CONVERSION RATE OPTIMIZATION (CRO)
Too often traffic comes to the site and is wasted. Let's get your traffic to do what it is that you actually want it to do. You can lead the horse to water, now let's make it drink.
What is CRO and why is it important?
CRO stands for conversion rate optimization, which is the process of analyzing both quantitative and qualitative data to provide insights into what can be improved on a given website to generate the number of conversions or goals. More often that you might expect, teams don’t always focus on optimizing or tuning their websites to generate more conversions, whether those be leads, sales, or something else entirely, but this is a missed opportunity. Even small percentage gains in conversion rate will lead to growth over time, especially when paired with a successful customer acquisition strategy. For example, if your site gets 5,000 visitors a month with a 5% conversion rate, you’re averaging 250 conversions per month. If you’re able to take that 5% to 10% with even the same number of visitors, you’re going to be bringing in 500 conversions per month, a 100% increase in what you had before.
Traffic for traffic’s sake is (almost) never worth anything
Getting traffic to your website is good, but it can be very frustrating when that traffic doesn’t do what you hope it will do as often as you hope. It becomes even more frustrating when you realize how much you’re spending in money, time and energy to acquire that traffic. Sometimes, you might even set your expectations low just because your site has always performed this way, so it might feel right to assume your site has hit it’s ceiling. However, unless you’re actually running tests that genuinely solve friction and enhance the user experience, you don’t really know where your ceiling is!
Critical analysis that produces results
Take your organization to the next level by blending the qualitative and quantitative. Forget changing button colors to red or green or just implementing what “looks cool”. By constantly testing and evaluating, you can feel confident that your organization is taking the necessary steps to do everything in its power to generate more of what matters at the end of the day, whether that be sales, leads or even video views. It’s important to remember that sometimes certain initiatives can have secondary results, either positive or negative, so being able to keep an eye out for unforeseen changes in your analytics as a result of a new change is something we help support your team with.
Worried you’re a bit out of your element?
Doing conversion rate optimization well takes time, skills, and experience to be able to manage the entire process and bring about positive changes. Not everyone has the time, energy, experience, or resources to dedicate to this process. However, this shouldn’t be a reason to not do whatever it takes to help your organization succeed. Drop us a message and we’ll get back to you as soon as possible about how we can help you achieve your goals and get you to the next level.
Who should use CRO?
In total transparency and honesty, not all organizations will benefit the same from conversion rate optimization. The organizations that benefit the most are the ones with significant web traffic and a significant number of conversions because they’ll be able to test more hypotheses and not need to wait quite as long for statistically significant results, but there’s no limit to exactly how many visitors or conversions a site must have in order to start testing.
What’s the process?
1) Research
When working with Lupa Digital, we’ll dive into the analytics of your website to see how users behave, as well as survey and observe to get a 360 degree understanding of how people are interacting on the site.
From here, we establish what’s working and what’s not, coming up with hypotheses and potential tests.
2) Organization
Once the list of hypotheses and tests are created, we’ll work with your team to prioritize them based on expected level of effort and return (along with any other time-sensitive organization priority you may have)
We’ll create a list to work from so tests can be created and run in an orderly fashion. We’ll work with your team to establish ownership of individual tasks so full tests can be deployed as quickly as possible.
4) Testing
Once we create a test, it will be put out to its audience and let to run until statistical significance is determined, which will vary on a test-by-test basis
5) Analysis
Once a test returns data and we can choose a winner, we should be able to address our hypothesis and testing sheet, modifying it as need be going forward for additional tests
6) Repeat
Start the process at the top again with winning variants becoming the control and new opportunities being tested for continuous, incremental improvements that compound and improve your ROI.