You don’t have to be a rocket scientist to understand the relationship between revenue and CRO (Conversion Rate Optimization). Get it wrong and the impact will show in your sales figures, get it right and a good product will reach its online revenue potential.
So, what is CRO anyway? Why is it important? And finally, how do you transform a collection of intelligence tools into a CRO strategy!
What is CRO?
Conversion Rate Optimisation (CRO) is the continuation of effort once the acquisition experts (PPC/Aggregator/SEO) have done their bit to get you the visitors. It focuses on the practice of understanding your user’s psychology, and utilising that data to make sure the traffic that comes to your site converts more.
Why do you need it?
Web analytics will tell you the numbers of people that arrive, the points they leave and the number who successfully buy, only 2% – 3% conversion for B2C or 10% for B2B, but you need more!
In the age of the millennials, it’s important to truly understand the user experience, as well as site performance and that’s where Customer Experience Analytics (CEA) excels. Think of it as your secret weapon, helping to diagnose the all-round emotional and physical health of your site and customers.
Top Tip No 2: You need to collect data that reveals the emotional and physical health of your site.
A Good CRO Strategy?
A good CRO strategy requires both analytical and creative skills and will pull intelligence from a range of analytics solutions, feedback tools and direct customer engagement. Ideally, a CRO strategy will be designed and implemented at the beginning of a sites life and be flexible enough to evolve, so it can meet the ever-changing needs of an online business.
Top Tip No 3: You need a cross departmental approach that combines both analytical and creative skills to create a winning CRO strategy
Key intelligence tools to include in your CRO strategy:
- Web Analytics – providing a basic understanding of your user’s behavioural data, including sessions, time on site, landing page reports, bounce rates, demographics and lots more.
- APM – for monitoring the speed at which transactions are performed, both by end-users and by the systems and network infrastructure that support a software application, providing an end-to-end overview of potential bottlenecks and service interruptions.
- Customer Experience Analytics – delivering valuable input on your users from heat maps, form analysis and video replay. The more advanced tools, include monetization of customer struggle so that the cause of the struggles and CX resolution can be prioritised, enabling the stake holders, both business and technical, to understand and act based on highest value to the business.
- VOC – feedback loops, chat and customer service, these tools provide essential first hand feedback sources that will feed into your CRO strategy.
- Business Intelligence – a varied source of intelligence that takes key data across the business, including: orders, site conversions, ad spend, lifetime value and predictive analytics.
- Customer Research – To compliment the live replay, you should periodically talk to previous customers, to discuss their experience, as well as live website users to see what their immediate impressions of the website are, if anything is confusing and if there’s anything immediately lacking for them.
- Competitor Analysis – Whilst you don’t want to be too biased by what your competitors are getting up to, you do want to learn all the lessons you can from their sites and avoid making the same mistakes.
- Create your Wireframes – The insight gained from all the analytics and feedback should flow through to your wireframes and design, allowing you to visualise the final design of your site and optimise wireframes, based on conversion potential gained from insight.
- A/B Testing – Finally, time to put all your hard work to the test and ensure that your CRO is paying off, delivering an optimised journey and driving a higher conversion rate
Top Tip No 4: Look at how the key data sources support one another to provide a 360 view of your customer, across their entire life-cycle.
How to bring these tools together to deliver a successful CRO strategy?
You will see from running your eyes across the above list that these 9 areas are typically owned by a variety of departments, which often creates siloes of intelligence. Forrester, in its report “The Insights Driven Business” explains that companies capturing and sharing more and better data across the entire customer life cycle will experience growth of at least 8 times faster than GDP.
One of our clients, Market America, has successfully applied this forward-thinking insight driven methodology to create a winning CRO strategy. They understand that they need consistent, relevant and prioritized insights into what site visitors want (and need) and the only way to collect these insights and use them to drive revenue is to make them available across the business in a daily customer experience report.
The report, which pulls on many data sources, including intelligence on CX and technical struggles from UserReplay, is sent directly to Market America’s COO, as well as several other functional areas within the firm: Technology, Customer Service, Quality Assurance, Marketing and User Experience. In this way, the company acts and prioritizes in unison, driving the business forward and placing CRO and maximizing online revenue at the very heart of their decision making.
To read more on how this insight benefits multiple departments, read the Market America case study now.
Top Tip No 5: Create a daily cross department CRO report, that focuses on customer experience, performance and revenue.
To find out how UserReplay can support you in the creation of a winning CRO strategy get in touch.