UX frustration points on your site or app!