If you’ve been reading digital marketing articles for some time, then you’ve probably seen conversion rate optimization mentioned a few times. Conversion rate optimization is the process of testing in order to optimize for the highest conversion rate for a web page or sales process. As you may already know, your conversion rate is the percentage of visitors that turn into leads or sales. The obvious benefit of having higher conversion rates is that it means more sales and profits. However, the benefits of conversion rate optimization go far beyond.
3 Overlooked Benefits of Optimizing for Higher Conversion Rates
1. You Gain a Competitive Advantage
If you can optimize for a high conversion rate, it means that you can outspend competitors in advertising channels. By outspending them, you can get more traffic, more brand visibility and slowly push them out since they’ll have to spend more money to keep up with you.
2. It Gives You a Deep Understanding of Your Audience
By going through the testing process, you’ll see what your audience responds to and doesn’t respond to. This knowledge will give you the insight you need to build better advertising and marketing campaigns for the future and for expanding to other channels.
3. High Conversions Attract Affiliates and Business Partners
Affiliate marketers and business partners want to know that they’re going to see good results when they promote your product or service. A high converting sales process means fewer expenses and higher returns for them. That’s why a high converting sales process will bring in more opportunities and build loyalty.
A Quick Dive into Conversion Rate Optimization
To start the conversion rate optimization process, you always want to start by doing your research. Build a profile of your target prospect and figure out why they’d want your product or service. Then, look at your landing page and your sales process to see if you’re touching on all the important points.
Next, brainstorm ways you can improve your sales page and process. Come up with different headlines, first paragraphs, structure, and offer. Once you have three or four ideas for each element, you’ll be prepared for the testing phase. The testing phase will test variations of each element to figure out how each element impacted your conversion rate.
Then, use tools like Google Analytics, Crazy Egg, and ClickTale. Google Analytics will allow you to set up campaign goals to see if you’re meeting conversions goals. It also lets you set up funnels which can identify problems in long-winded sales processes. Crazy Egg will give you a heat map of where your visitors are clicking to optimize your design. And finally, ClickTale will give you insight into how far your visitors are scrolling down to your page.
5 Conversion Rate Best Practices
1. Test Different Types of Headlines
The headline is one of the most impactful aspects of your sales message. You want to approach it by testing different headlines as opposed to variations of the same headline. The goal here is to find an angle that works most and then try to improve it from there to produce big lifts in your conversion rate.
2. Test Different Designs
Design plays a large role in conversion. Experiment with the header graphic, layout, color scheme, and style of design (minimalist, hero image, letterbox, etc.). Then work on the usability and user experience (load time, intuitive navigation, font type/size, etc.) to ensure that your site is easy to access and use.
3. Test Different Offers
The offer is exactly what it sounds like. It’s where you ask for the sale. Try experimenting with different offers like free trial offers, $1 down offers or monthly payments. Then experiment with time-sensitive discounts, bonuses, warranties, and guarantees to see what combination of factors does the best job of getting your visitors to take action.
4. Test Social Proof
One of the best ways to improve your conversions is to add social proof. Add in testimonials of satisfied customers, an endorsement from influencers or experts in your industry, or ratings/reviews from a popular industry or marketplace site. Using social proof helps you establish credibility, create authority and build trust.
5. Get into Multivariate Testing
You can start simple with A/B split testing, but using this process to figure out the best combination of elements for high conversions can take forever. Instead, use Google Analytic’s multivariate testing tool to quickly test multiple elements at the same time. It will quickly help you find the optimal elements for the highest conversions so that you lose less money in your campaigns and achieve profitability faster.
The Last Few Steps of CRO
The last few steps of CRO involve taking a step back to analyze your results. If you found that your tests have resulted in a conversion lift, look into it and think about ways to expand on that further. If you found that your test was largely unsuccessful, think about why your tests failed. It may be possible that you didn’t build your sales process on your research. It’s also possible that your research was incorrect or had important aspects missing.
After you’ve done some analysis, come up with solutions on how to either fix your problem or improve on your successes. You may have to do some further research and brainstorm to get more ideas for your campaign. From there, the same process of research, testing, analysis and improving will continue until you are happy with the results.
That’s a quick overview of how the conversion rate optimization process works. While the ideas are simple, the process can get very demanding and challenging. It’s best to work on what you think you can improve until you start to see some decent results. From there, it may be best to hire a CRO expert that can take your campaign further.