Conversion Rate Optimization (CRO): Roadmap for Dummies

by Vineet Singh, July 22, 2015

 

The ‘last mile issue’ is an irritant and stumbling block for many online business owners. In spite of the fact that analytic tools provide exhaustive customer footprint data, they fall short of pin-pointing the major reasons for customers exit just before the ‘Buy Now’ click. In the end, the only numbers that matters to the business owner are – sales clicks, leads, calls and opt-ins.

 

Image credit: searosecottage.com

Summarizing the experiential learning of the last five years, we have created a simple road-map for professionals, agencies and organization who are engaged in delivering a better value for the marketing bucks. We utilize this simple framework to enhance the conversion numbers for our clients – But, by no means guarantee that this might work for every possible scenario …

[i] Understanding and measuring successful business outcomes:  The intent is to correlate  the business goals with the measurable parameters – associate every business / success   indicator with a web analytic. This sets the tone for a data-driven Conversion Rate Optimization project.

 

[ii] Know your digital territory – Perform a site Strength-Weakness analysis   by studying the traffic movement: The intent is to understand the friction from within the various sections of the website – to identify the resistance to visitor movement and site  usability – And identifying “Missed Sales Opportunities”.

[i] Visitor & Behavior profiling: This knowledge helps in establishing scenarios / hypothesis for A / B tests – backed by data and verifiable logic.

[ii] Capture Market & Industry voice: Outcome of a test strategy depends squarely on the type of market and visitor intelligence that is collected prior to conducting the tests. Significant blocks of data are present in the industry reports, market analysis and in the social threads relevant to the product / service – which needs to be captured.

[iii] Trust & credibility USP (Unique Selling proposition): The objective of our Conversion rate optimization team is to brainstorm with the client and unearth the most persuasive aspects of the company / product / service, which can be served to the consumers at the right moment along the conversion path – and this can range from Press / media mentions, accolades in the industry analysis reports or by an expert, stellar testimonials by a well known industry professional or decision maker, an award to the company or to the head of the company…

[i] Create Test Strategy: Now the time has arrived to collate all the facts and findings in the previous steps and translate them into action-items for the A / B tests. The value of each test will be measured in terms of the increase in Conversion Rate. So, to start with, we establish test scenarios and associate each of these scenarios with the expected Conversion rate increments (achievable value). As discussed in Stage 2, the intent is to capture the LHF (Low hanging fruits) and the BIA (Big Impact actions). This approach brings clarity for both the design and the marketing teams – clarity of planning, execution and outcome.

With the test strategy in place, we are all set to execute the last and decisive stage of our Conversion Rate Optimization (CRO) exercise – Test, Measure and Replicate.

[i] Design & Execute Tests: Based on our comfort level, we can opt for various A / B test tools – ranging from premium quality free tools to paid ones. The tests are run on auto-pilot and the outcome of a new champion page is decided through statistically significant conversions.

  • This CRO approach is not based on execution of a set of steps, but is centered around historical and current data and site usage pattern. All the activities are tied logically with the data interpretation. This helps our clients unravel unused USPs (unique selling propositions) as well as to identify very simple and obvious errors – which are often overlooked. The analysis results in a complete turnaround of the business in most of the cases.
  • We have witnessed ROIs between 55 – 270% in the before and after analysis of the campaigns.
  • This is not an expensive exercise and can be undertaken by SMBs and start-ups also – and is not only to be used by large enterprises.
  • We are looking at a timeframe of 10 – 12 weeks – considering that there is sufficient volume of data for analysis – statistically significant volume of data is crucial to the success of the exercise.

 

 

[tabs slidertype=”simple”] [tab]  What would the detailed report include ?  And how would the analytic report help clients to increase revenue and get more clients?  How many hours are spend on the report? [/tab] [/tabs]

 

The report would include Analysis and recommendation of following metrics / Key performance Indicators (KPI).

 

GENERAL / BROAD KPIs

  1. Campaign Conversion Rate
  2. Goals Conversion Rate
  3. Bounce Rate & Time on Site
  4. Type of Sources 

MARKETING / VISIBILITY KPIs

  1. Traffic of Non branded keywords
  2. Traffic generated by specific terms
  3. Bounce rate per keyword 
  4. Keyword Ranking
  5. New Vs Returning Visitors

INTERACTION / ENGAGEMENT KPIs

  1. Social Media Interactions
  2. Media Consumption 
  3. Contact/Subscribe

 

TRANSACTIONAL KPIs

  1. Cost per Transaction
  2. Average transaction value
  3. Average items in basket
  4. Conversion Rate per Medium

 

INTERACTION / ENGAGEMENT KPIs

  1. Transactions distribution per Country
  2. Bounce rate distribution per Country 
  3. Traffic Distribution by Country/Territory

 

CUSTOM KPIs

  1. Based on a particular industry segment
  2. Based on some new offer / special campaign

 

 

  • All the above KPIs are not applicable all the time – It is generic list – The inclusion of some other KPIs depend on the clients business requirement.

 

  • The report will help client to understand the exact reasons of non performance. In addition the report will have suggested solutions which will help to improve the ROI.

 

  • The estimated monthly hours spent on this should be: 6 – 8 hrs.

 

[box] Do write to us if you have queries:                                                                                                                                                                         Email: info@copperbridgemedia.com                                                                                                                                                                                 SKYPE: copperbridgemedia                                                                                                                                                                                                             Phn – 91-9975213923 [/box]