We all want more sales, right? I mean, who doesn’t? So you’ve taken the time to set up your business website and social media, or maybe you’ve spent time implementing a new campaign. Either way,your efforts are not having a positive impact on your bottom line like you had imagined. You may be wondering why it isn’t yielding the results you initially expected. Well, rather than starting from scratch there’s always the option of tweaking what you have and optimizing on these adjustments. Welcome to the world of conversion rate optimization.
Conversation rate optimization (CRO) defined.
The term conversion rate optimization can be broken down into two halves: the conversation rate and the optimization of your efforts. As we know, the conversion rate refers to a proportion of visitors that engage in a particular action. In fact, these actions can encompass a range of different objectives. Most commonly though it refers to purchases, trial signups and lead generation. Now for the optimization half of CRO, this refers to the testing and improvement of something. From here it should now intuitively make sense. Particularly, it follows that conversion rate optimization seeks to increase the percentage of people who actually go ahead and complete a desired action. In other words, optimizing the conversion rate of a particular objective.
Here is what CRO means for your business.
We already know that CRO is all about increasing the performance of conversion-related actions in your digital sales funnel. In terms of the bottom line, this basically translates into having an increased number of leads and purchases. Now, isn’t that the objective of most businesses out there? More customers, revenue and profits.
Ultimately, the goal of CRO is to have more people “click through” on say, a lead magnet, a link to an offering or even your emails. The bottom line here is that you want to improve the performance of your website or some other digital tool you are using.
A method to conduct CRO.
Of course, there are many tools and methods when it comes to the practice of CRO, which we will discuss in the next section. Before we get to that, here is a general process you can follow when attempting to optimize your efforts.
Make a prediction. The first step is to decide on what you’ll be testing, how you’ll be testing and your opinion of the expected outcomes from such change. You shouldn’t be testing things just for the sake of it, so this will help you to define a clear purpose for the experiment.
Collect the data. Now you will need to run the test to collect the data that emerges from it. Make sure to have an idea beforehand regarding which stats you will need to conduct your analysis.
Compare prediction and data to make conclusions. At this point, you will have your original prediction as well as the results of the test. Take the time to compare the two and decide whether your initial prediction was correct or if it was proved incorrect.
Use the new knowledge to proceed with another test or subsequent action. This is called creating a feedback loop which essentially means that you are using your conclusions to support further action. You may want to either conduct another test or implement a particular action based on your findings – or both. You can restart from the first step.
Two tools at your disposal when it comes to CRO.
Here we will end by introducing only a couple of the main CRO techniques you can take advantage of. These are easier to implement without extensive knowledge or required software.
Split (or A/B) Testing: Split testing is the process of testing 2+ variations against one another to see which performs better.
Qualitative Testing: As its name sounds, qualitative testing is the process of collecting and interpreting qualitative data surrounding a particular scenario. This can be done through user experience (UX) tests where participants are monitored in a particular scenario. Or, interviews can be conducted to collect the necessary information.
So remember, if your business efforts aren’t reaping the benefits they deserve then it could be time to hit the drawing board. Rather than trying to invent something new, try working with what you have by adjusting and experimenting until you are happy with the results. Until you get there, there are many ways Rich Dad Education can help you reach your goals.
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Founded in 1992, Elite Legacy Education is a recognized global leader in quality financial education. Legacy Education Alliance, Inc. is a leading provider of educational training seminars, conferences and services. Rich Dad Education offers real estate & stock training based on Robert Kiyosaki's book Rich Dad Poor Dad.