conversion rate optimization 101 - converting visitors in to buyers
DESCRIPTION
Most internet marketers are busy focusing on driving traffic without fixing their websites. To be honest most websites don't have a traffic problem. They have a conversion problem. Here is a laid down plan of how one can go about optimizing their websites fro conversions and why conversion rate optimization is important.TRANSCRIPT
Conversion Rate Optimization 101: Converting Visitors in to Buyers
What? Why? How?
“a method of continuous improvement of the website experience with an objective of converting visitors into buyers.”
Conversion Rate Optimization is……..
Why Conversion Rate Optimization?
Because…….
Because….
It Reduces Cost of user acquisition.
Traffic X Conversion Rate = No of Customers10000 X 1% = 100
To create the same number of customers at a conversion rate of 2%
5000 X 2% = 100
At Average CPC of 30 INR CAC in first case 3000 while for the second case is 1500.
Avg CPC = 30
• It directly impacts the top line.
Because…….
Traffic X Conversion Rate = No of Customers10000 X 1% = 100
To create the same number of customers at a conversion rate of 2%
10000 X 2% = 200100 More Customers without improving
traffic.
Because….
Driving traffic to your site will only get more expensive.
Because…..
Your competitor is not doing it.
Your competitor is interested in beating you in traffic as he doesn’t know your conversion rate.
You kill him silently by improving your site conversion rate.
Totally Irrelevant
Build Buyer Personas
Drive Targeted Traffic
Build Great Site Experience
Build A Measurement Plan
Test Your Assumptions
Learn
Prioritize and Implement
7 Step Conversion Rate Optimization Process
Age Gender Income Education
Pain points Job Title Company
Drive Targeted Traffic
Build A Great Site Experience
Have A Measurement Plan
Business Objectives Strategies KPIs Segments Targets
Test Your Assumptions
Learn Fast
Prioritize ActionsImpact Time Effort Internal
DependenciesExternal Dependencies
Priority
Action 1
Action 2
Action 3
Priority Formula : Impact*Time*Effort – (Internal + External Dependencies)
Use a scale of 1-10 to define each column
Implement
What specific
action to perform?
How will the specific
action improve
the business?
Who is responsible
for the action?
By when should the action be
performed?
Conversion Rate Optimization: Things To Remember
Conversion rate optimization is NOT just landing page optimization.
It is NOT a one time thing. It is a process of continuous improvement.
Plan
MeasureImprove
Your boss won’t ask you do to CRO but he likes more Money
Lets Talk…..