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Business

Conversion Rate Optimization

Conversion Rate Optimization (CRO) is the process by which visitors to a site become paid customers. Consider the following. When visitors land on your Home Page, three things occur:

– moment of orientation (where am I?)
– moment of conversation (what can I do here?)
– moment of value exchange (what benefit does it have for me?)

Conversion Formula:

Conversion Index C = 4m + 3v + 2(i-f) – 2a

Where:

m = motivation
v = value proposition
i = incentive
f = friction
a = anxiety

Find the most trafficked pages on your site that also have the most business value. Then place a conversion mechanism (webinar, blog, email opt-in) to drive people to landing pages that generate the most revenue. Also find pages with a high bounce-rate and optimize the content on these pages.

Customer flow across site:

-Visit site
-Checkout blog
-Make purchase

Set up custom reports in Google Analytics – channel segmenting and custom messaging. Run A/B testing but be sure to avoid traffic spikes/false positives/prevent errors. Also run Run A/A split tests – add a “,” to the page, and run for 400 conversions. If testing does not converge use this to record a baseline for future A/B tests. Understand what visitors are clicking on, What they intend to do; what objections they have; And where they are falling out of the funnel.

CRO Tools:

CrazyEgg, LuckyOrange, MouseFlow, ClickTale
4QSurvey: Learn how visitors feel about their experience and how to improve it
Qualaroo
Optiwiser to measure motivation, incentive, etc of competitor and your websites

Perform A Content Audit:

Look at competitors home and landing pages:
– value proposition of headline
– top messages
– primary calls to action
– special reason to buy
– other?

Qualitative & Quantitative Customer Discovery:

– Who are they?
– who do they view as your competitors
– what are new channels
– is the product must have
– have we achieved product-market fit
– recommendation rate
– language to be pasted onto home page
– who is ideal customer; how it can be improved
– how they use the product
– how they describe the product
– different between most valuable customers and others

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