With the inclusion of our remodelled Conversion Rate Optimisation (CRO) product here at Reef, it is a great time to look at this evolving area of marketing and why it is an increasingly important part of your business development strategy.
It is only natural that many businesses still see CRO as simply getting more sales conversions from their digital campaigns, but in reality this is but a small portion of what CRO can do for your business.
Taking a broader, holistic approach to CRO is what will really drive business improvements.
Put simply, CRO is the process of analysing qualitative and quantitative data to find areas where improvements can be made. This mainly refers to optimising website performance, but once that is working efficiently, branching out to optimise other areas within the marketing and sales funnel.
Why invest time in CRO activities?
Simply put, it makes commercial sense.
Why spend money on brilliant campaigns, driving traffic to your website, if the website itself is not optimised to convert that traffic?
The goal is to get the right kind of traffic moving through the journey of your website and taking the desired action/s that lead to the main objective (likely an enquiry or sale).
This means ensuring you are meeting the needs of your desired consumers at each stage, so they will continue onward to the next step in the conversion journey.
Every element of your website should be working together, from colours and layouts, images, videos through to headlines, navigation, and device experiences.
The real beauty about CRO as a business improvement tool, is that this data can be utilised in two ways:
- To identify areas where budget is being wasted due to under-performance or inefficiency
- Allow you to invest more in activities that lead to meaningful conversions.
It is not a “set and forget” exercise.
The concept of ‘kaisen’ (continual improvement) is an essential mindset when engaging in CRO.
It’s not a quick fix solution and it is not a “set and forget” exercise.
Your CRO team will need to be continually monitoring data, testing hypothesis and adapting tactics accordingly.
Often, changes made through the CRO process do not result in immediate improvement in performance or conversions.
Sure there will be some quick wins that can see improvements right away, however, real and meaningful business growth comes from ensuring your whole consumer journey is improved over time in such a way to convert traffic where/when it is needed most.
“Conversion” doesn’t always mean purchase!
Whilst for many businesses, an increase in revenue is the main goal or “conversion” they are looking to achieve, conversions can mean many different things and should be different depending on where a consumer is in their journey.
Bigger, overarching conversion goals could be:
- A purchase from the site
- A seminar or training signup
- A download of a quote or filling out a form
- Subscription sign up
Along they way to these bigger goals, there will naturally be smaller actions you will need them to complete to keep them moving toward this bigger goal. Smaller goals often include;
- Clicking on a digital ad to go to a website
- Clicking through from an article to read a full blog (and actually reading it)
- Signing up to receive emails (and opening and clicking)
- Creating an account
- And many more depending on your business.
At the heart of it, it is improving the user experience to persuade them to take the next logical step closer to your ultimate goal.
Other business benefits of CRO
Intimately knowing your audience and their motivations to buy from you is the single biggest way to improve your business.
Not only will it allow you to make faster and better informed decisions, it will greatly improve the efficiency of your processes, cutting out any activity that is not working to drive sales. This process takes many months and even years, but is worth the investment.
- Better market share, is winning more consumers away from buying competing products or services. By making the customer journey as easy and as pleasant as possible, it increases the chances that a consumer will turn to your site when making their ultimate decision. Make their experience better than that of your competitors and watch your conversions grow!
- Improve your ROI. There will always be costs associated in obtaining website traffic or generating leads and CRO aims to ensure that the amount you invest can stay the same (or reduce) but that the amount you get back in return will grow
- Improving organic reach and SEO is an important side benefit of CRO. Google loves sites that are efficient and useful to visitors and will give more visibility to these over less appealing ones. Get more visibility, generate more enquiries and ultimately more customers and more revenue
- Repeat purchase! The highest value customers are often repeat purchasers, especially as you spend less, or nothing on attracting and converting them. Make a user experience easy and enjoyable and they will return to purchase from you again. 30% of consumers report that they would prefer to buy from a trusted site they have purchased from before, over a new one.
Invest time in CRO to drive the performance of your business
Conversion Rate Optimisation can be a superb tool for businesses of any size to improve user experience and increase sales.
Whilst the CRO tactics will vary depending on the specific structure of your business, with around 98.8% of new visitors to a site leaving without completing a journey, CRO will increasingly become an essential part of all marketing strategies.