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Conversion Rate Optimisation Strategy

Conversion Rate Optimisation Strategy

16 April 2019 | News and Insights

How to implement a successful Conversion Rate Optimisation strategy program

Digital audiences expect a great customer experience every time on all devices. By 2020, customer experience could overtake price and product as the key brand differentiator for consumers. This means that organisations with a great customer experience across digital channels are ideally placed to increase sales, revenue and market share.

So, how do you create a great customer experience that converts more prospects to customers? And what’s key to the successful implementation of a conversion rate optimisation (CRO) strategy?

What is Conversion rate optimisation strategy?

CRO is the process of identifying improvements to digital products, implementing them and testing to check that they have a positive impact. This methodology relies upon analytical analysis, robust testing and detailed feedback to improve the performance of an organisation’s website, app, email or other digital channel.

CRO can be used to improve any metric on your website that’s important to your business, known as a Key Performance Indicator (KPI). It is often associated with conversions such as the conversion funnel, acquiring new customers, attaining registrations or downloading assets.

Fundamentally, CRO means figuring out what users are looking for when they arrive at your site and then giving that to them. There are many reasons why conversion rate optimisation strategy should be on every ambitious business’ priority list. First of all, you are most likely paying for traffic to your site one way or another and a high level of CRO means a better return on that investment. Moreover, it’s much more cost-effective to convert a higher percentage of visitors you already have arriving on your site rather than attracting more visitors. It is true to say most companies believe that their conversion rate could be increased – only 1 in 4 organisations are satisfied with their current rate.

Constructing a Conversion Optimisation Plan

According to a recent survey by VWO, a lack of optimisation roadmap/framework is the most common reason why organisations struggle to scale their CRO efforts. Therefore, before beginning any optimisation strategy, it is important to understand what you’re measuring and attempting to optimise.

The 5 key stages of a CRO program.

1. Research – It is vital to understand the journeys that a user takes on your website. Using analytics and feedback tools, it is possible to track metrics to help identify what parts of the conversion funnel can be improved.Analytics platforms such as Google Analytics or KISSMetrics can be very useful when it comes to analysing data and spotting user journeys and patterns in user activity. Moreover, if you have a Sitecore powered website, features such as Sitecore Analytics and Path Analyser could be great at segmenting and understanding the different journeys that users take. In addition, feedback is also really valuable when it comes to understanding user sentiment and how they feel about different elements of the website. Software such as HotJar or Qualaroo are great when it comes to adding surveys to a site for user feedback. Other popular user insight techniques include heatmaps, scroll maps and session replays, all which provide useful visuals on how a user navigates around a site.

2. Hypothesis – The next step is to construct an educated hypothesis on what you think the improvement will be based on the research that has been gathered. The hypothesis can be based on a number of different things, some examples being placement and style of call to actions, structure of web forms, or style of copy on page. Although the hypothesis itself may vary, the structure of a hypothesis will always stay the same – based on observations, I believe that the solution will address this problem for the audience and impact goal by uplift %. An example from VWO is below.

3. Prioritise – The prioritise stage is deciding which of your hypotheses are most important and then in turn create new assets, call to actions and new landing pages if required to fulfil that prediction. Depending on the hypothesis, a different amount of work might be required for each change that is needed to be made so it is important to decide which test is most important and which will create the best uplift in conversions.

4. Test – Test your hypothesis against the existing version through testing software. There are various types of testing types that can be performed:

    • A/B Testing – Change any element or section of a webpage and test both versions
    • Split URL Test – Test performances of separate URLs if the landing pages are significantly different
    • Multivariate Testing – Run tests on multiple variation combinations together

There are a variety of different software programs that can be used but being a top tier Sitecore partner, we recommend using the in-built Sitecore testing functionality if you have a Sitecore powered site. Not only is testing part of the workflow, but you can target specific visitor groups with segmentation thanks to the power of Sitecore xDB.

5. Measure/Learn – The final stage is where you either deploy the winning hypothesis or gather learnings for subsequent tests. If the hypothesis has come true, the best-case scenario is to be able to connect your experiment to revenue attribution and directly be able to draw the line to revenue. If not, it is important not to be disheartened, you will have learned what doesn’t work so know to avoid that in future. CRO is an iterative process and succeed or fail, learnings will be gathered which will help you move forward.

When going through a CRO process, these stages will remain the same therefore the process is easy to replicate again and again. There are many case studies that point to the success of focusing on conversion rate optimisation strategy as it is an incredibly valuable technique to help you reach the goals that you set out to achieve.

Evaluate your organisation’s conversion rate optimisation strategy

You might think that your conversions are good and your site is performing well. But in our experience, there are definitely elements that can be optimised to improve your conversion rates and we can help. We are a leading Sitecore agency and specialise in Sitecore CRO programs. To talk to us and learn more about how you can win with CRO then contact us.

Sources

econsultancy.com/reports/conversion-rate-optimization-report
slideshare.net/visualwebsiteoptimizer

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