Why is conversion rate optimization (CRO) becoming one of the fastest growing practices in digital space today? The answer is business growth that can be achieved by doing more with the same resources. CRO, when implemented and executed well, can help increase sales and leads from a website without having to up the number of web visitors. When sales increase, businesses make more money, which in turn reduces the financial burden of having to spend on huge advertising budgets. Businesses then get that extra room to invest more than their competitors and better their market shares.
In this blog post, we will discuss the trends and methods of the CRO techniques that businesses are using to massively improve their conversion rates.
1. Choose between A/B tests or multivariate tests
Opt for A/B tests instead of multivariate tests. Why? Because the A/B test is a far simpler methodology that will help kick-start your optimization journey and procure accurate results. It does not require massive traffic to produce substantial statistical information and the result-exactness that an A/B test produces can well add that sparkle to your net profit. Whereas, the multivariate tests require significant amounts of traffic and time and the delivered outcome is often not in alignment with the hypotheses. Besides, the results acquired with the multivariate tests don’t always guarantee huge profits once the changes are implemented.
2. Do not consider CRO as a short-term investment
What would be helpful to remember before you embark on your optimization journey is that you cannot get a win every single time. Your CRO consultant is doomed to fail if you expect him to double profits in a couple of weeks. CRO is a long-term investment with the potential to give you just a couple of triumphs every year. However, the triumphs can certainly be worth the investment and can procure a healthy ROI for your business.
3. Test relentlessly
Be prepared to run a continuous series of tests to identify all the improvements you need to undertake. The key here is to test unceasingly because your website has the potential to always look better and perform better. Every new page and every added feature become a testing opportunity. Each website component has to be tested relentlessly in order for it to increase conversion rates for the business. CRO can certainly generate steady revenues, the caveat to that being – a commitment to indefinite testing.
4. Prioritize an A/A tests always
Inconsistencies in the testing software or an improper test arrangement can wreak havoc on the result-exactness. Sometimes, you may identify a 20% to 30% conversion-increase during the test, and discover that it does not lead to revenue increase due to erroneous results. If results from your A/A test are not alike after a hundred conversions, then consider raising a red flag- either there are discrepancies in the testing software or the test has not been set up properly. So before running an A/B test, it would serve the CRO efforts well to run an A/A test to authenticate the reliability of the testing software.
5. Identify customer’s preference
The cardinal rule here is to give the customer what he wants with respect to content consumption. Some like to read lengthy copies, some like to glimpse through, and some prefer videos over exhaustive content. This only proves that it is important to test every website component – videos, infographics, images, etc., to identify customer preferences. Consequently, your team gets equipped with knowledge of what your customers want and they can then align the website content and design accordingly.
6. Think about macro conversions over micro conversions
While it is okay to test the micro-conversions and improve them, macro-conversions must take precedence. Micro-conversion improvements cannot give you the final results, but paying attention to significant macro-conversions like revenue and purchase orders can get you the positive bottom line that your business requires. Prioritize the macro-conversions tests to ensure that micro-improvement in conversions brings that extra zing to your profits.
7. Know that conversion rates vary every day
Patterns, trends and the consistency in your conversion rates can be identified by running tests for at least seven days a week. Traffic is not the same every day – your website can convert at 5% one week; 10% the next week and 25% the week after. This can be attributed to an array of variables –latest trends in the market, people’s moods, or other external influences. This also brings to focus why before and after tests are not reliable. These tests measure conversions for one week, make a change, and then test conversions for the next week. Given that visitors’ behaviors are not the same every day and traffic quality is unpredictable – the before and after tests cannot be completely trusted for exact results.
8. Bounce rates are not a big deal
As a digital marketer, you need to be able to differentiate between the important statistics and not-so-important statistics. Vanity metrics like bounce rates are not all that important. A likely situation that you could face – a change increases conversion rates and the bounce rates simultaneously. When it comes to CRO, the priority should be conversions and the changes that can improve your conversion rates. Since bounce rates don’t affect revenues, this metric can be pushed to the back-burner.
Instead of investing to gain new customers, CRO allows the business to earn profits from its current customer base or visitors. In a nutshell, the more you develop your conversion rate, the more self-liquidating traffic you acquire. The CRO model not only provides you with valuable insights into how your audience thinks and behaves but also helps you evolve with your customers; thereby, becoming a vital asset in all the revenue related aspects of your business.