How they lost $180M (popular mistake)

Marks & Spencer updated their online clothing shop in 2014.
The price tag for the mission was $180 million.

There was an immediate drop of 8% in sales after the site went live.
They stand to lose about $10 million in monthly revenue as a result.

Ouch!

Imagine you’re the founder of a startup that raised $180 million, put that money into a redesign, and saw an 8 percent drop in sales.
That hurts just thinking about it. Your credibility and business would suffer as a result.

Where did we go wrong?

Marks & Spencer banked on the brilliant intuition and creativity of the world’s best designers, despite the fact that intuition and creativity without prior data-driven research is gambling.

The steps they should take are as follows:
1. Use customer surveys and analytics to learn where their current clientele is experiencing difficulty and friction across the entire AARRR metrics conversion funnel.
Find the stumbling blocks.
Focus on the stumbling blocks.
Fourth, come up with solutions for the most pressing problem first.
5 Put the most promising ideas to the test and evaluate the outcomes.
Pick a victor. 6.
Seven, move on to the next most severe bottleneck.

Show this research to your CEO the next time he orders a website overhaul.

 

Source: https://conversionsciences.com/

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