If I was to ask one hundred business owners what conversion rate optimisation (CRO) was I would be surprised if just one or two people knew what it was, yet without a doubt every single one of those business owners could benefit tremendously from it. In its simplest terms conversion rate optimization (CRO) is the measurement, modification and testing of different aspects of a business’s online presence so that instead of generating say one customer in one hundred visitors you generate one customer in fifty visitors, or two in one hundred visitors. As you can appreciate generating such results has a tremendous financial benefit but how do you do it?
Our Starting Point
Before you can begin to change anything you have to start by understand exactly where a business is, why it is currently doing what it is doing, why it’s customers are buying from it, what benefits they are buying, what solutions, what are their pain points and what are their expectations. We seek answers to these and many other questions, both from within the business itself and also from its actual customers. Once we understand where a business is and have some qualitative data from which to make intelligent decisions (brainstorming session), we can begin.
Return on Investment (ROI) Optimization
Once we have finished our brainstorming session we will prepare a specific methodology to use for this project, in this we will determine what the improvements we are seeking are and how these will be measured. You might think that we are only interested in improving conversion rates, however that is not always the case because often you can increase the profitability of a company substantially more than you would if purely based on conversion rate optimization.
For example let’s assume you sell widgets online, and for every one thousand visitors you convert 5 percent into paying customers, as you charge just $10 per widget you generate $500 in revenue for every one thousand visitors.
With many conversion rate optimization companies they would seek to increase the actual number of customers per one thousand visitors and there is nothing wrong with this, however if you utilize a company such as FX Digital we would first optimize your rates. So expanding the example about, let’s assume we start to sell your widgets at $20 each, we notice the conversion rate drops to just 3 percent however the actual revenue per one thousand customers increases to $600… which means that this business owner actually makes more money selling less widgets, this is what I call CRO based on return on investment and not conversions and every business should if possible start by doing this and then move on to CRO tasks.
Conversion Rate Optimization – CRO
Once we have optimized your rates or at the least made you aware of this issue we then begin our conversion rate optimization. We are FX Digital utilize the very best A/B split testing software, Heat maps, scroll maps and eye tracking maps as well as session tracking, all of which allows us to test various aspects of a website, measure results and make informed decisions based on factual data that improve conversions rates.
At the start of the conversion process I find it best to focus on the big picture, for example how many people actually buy products from your website and what we can do to improve this number. Once we have done this we then focus on the smaller conversion rate changes such as how many people add items to a shopping cart and then abandon the cart before checking out and what we can do to improve this. Another example would be page titles, which titles work better than other titles and are these measured and optimized … we are actually currently developing our own software which will allow a user to set three article titles and then our software will optimized based on serving each title at random to visitors and collecting conversion optimization rate data, this will then be automatically analyzed and then the article title will be fixed by the software, so that the one that delivers the best conversion rate which in this case would be the number of visitors that click through and read the article. Imagine a business such as FX Digital that produces content daily and then pusses this out to every social media network… by optimizing titles in this manner would could bring in many thousands of additional visitors weekly with no additional advertising costs.
As you can imagine conversion rate optimization doesn’t come cheap, nor should it, I have spent twenty years working online and another fifteen at senior management level… it is this and my whole teams’ experience you are buying and we do generate some amazing results. Contact us to discuss your requirements.