When a financial tech client did a soft launch of their app, they were eager to analyze the data they had collected to improve the product before their full launch later in the year. When they tried to perform data analysis using the BI tools they had invested in, however, they discovered that their data was not providing them the critical information they needed to make strategic decisions about the business before the launch. Komodo was brought on to create critical reports about the performance of the app during the soft launch.
The Komodo Solution
Komodo quickly discovered that the reason the client could not perform the key analyses they needed was because of how they collected and stored data. Many different departments were tracking different types of metrics independently and in different formats. While there was a huge amount of data being stored, none of it was talking to each other, and different departments were not in agreement about which metrics were most important.
With this goal in mind, Komodo was able to collect key data from across departments to build visualizations of a conversion funnel based on the company’s needs. The funnel revealed the conversion rate was incredibly low – less than 0.1%. The analysis enabled the company to make a difficult decision: delay the launch and rally around fixing the issue.
Komodo worked with key stakeholders across departments to identify the key drivers of the business that could be measured and leveraged to improve conversion rates. For the product launch, this meant being able to get new users into the app through marketing efforts and making sure the features in-app gave users a clear reason to convert. Komodo made sure that each department had the reporting they needed and that the whole company had unified view of their business health.
This insight, brought about through thoughtful data analysis and data-driven decision making, became a way to rally and coordinate the efforts of all departments. This ensured that effort was coordinated around improving the conversion rate and volumes using the key drivers that Komodo and the organization had identified together. This change in schedule and focus allowed the client to allocate resources to mission-critical efforts to move their business forward, because for the first time, they were able to see which of their operational activities had the most impact on the key drivers of the business.
After receiving these key analyses, the client was able to focus on the most effective ways to increase its conversion rate, and ensure that users were getting the most value out of the app. The app is still currently in development and with their current efforts, the app conversion rate is at 2.0%, 20x the conversion rate from when the project started.