What is Conversion Rate?
Definition 1: The conversion rate is the percentage of users who take a desired action. The archetypical example of conversion rate is the percentage of website visitors who buy something on the site. (Nielsen Norman Group)
Definition 2: The point at which a recipient of a marketing message performs a desired action. In other words, conversion is simply getting someone to respond to your call-to-action. (marketingsherpa.com)
Here are some examples of conversions:
- Buy
- Register/Opt-in
- Download
- Email sign-up
- Make a call
What is Conversion Rate Optimization?
“A structured, systematic and continuous series of techniques – used to discover, quantify and prioritise issues which can be turned into a hypothesis to drive opportunity in the following business outcomes:”
- Increased revenue or profitability
- Removing cost from the business or contact center
- Increasing retention, loyalty, NPS (Customer Satisfaction) scores
- Higher productivity or labour flexibility
- Delighting customers
…explains Craig Sullivan (@OptimiseorDie).
Optimize Your Conversion Rate
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YodaMetrics Results
- Customer satisfaction 90%
- Recommendation rate 99%
- Successful results on 1st A/B test 82%
- F***ups, bad results, before reiteration 6%
YodaMetrics Methodology
Analytics health check
Our web analytics experts will make sure that your account is properly setup. In almost 99% of the cases, the analytics configurations do not work properly or do not track the correct KPIs.
CRO Audit Report
The CRO audit helps our consultants to understand the business objectives and to shape the optimization strategy. Through quantitative and qualitative analysis the consultants will identify the “hanging fruit” and will be able to define the hypothesis for the A/B tests.
Prioritizing solutions and hypotheses
As explained above, our consultants will create a list of solutions and hypotheses to overcome the usability issues, technical errors or copywriting inconsistencies discovered during the audit. To move forward we’ll have to prioritize the solutions and hypotheses through a scoring system.
Through this approach we’ll save you time and money in optimization process.
A/B or multivariate testing
What is A/B testing?
In very basic terms, you set up two different landing pages, each has a different element from the other. Perhaps one has a bright green call-to-action, the other has a slightly less garish colour. Your site presents one of these pages to half your traffic, and the less garish one to the other half.
Then you can then see whether or not a small change to a call-to-action can make a difference to conversion.
Analyzing results, learning, repeating
The split testing is an iterative process. Through each test we learn something new about your audience. A failed test is as good as a winning test because we better understand the customers. This will help us further improve our hypotheses.
The next test will lead to better results and so you’ll be closer to achieve your business objectives.
Conversion optimization is an on-going process. This year audience is different from last year’s audience. Trends are changing and markets evolve continuously.