Conversion Rate Optimization or CRO Marketing is not a magical formula that will grow your business overnight but a strategy that will improve your website visitors’ experiences. You may hear about the quick ways to get maximum conversions, but these shortcuts will bring uncertainty for you. One hack that worked in a particular scenario at a specific time frame might not work on others. Instead, it is a continuous process of learning and optimizing based on different perspectives.
In 2022, 1 out of 40 visitors on average performs to take the action the marketers want, making the conversion rate 2.35%, as per WordStream.
CRO Marketing aims to increase that percentage. The more this rate would be, the more growth the business will have.
What is CRO Marketing?
Conversion Rate Optimization or CRO marketing is a process of enhancing highly-qualified lead generation to increase your business’s profit margin and lower acquisition costs through testing and constantly improving. Conversion Rate is the percentage of visitors who completed a desired action like filling out a form, providing emails for newsletter updates or purchasing a product or service. A conversion rate shows how well the website performs with everything it includes, such as design, content, CTAs, etc.
CRO marketing is the assistance that helps you find the under-performing areas for better engagement. Suppose you run an affiliate business website and aim to convince customers for newsletter updates. If you have 40,000 visitors and 200 subscribers, your website’s conversion rate would be 0.5%. Influencer Marketing Hub says the conversion rate of affiliate sites is 1%, indicating that you have room for improvement.
So, you need to identify where to improve through A/B Testing and Multivariate Testing. Marketing Experiments claims that 70% of the marketers follow CRO marketing strategy to improve their conversion rate. If it works for the maximum, then why not for you?
A/B Testing and Multivariate Testing
CRO marketing requires both A/B and Multivariate testing. Though both aim to increase the conversion rate, they have differences too.
A/B Testing tends to compare two versions of a webpage or email content to identify which performs better. In A/B Testing, you can make two variations of a page and then publish them to a small portion of your website visitors to see which wins with the conversion rate.
On the other hand, Multivariate Testing allows you to identify a few areas of a specific page to improve for a higher conversion rate. You can differentiate with various headlines, pictures, videos, CTAs and so on to make the winner. Multivariate testing is essential when changing multiple elements on a page.
Both testings need a portion of your visitors. If the part doesn’t represent the whole of your visitors, the result might lead you to be wrongful. However, it is impossible to get accurate data through testing that will tell you the exact future of your business. Best practices would be to keep regularly testing as your customers’ interests change over time. It would also be best to create a test list so that you can prioritize the most effective testing that differentiates the conversion rate. A hypothesis can analyze your test before running it, helping you to measure which one needs the most priority.
How to Build a Hypothesis to Test A/B or Multivariate
In Conversion Rate Optimization, building hypotheses is essential before running a test to identify the problem areas and propose solutions. It is not good to follow the best practices provided by others. Create a hypothesis on your own based on your inner and outer business environment, as every business is unique. Avoid using others’ strategies because they might not match your business.
Building a hypothesis is the primary stage of the CRO strategy. A hypothesis can be divided into two components –
1Finding a Problem
What is the use of testing if you don’t have identified problems to solve? There are problems in your conversion funnel, and that’s why the CRO strategy exists. The primary goal of your business is to keep your leads connected to your business, as without them, your business wouldn’t survive.
It is worth mentioning that your visitors lack the patience to visit your entire website to discover the offerings. So, you need to narrow down their experiences by focusing on your email marketing content which leads them to the landing page. You must implement the CRO strategy on your landing page, blogs, pricing page and homepage when optimizing customers’ experiences on the web. On the other hand, the subject line, email body and the provided CTA in your email marketing content need optimization too.
Building a hypothesis requires brainstorming, especially in the primary phase, where you want to find the problematic areas. A psychological evaluation of your visitors will let you rethink what your customers truly want. After getting the idea of making a change, you might be able to think about solutions to propose.
2Proposing a Solution
Let’s assume you have an ecommerce store and offer 20% off with perfumes. You designed an email marketing template to market this offering with the subject line “Buy any perfume with 20% off.” Suddenly, you realize that you have an alternative subject line, “Buy Perfume with 20% off, only 10 items left,” that might raise the conversion rate higher than the previous one.
Your brainstorming on the psychological evaluation of your customers’ online behavior will give you huge insights, helping you discover the alternative version of your pages under the CRO strategy. It’s all about understanding the visitors and synchronizing your website with their desires. You need to inspect your business, not from your perspective but from the customers’ point of view, and when to propose several solutions.
If you get two versions of a page or content idea, then you are prepared to do A/B Testing. You might need to try Multivariate testing for the selection if you have several ideas with a particular page. After testing, you must analyze the results to make the most effective conversion funnel.
How to Optimize Your Conversion Funnel
Marketers describe the visitors’ journey from knowing (or visiting) your business to becoming a customer with the term Conversion Funnel. The four conversion funnel stages let you know which phase needs improvement for visitors’ experiences. The smoother your funnel is, the higher the conversion rate your website might have.
The conversion funnel is a process where you prepare your prospects psychologically to connect with your business. You need to give them the reason to return to your website at each stage. The prospects will want to know about your business at the first impression. So, it would be best to become straight when answering the first question, “What do you do?” If your visitors feel you exaggerate, they will not move to the subsequent phases of your conversion funnel.
Next question, why should they care? In the 2nd stage, you can give them that reason by providing additional offerings connected to your content. It can enhance the visitors to move to the next phase. Suppose you own a tourism business that provides tour guide services. It is worth mentioning that there are a lot of companies like this. Why would the users care when you are just a face in the crowd? Consider offering 10% off when renting a hotel room or buying an air ticket. It will catch their attention for sure.
The users might want to find a way to believe you then. Show them the way by clarifying everything they need to know. Provide FAQ and other customer support services that can make them trust you.
If everything goes well, they will find a point to start contributing to your business by getting newsletter updates and purchasing products. That’s how you can open the door to the possibility of a reasonable conversion rate.
Synchronize Your Email Content and Webpage with your CRO Marketing Strategy
The main goal of CRO is to convert visitors into paying customers. The conversion funnel has the following ways, as mentioned earlier. It needs to build trust to make the most effective conversion funnel. One of the best ways to make them believe you are synchronizing the email marketing landing page with the email marketing content.
Focus on the layout, design, tone and CTAs placed on your website while writing email marketing content or thinking about an email marketing campaign. It would be helpful if you make sure that the visitors who became your leads, provides their email addresses to get newsletter updates, were also familiar with the tone of your business. One easy way to teach them about your brand is repetition. Prepare a newsletter synchronizing with the landing page your prospective customers will land on by clicking the CTA in the email body. Using the same color plate while designing and the same tone while writing is the best practice to make the leads trust you.
MailBluster is a cost-effective email marketing tool to assist you when running an email marketing campaign. With this email marketing tool, you can send 62 thousand marketing emails monthly without any cost.