The Science of Turning More of Your Clicks Into Customers
Conversion Rate Optimization (Conversion Rate Optimization or simply Conversion Optimization for you non-Australian readers!) is the science of turning more of your clicks into customers. It is the process of increasing the percentage of website leads and sales you receive without spending money on attracting more visitors. In simple English, it means taking your existing website visitors and getting more of them to actually buy. It is a powerful strategy that allows website owners to increase their online sales without spending more money on advertising.
Why Conversion Optimization Matters
Whilst very difficult, CRO is one of the most powerful online marketing strategies available because it allows you to increase online sales (and often reduce bounce rate) without increasing your advertising expenditure.
IS USUALLY VERY QUICK. Companies that implement the right Conversion Rate Optimization plan can see major results in less than 12 weeks. That means more leads for your sales team or more customers pulling out their credit cards (improving your most important conversion goals and conversion metrics).
HAS A HUGE IMPACT ON WHAT MATTERS MOST - PROFITS. It makes a big difference to your revenue and hence, your bottom line.
PROVIDES A HIGH RETURN-ON-INVESTMENT. It’s not uncommon to see a return-on-investment of 10X to 100X on your conversion optimisation spend with the right plan and right execution.
MAKE YOU A HERO WITHIN YOUR ORGANISATION. By delivering a better return-on-investment than other marketing investments and increasing the performance of your current marketing spend.
LOWER YOUR CUSTOMER ACQUISITION COST. Conversion Rate Optimization allows you to lower your cost per acquisition across other marketing channels by improving the conversion rate of the people taking up your actual offer or offers across your digital media.
INCREASE REVENUE. More leads and online sales at a cheaper cost-per-lead and cost-per-online sales. This means more opportunities for your sales team and more customers. If your operational model is scalable or you're hungry for growth and revenue increase, Conversion Rate Optimization is one way to get there.
INCREASE BUSINESS GROWTH. In eConsultancy's report on Conversion Rate Optimization (https://econsultancy.com/reports/conversion-rate-potimization-report) they detail statistics on how Conversion Rate Optimization is driving growth in industries and companies all around the world. It's hard to argue with this quality of research.
INCREASE EARNINGS BEFORE INTEREST & TAX (EBIT). ASX-listed companies that are thought leaders in the technology industry take Conversion Rate Optimization seriously. SEEK Limited (ASX:SEK), Melbourne IT Limited (ASX:MLB), Freelancer Ltd (ASX:FLN), Wotif.com Holdings (ASX:WTF), Webjet limited (ASX:WEB), iSelect Ltd (ASX: ISU), Carsales.com Ltd (ASX:CRZ) are just a few of the companies that have invested internally or externally in Conversion Rate Optimization as a sophisticated and integral part of their overall growth strategy.
INCREASE SHARE PRICE. When your digital media performs better and results in a larger return-on-marketing-investment across the board, that's good for your fundamentals and your shareholders. Melbourne IT Limited (ASX:MLB), Freelancer Ltd (ASX:FLN), Wotif.com Holdings (ASX:WTF), Webjet limited (ASX:WEB), iSelect Ltd (ASX: ISU), Carsales.com Ltd (ASX:CRZ) are just a few of the companies that have invested internally or externally in Conversion Rate Optimization as a sophisticated and integral part of their overall growth strategy.
How Does It Work?
There are many different approaches to increasing website conversion rate out there. All of them are centered on increasing your ‘website conversion rate’ in order to increase leads or sales online (often called conversion metrics or conversion goals). In our experience, the #1 conversion rate optimisation tool that leads to the greatest improvements in conversion rate over time and reduces the risk of your conversion rate not going up is “A/B Testing.” (and to a lesser degree, multivariate testing)
What Is A/B Testing?
If you’ve been around the Conversion Rate Optimization or the Online Marketing world for a while, you’ve probably heard of A/B testing (or maybe multivariate testing). A/B testing is the process of sending a portion of your website visitors to one version of your website and another portion of your website visitors to another version of your page. Using A/B testing software, a visual A/B test is created to test these two versions and see which performs better...
Version a performed at a 6.8% conversion rate. It contained the original headline “Looking For A Business Accountant?”.
Version B performed at a 13.6% conversion rate. it contained the new headline “Find Our Why [Company Name] Were Voted The Best Accountants On The Market in 2013”. That’s a conversion improvement of 100%!
- • Headline
- • Layout of page
- • ‘Call-to-action’
- • Images
- • Colours
- • Credibility Icons
- • Testimonials
- • Guarantee
Okay. I get the value of A/B Testing. What’s in it for me?
In short, more potential customers entering your conversion funnel and completing your desired action. Our experience states that most websites that have implemented little or no A/B testing in the past are leaving 15 - 100% conversion improvement potential on the table. In some cases, that can mean 15 - 100% additional revenue is being ‘left on the table’ when it comes to your website.
Does This Apply To Everybody?What If My Website Isn’t Getting Much Website Traffic?
To know for sure that your A/B test results mean anything - they have to be ‘statistically significant.’ This is a fancy word used by math geeks and probability nerds like us, but in essence - it’s an assessment of whether the A/B test observations reflect a pattern or just pure chance.
For an A/B test to be ‘statistically significant’, we generally wait for the confidence level to be at least 95%. This minimizes the number of ‘false positives.’ If your website has a very low amount of website traffic or conversions right now, achieving statistical significance may take months, be difficult, or in some cases, even impossible.
|Starting Conversion Rate||New Conversion Rate||Total Participants Required||Test Duration Required|
As a general rule, you want to have at least 25 conversions in an average week to get the maximum benefit from implementing A/B Testing.
What Should I Do If I Don’t Qualify At The Base Level for A/B Testing?
Increase Your Conversions by focusing on the fundamental principles, rather than A/B testing. See our conversion optimisation training course or download our beginners guide to conversion on how to increase your conversions when you can’t do A/B testing properly. Alternatively, consider landing page optimization via our Landing Page Design (optimized for conversions) services.
Once your traffic and conversions are at least at 25 conversions in an average week, we recommend you contact us and we’ll help you to implement A/B testing (and get your CRO process right).
I Have Enough Traffic & Conversions But I Want To Increase Sales Online!
Do this internally within your organisation. This requires setting up a system for measuring conversion (Google Analytics is a common one), making sure that measurement system works correctly (Google Analytics is often misimplemented), measuring your desired action, gathering data, establishing conversion funnels, and designing and implementing a series of AB and multivariate tests (in short, a lot of work!)
Work with a conversion optimisation and A/B testing agency to help you with this.
Should We Outsource A/B Testing & Conversion Rate Optimization Or Do It Internally?
According to a definitive research study and white paper on Digital Marketing by Adobe, Conversion Rate Optimization is not an easy process to implement correctly. According to Adobe, "only 34% of online companies are actively implementing Conversion Rate Optimization (CRO) testing tools on their website". Of those companies currently implementing Conversion Rate Optimization (CRO) testing tools, 41% report that they only test a very small portion of what could be tested.
In other words, most companies struggle to implement all the tools and software associated with Conversion Rate Optimization and really put them to maximum use. According to the same study by Adobe, the majority of companies said their challenges with conversion rate optimisation were:
Why You Should Work With An Agency That Specialises In Conversion Rate Optimization
It’ll happen faster
It won’t tie up your internal resources and staff.
The agency will help you to know what to test.
There’s A Lot Of Agencies Out There. Why Should I Work With Web Marketing ROI?
Great question. We believe our number one key competitive difference from other conversion companies out there in the industry is speed of delivery with our services. Because we limit the number of clients that our conversion optimisation consultants and A/B testers simultaneously manage, each client gets personal attention and care. Our internal philosophy is that the best conversion breakthroughs happen when all three of these things happen as regularly as possible:
We want you to have the best possible relationship you can have with your conversions consultant. Think of them as an online business growth expert. In many cases, our conversion consultants will speak with their small pool of clients on a daily or twice daily basis - often launching several A/B tests a day. The result is simple: speed.
We’ve seen typical clients starting out with Conversion Rate Optimization increase their conversions by 15% - 100% in less than 8 weeks.
Our Number Two Competitive Difference Over Other Agencies Is Results.
A lot of agencies out there will launch a lot of A/B tests over a short period of time and then start to struggle. The first few months of their A/B testing goes well, but all of a sudden - the reports start to show that the conversion improvement on all of their tests has dropped to only a couple percent per A/B test or less. They make excuses and they tell you that it will change. But it doesn’t.
This is because they’ve probably hit what we like to refer to as the “Conversion Ceiling”. This is the point at which the law of diminishing returns kicks in and you start finding that your simple A/B tests aren’t working as well as they once did! This is when it’s time for one of our favourite things...Advanced A/B Testing Through Innovation & ‘Out Of The Box’ Ideas. Many companies struggle to implement advanced A/B tests because it involves work that isn’t easy to execute:
How Much Is This Going To Cost? Where Do I Start?
- • Basic investment in User Experience Design (maybe you have User Experience experts on the team maybe you don't)
- • Done very little or no A/B testing in the past
- • Seen less than 15% total conversion uplift on your website through your own A/B testing efforts
- • Done lots of A/B testing in the past
- • Run out of ideas to test
- • Seen at least a 15% conversion uplift through your own A/B testing efforts internally
- • Started to see minimal conversion uplift on new tests they launch (an indication that you’ve hit the ‘conversion ceiling’.)
Spend 30 minutes with one of our conversions experts & quickly discover how you can increase conversion rates on your website
Book a FREE 30 Minute Strategy Session
Help you identify whether you meet our criteria for application into the ConversionPartnerTM program.
Identify whether the ConversionPartnerTM Results program or the ConversionPartnerTM Breakthrough program is more suited to your organisation’s conversion optimisation sophistication.
If you meet our criteria for the ConversionPartnerTM program, our consultant will provide you an exact quote for the ConversionPartnerTM program and will explain to you the predicted return-on-investment based on your current web statistics.
Before we charge you for your first invoice, we’ll set up your first A/B test on your website and you’ll be able to start seeing a return-on-investment sometimes the same day as registering your details below!