Conversion Rate Optimisation
Conversion Rate Optimisation (CRO) is the process of fixing the reasons or problems that make your website visitors not take the desired action(s) hence increasing your conversion rate. It improves the ratio of your website visitors to customers by analysing how they interact with the site. Then some changes are made to increase the conversion rate.
When the conversion rate is higher, the ROI becomes better from whichever campaign you run. It also boosts the value of every visitor to your website. After the test, the changes are long-term and this gives you more knowledge even if you get a new website.
The services are specifically meant for an individual business in the terms of the performance of the website and the objectives. The tools and tests used will differ from one business to another. Every CRO service has a hypothesis report, an on-going test and the suggested implementations.
The CRO personnel use some tools to analyse, collect and visualize data then make some major decisions concerning the changes required.
Tools Used for Testing and Analysis
It has statistics about the traffic and traffic sources of a website. It also contains the conversion implementations and the strategies. The data is monitored for all the aspects of the whole process. Throughout the campaign an Account Manager monitors the data very closely.
The Areas You Should Concentrate on
For the best results there are some valuable areas a company should concentrate on for Conversion Rate Optimisation: Copy optimisation, A/B and multivariate testing, a structured strategy, customer journey analysis, segmentation, online surveys by carrying out customer feedback systems and cart abandonment analysis.
A/B or Multivariate testing
A/B testing is the most used to improve conversion rates. About two-thirds of companies use this method. A/B testing is whereby you setup two landing pages that are different which also have a different element. One might have a garish call-to-action while the other might have a bright green one. The site then shows one of the pages to half your traffic and the other one to the remaining half. Even a slight change to the call-to-call action has the ability to make a difference to conversion. Apart from the button, the following can also be tested: the product copy, headlines, image size, amount of text, fonts and layout. In short, all the elements of the page can be tested and this can increase the conversion rate.
Multivariate testing on the other hand, splits your traffic into a number of versions of the same page. Hence your site has to have a larger traffic so as to test a bigger number of combinations effectively.
You should keep on carrying the CRO tests even if you think it has reached the completion stage. The more the tests you do the higher the chances of more conversion.
Customer Journey Analysis
This is one of the most valuable methods to improve conversion rates. It is very vital for a business to understand its own customers. Customer journey analysis gains profitability and increases revenue. This can be achieved by identifying the pain points and improving customer experience. You need to collect and analyse data from different offline sources or even the available channels. This will provide you with all the details about the customers and even know how they might behave in the future.
Customer feedback is one key thing when it comes to CRO. It can be collected in different and many ways whereby some are more user-friendly. It helps improve the user experience because it comes directly from the customers. One good example is Net Promoter Score which is a customer loyalty metric with only a single and direct question: How likely is it that you would recommend our company or service to a friend? The NPS score is done by those who are unhappy minus the loyal enthusiasts.
The Benefits of Conversion Rate Optimisation
Testing is of a valuable advantage but it doesn’t only increase conversion but provides an improved user experience. The customer experience is made better through removing any barriers, making forms simpler and clarifying navigation.
CRO does not work by manipulating visitors but makes them feel engaged on your content and even get a better user experience. This means it permanently increases your customers and can make a very big difference to your business. With a good strategy it can increase your earnings for instance; an increase of 0.5% can make a difference of €17.5k in a monthly budget.