The implementation of CRO could potentially influence user behavior, potentially resulting in an increase in desired actions. It’s also something that you should be doing on a regular basis if you wish to maximize your performance/revenue metrics.
Example: Many businesses use CRO tools to conduct split tests (also known as A/B testing).
Alternatives: CRO mainly looks at your website’s existing content and elements and then requires you to adjust these as needed. However, it’s not the only optimization strategy. Content optimization is one alternative, and you may also want to explore other target audiences.
What metrics will be used to measure success?
Some of the metrics you should look at within your CRO strategy are:
- Conversion rate: This refers to the number of people who complete a desired action, based on the goals you’ve set for your business (e.g. the percentage of people who buy a product).
- Clickthrough rate (CTR): The percentage of people who click through after seeing one of your pages on an ad, search engine results page (SERP), social media post, newsletter, etc.
- Bounce Rate: The number of users who visit one page on your website before leaving; having a lower percentage means that your users are more engaged. Generally speaking, you should aim for a bounce rate below 25%.
- Time on site: The amount of time that a user spends on your website. You may also want to look at average session duration if your analytics software has this; Google Analytics, which integrates with Hocoos, does.
- Revenue: The amount of money you generate before tax, expenses, etc. – this figure should be relevant for your business and consider your operating costs.
Consider all of these metrics within your CRO strategy.
What is the CRO process like?
The CRO process will vary from business to business. However, you’ll still notice some common threads. As a general rule of thumb, your CRO strategy should follow a timeline similar to this:
- Goal-setting: Assess your business objectives and what would be successful to you; once you have this information, set goals in accordance with this.
- Performance analysis: Look at your current statistics and determine where you need to make improvements, along with what you think you’re doing well. Identify your results over at least a 30-day period so that you have enough data to work with.
- User research: Find out what your target audience interacts with, and how you can encourage them to complete a desired action. For example, if you’re a new brand, you may wish to focus on brand authority so that users will trust you enough to purchase. Besides measuring statistics, gather user feedback and ask them directly for their thoughts.
- Hypothesis development: Once you have all of the required information, start building hypotheses around your current CRO strategy and what needs to be done.
- Testing and iteration: With your hypothesis ready, begin testing different layouts, messages, etc., to see what works in practice (and what doesn’t). When you have this information, you’ll need to begin iterating and making adjustments where required.
- Change implementation: Once you’ve been working on your CRO strategy for a while, do an in-depth analysis of what is and is not resonating with your audience. Consider the changes you’ll need to make, and when you know what to do, start making further adjustments/optimizations.
- Repeating the process: Go through all of the above steps each time you need to level up your CRO strategy.
Utilizing an iterative approach that centers on long-term growth is necessary for both optimization and business sustainability in the long term.
What are the key elements of a CRO strategy?
CRO strategy aspects will usually cover:
- Call-to-Action (CTA): The button/link telling users what you want them to do.
- Testing: You’ll need to regularly test your strategies based on your results.
- Data analysis: Assessing stats based on your success metrics.
- Optimization: Making changes to your websites/pages after you have enough data.
You should use all of the above elements in your strategy and factor your audience’s needs while doing so.
Example: Use a CTA that’s easy to find and has obvious messaging for users (e.g. “Sign up for a 7-day free trial”).
How to choose the right conversation rate optimization tools?
If you plan to use a CRO tool, you should consider how much money you’re willing to spend and what features are required for your efforts.
You should also look at user reviews. Besides going to the official website and social media pages, look at review websites for your industry. Consider using a free trial before signing up for anything.
What are some common mistakes to avoid in CRO?
Some of the most common mistakes to avoid in a CRO strategy are:
- Not setting clear goals: You need a direction before you can start optimizing your conversion rate in accordance with this.
- Ignoring user research: Your users will know what they want, and you should therefore perform comprehensive research to understand this.
- Only relying on intuition: While intuition is important, you also need to make data-driven decisions.
- Giving up too soon: Results will always take time, and it’s important that you continue your CRO strategy for the long run.
Conclusion
Conversion rate optimization (CRO) is an essential part of many business strategies, and if you’re looking to drive more conversions, it’s something you should look at. Before implementing your strategy, understand what you want to achieve and how you can meet your audience’s needs.
Once you understand your audience, make sure that you run multiple experiments and iterate over time. Consistency and perseverance are crucial for achieving long-term goals.
