Winning with CRO Key Pillars of a Successful Conversion Optimisation Program Sameer Sinha EVP & Head Of Revenue, VWO
An unoptimized website is like a leaky bucket! Can you afford not to have a conversion rate optimisation strategy in place to convert those visitors into paying customers?
Conversion Rate Optimization Visits x Conversion rate % x Average Order Value = Revenue # 1: Increases enquiries and sales • # 2: Focus on the right type of customers • # 3: Website user experience = Brand Perception • # 4: More conversions with same traffic = marketing budget work • harder and lowers acquisition costs.
Audience Expectations Your target audience expects great CX at every touch point! Including your website, landing pages, product pages etc.
People now shop in more ways than ever before. 10 * Touch points on an average to generate a qualified lead *https://www.onlinemarketinginstitute.org
VWO Survey Results: What is the primary conversion goal of your Website? Increase Revenue 48% 41% Generate Leads More Engagement 11% 1% Others
An Effective CRO Kill three birds with one stone! Program
So What Does It Take To Winning with CRO ?
The Gap Source: ConversionXL, Econsultancy
VWO Survey Results: No optimisation roadmap/framework 37% 28% Institutional issues like low traffic What restricts you from 9% Difficulty in understanding A/B test results scaling your conversion 8% Poor applicability of CRO tools optimisation efforts? Lack of buy from the leadership team 7% 11% Other
Key Pillars of a Successful Conversion Rate Optimisation Program Research Tracking metrics and identifying what parts of conversion funnel need fixing Hypothesis Understand Audience Behaviour Constructing educated hypothesis, based on your research Improve Audience CX Prioritize Planning and prioritizing your hypothesis Improve Conversions/Revenue Test Testing your hypothesis against the existing version of the website Measure/Learn Deploying the winning hypothesis and/or gathering learning for subsequent tests
RESEARCH
Understanding Audience Journey – Follow The Trail
Most commonly used methods to generate User insights High Value of insights r Low Difficulty in generating insights Easy Difficult *Size of the bubble indicates the popularity or usage of the method
Some Popular User Insight Techniques Used Today! Heatmaps Scrollmaps Session Replays Session replays playback your Navigation bar distracting users A sharp drop-off of 40%age visitors actual page interactions and from the primary goal of this page points happens here and how they navigate through your which is to download the app content below this is going to website without distracting the be ineffective. visitor from their desired goals Also acts as a in page funnel representation
Under Utilised User Insight Techniques Surveys Understanding Word of mouth effect on your direct traffic 98% (103) views 58% (61) views
Under Utilized User Insight Techniques Form Analytics 20.5 27% seconds Go beyond tracking form Total time spent of the visitors refill submission rates. Form analytics on completing this this field field help you understand how visitors interact with every form field. It 10.3 gives you insights on where visitors seconds 98% (103) views hesitate and drop off 20% Time spent by visitors hesitating to give this data of the visitors drop off on this field 34% 58% (61) views of the visitors submitted the form
TEST
Choose from Different Testing Types: A/B, Multivariate, and Split A/B Test Split URL Test Multivariate Test Test performances of separate URLs if Run tests on multiple variation Change any element or section of a the landing pages are significantly combinations together. webpage and test both versions. different.
Test Smarter and Faster with Bayesian Test Results, Using SmartStats • Peeking bias eliminated • Automatic estimation of sample size • Testing time reduced by half Compare the average order value and the total revenue at the end of testing campaigns.
Target tests to Specific Visitor Groups with Easy Segmentation Segment your audience on the basis of predefined attributes such as device, geo-location, and browser. Or target custom segments. Example: Depending on paid marketing channels
MEASURE/LEARN
How to Measure the Impact? Version B Version A
Look At The Full Funnel Version B: Version A: Growth Revenue Growth Clicks 2000 1700 CTA Clicks 110 120 Net New Contacts 75 90 Net MQLs 45 45 SMB/Mid Market 20 30 Enterprise 25 15 Net New Opportunities 57 43 Revenue $825,000 $475,000 *Confidential – Do Not Distribute
The CRO Funnel Good: Better: Best: Lift Influence Revenue Attribution Do your indicators correlate At the opportunity level, are Connect your experiment to with aggregated revenue lift? opps that are exposed to revenue attribution and (i.e., Are you beating your version A more or less likely directly draw the line to benchmarks?) to become revenue than revenue version B?
Wrap up Don’t just focus on increasing the number of times you roll the dice, but focus on increasing the odds of winning!
HAPPY OPTIMISING Connect with me: sameer.sinha@vwo.com
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