One Single Process to Generate More Revenue For Your Business

Please raise your hand if you ever felt like you don’t get recognition from your supervisor, even though you did an amazing job. When you have to present the monthly conversion rate optimization report, you’re hit with the question: what’s the ROI of our investment in this marketing program?

It’s challenging enough that you have to fit into the budget and get people on the same path to achieve their objectives, never mind delivering positive results month after month.

[su_box title=”The reality…” box_color=”#ec3a39″]93% of CMOs say that they are under more pressure to deliver measurable ROI. Source[/su_box]

What you might be doing wrong is investing in attracting traffic to your website and stopping there. According to Eisenberg Holdings, “Companies typically spend $92 to bring customers to their site, but only $1 to convert them.”

If that’s your case too, most probably you haven’t considered by now conversion rate optimization.

Well, there’s good news! Your monthly meeting with your supervisor doesn’t have to be a nightmare anymore. With the right mindset focused on optimizing your website’s conversion rate and the right tools, you could easily improve your marketing ROI without dealing with grumpy programmers, huge budgets or hiring contractors.

In this article, we’ll show you why you should start using conversion rate optimization and how you can implement it on your website. When we’re done, you’ll know exactly how to get more customers, revenue, and make your boss happy. Ready? Let’s start!

The Benefits of Conversion Rate Optimization

If you’re new to this process, here’s its most succinct conversion optimization definition:

Conversion Rate Optimization (CRO) is the process of increasing the percentage of visitors to a website that take a desired action such as a transaction or a subscription.

The most important benefits of focusing on increasing the conversion rate are:

1. Getting more customers for free

Since conversion rate optimization consists of optimizing the website’s copy and design to align to the visitors’ needs and desires, you don’t have to spend money on attracting traffic. You just have to get more of what you already have.

2. Getting more revenue from the right customers

Optimization is about finding the biggest opportunities on your website such as the most profitable segments of traffic or high-converting landing pages. If you optimize something that already generates revenue, you’ll manage to attract only the people who love your products or services and talk to others about them.

3. Improving the website’s design and content without financial risks

Increasing the company’s profit has never been easier because you don’t risk making unfortunate changes to the website. Conversion rate optimization is a testing-based process. You can test anything on your website before the actual implementation to see how it affects your performance indicators.

Awesome! But I’m not sure if I can afford it…

Only 24% of top 1 million websites use a conversion optimization technology. CRO is still in its early evolutive stages since it first appeared as a concept in 2007. You still have time to obtain a competitive advantage through the usage of conversion optimization technology.

To understand how conversion optimization makes the difference between companies in terms of profitability, here’s a down to earth explanation:

 

How should I start?

The baseline of your conversion rate optimization process consists of an analysis of the current performance. To be able to measure the return of investment of the conversion optimization programs, you need to know exactly what metrics to optimize, what’s the target and how you do against your objectives now.

1. Quantitative analysis

Quanitative analysis

 

Before you start diving into making actual changes to your website, you need to identify the best performing segments of traffic and the high-converting pages of your website. Your web analytics technology provides you this kind of information, essential to succeeding in CRO.

The essential segmentation criteria that you have to consider:

  1. Technology
  2. Source
  3. Geo-location
  4. Behavior
  5. Results

Also, depending on your business model (e-commerce or subscription-based website) you need to look up for the conversion rate of your most important pages and landing pages.

  • homepage
  • search results page
  • category page
  • product page
  • pricing page
  • cart page
  • checkout page

It’s recommended that you use landing pages instead of the original pages of your website because you can make a more accurate measurement of your marketing campaigns.

Next, you need to listen to the voice of the customer. Digital analytics data gives you valuable insights into the audience behavior and its impact over the performance of your website, but it doesn’t show you reasons.

2. Qualitative analysis

Qualitative analysis

 

You will need to create surveys across the website to determine:

  • the level of satisfaction with your website’s loading speed, UX, products, offers, prices
  • the purchase intention of your website’s visitors
  • what’s stopping visitors to convert (subscribe, buy, fill a form, etc.)
  • the likelihood that your customers will recommend your brand to their friends

Another valuable method to get qualitative data is using heatmap or clickstream tools to show you where people click or scroll. It’s essential to gather as many qualitative data and interpret it to build strong hypotheses for the most exciting part of the CRO process: experimentation and testing.

3. Experimentation and testing

Experimenation & testing

 

A/B testing is the handiest option for marketers who are trying to optimize their websites. It consists of creating a different version of a page by changing an element, splitting the traffic between the two versions and seeing which one wins.

Usually, the top places to start A/B testing, are the search results pages, thank you page, checkout page, paid landing pages, and top exit pages. But don’t trust us and go test, test, test! Based on the insights gathered in the analysis phase, you will be able to determine the top pages to start testing on your website. What remains is transforming your website into a source of delight for its visitors.

4. Personalizing experience

Personalization

 

What comes hand in hand with experimentation and testing is personalization. It’s the best thing you could do improve conversion rates! Personalization makes it possible to do the one-to-one marketing that marketers from brick-and-mortar stores never thought would be possible to do online.

Personalization is the beautiful process of displaying relevant content to the website’s visitors based on their location, their shopping preferences, lifestyle, name, age and so on. With the right technology, you will be able to:

  • deliver a delightful experience to your customers;
  • persuade visitors into becoming customers (not manipulating them);
  • start an authentic conversation with your visitors without giving up to profits.

Last but not least, the final step of each test is the implementation. Once your A/B testing software shows you a positive result that has a high-impact over the website’s performance indicators such as the revenue per visitor, you’re ready to go to the IT department. They will implement the change and you’re ready to start your next test.

Then, you’re ready to present some accurate reports to your boss and also start getting more leads and customers for your business. That’s the end to having miserable meetings, awful days and frustrating talks with the IT guys.

So, what now?

Even though you’re just starting with conversion rate optimization, never forget that is a never ending process that involves a lot of testing. Just don’t test everything at once. You need to follow the steps of the process presented within this article and base your decisions on data.