Conversion Rate Optimization is It
Conversion Rate Optimization seems to be a fashionable set of words these days. It can help you understand how to optimize your game, generate more traction, get awesome brand awareness, and ultimately get more bang for your advertising buck.
But what are the CRO myths that keep pushing people away from this extraordinarily important marketing optimization trick? By reading this informative CRO article, you’ll understand what is Conversion Rate Optimization, what are the biggest advantages of CRO, and what are the 6 most egregious misconceptions about CRO.
What is Conversion Rate Optimization?
Conversion Rate Optimization is actually the systematic process of getting to increase the percentage of site visitors who perform a specific action - it can be becoming customers, filling out a simple form, etc. This CRO system is all about getting to understand how users actually experience a specific website, what’s stopping them from doing what they’re supposed to do, and what actions they take on a regular basis.
The goal of CRO? To ensure web pages can be super optimized to guarantee more conversions.
What is a conversion? It’s basically a general term for a visitor going ahead and completing a website goal.
There are many different types of goals but here’s a list of the most common conversion goals:
- Making a purchase
- Signing up to get emails
- Subscribing to a company newsletter
- Clicking the CTA
Today, we can be sure that a lot of websites are already designed taking the much-needed conversion into account.
These conversions can happen on different pages of the same website. They can occur on the homepage, the blog, a pricing page, and several different types of landing pages.
When should interested business-savvy pros dive deep into the boon of Conversion Rate Optimization? Once they see that their sales and marketing systems constantly attract a wealth of monetizable website users.
Since most businesses have to deal with stock limits, it’s paramount that they make the most of the traffic they currently get.
By neglecting CRO, you’ll condemn your website to stagnation and see your revenue fall through the internet-based cracks.
What are the Advantages of Conversion Rate Optimization?
There’s an array of amazing advantages when it comes to CRO. First and foremost, this method allows you to increase your website profits in no time. Indeed, even if you only thinly get to boost your Conversion Rate, you’ll be seeing remarkable improvements when it comes to your ability to generate revenue.
Why is that? Because, unlike some other digital marketing strategies, CRO actually gives you real profits which go to your wallet, instead of being wasted on the next advertiser.
Another great advantage? CRO actually lowers your customer acquisition costs.
How? Once it starts to work, you can be sure to make the most of the great traffic your website already gets through SEO and other marketing endeavors you can try (social media marketing, video marketing, influencer marketing, content marketing, etc.)
Here’s a list of other great CRO advantages:
- Leverages your website traffic like nothing else
- Allows you to beat the competition
- Improves the perception of your brand/product/service
- Increases the Customer Lifetime Value
- Gets you a bigger customer list
- Helps you to better understand your target audience
Don’t believe the hype? Ready to check some Conversion Rate Optimization stats that will allow you to see the light?
Check these CRO stats:
- The average ROI of CRO tools is a whopping 223%
- 60% of marketers state that customer journey analysis is their go-to move to own CRO
- Using a video on a landing page can increase CR by 86%
- 55.5% of surveyed marketers stated that they plan to increase their CRO budget
- 56% of marketing specialists believe A/B testing to be the best CRO method
Now that we know what is CRO, what are the biggest CRO benefits, and have seen the stats that ensure this is a strategy you can’t possibly live without, it’s time for you to dive into the 6 CRO myths that must be busted right away.
Top 6 Conversion Rate Optimization Myths
1. CRO Means A/B Testing
Everyone thinks that CRO is actually a fancy word for performing the good-old A/B test. They couldn’t be more wrong.
Even though A/B testing is a popular CRO technique, there are a lot of different ways to improve conversion rates.
At the end of the day, optimization is about being able to validate learning. This means that you’ll basically be exploring a solution to see whether or not that’s the very best method for you to reach your goals.
A/B testing is a crucial part of CRO, but it’s only a slice of the optimized cake. In fact, even if there’s no traffic at all, you can still optimize.
You can opt for such go-to moves as user session replays, page speed optimization, talking with prospective customers, creating site walkthroughs, performing a heuristic analysis, user testing, etc.
2. CRO is About Validating Opinions
This couldn’t be more profoundly wrong. Even though a huge part of CRO is about trying to eradicate natural cognitive bias so as to be able to come up with a soundly rational business decision, that doesn’t mean CRO is a test tube.
CRO isn’t for those scientific minds who just want to spew a number of hypothetical systems, test away, and see which one sticks.
It’s all about being open and understanding that - at times - those methods you thought wouldn’t possibly impact the conversion rate are exactly the ones that get to surprise you.
3. CRO is Really About Spying the Competition
Some people swear this is true. They believe CRO is a mathematically prescient technique. They think that - if a list of methods worked for a specific website - then it’s bound to work for their own page.
Unfortunately, it’s never going to be like that. CRO is about exploring an array of methods to try to increase conversion rates, gain more traction, and become successful. However, there is no be-all and end-all medical prescription you can apply to different websites.
You shouldn't steal CRO ideas from your competitors. First and foremost, you should be skeptical of case studies, since most of them don’t give away exact numbers, which means you can’t possibly ensure you can analyze the study’s statistical validity.
Another aspect people forget about when they read a full-blown, miracle-working CRO case study and decide to play the copycat? You can miss the context.
Your competition may have different traffic sources, different sets of customers, completely opposite branding, etc. What works for others won’t necessarily work for you.
The key? To try as many different CRO methods as possible, see what works best for your traffic and business, and reap the rewards of optimized power.
4. CRO is Not About Understanding Statistics
Well, it actually is. Wanting to take advantage of a thoroughly crafted CRO strategy without caring about stats is unthinkable. Even though CRO tools are now getting more robust, allowing you to test more intuitively than ever before, you can’t neglect statistics.
Why is that? Because stats allow you to know all the data you need and optimize according to facts, not whimsical psychic suggestive impressions.
Here’s a set of things you need to do to empower your CRO strategy:
- Test for two business cycles
- Guarantee you have a good sample size (otherwise, the data will be faulty at best)
- Test for full weeks (don’t run a test for two days like a newbie)
- Be sure to set a specific time period for the test before running it
- Take external factors and variables into consideration
- Wait until the test is over to come up with conclusions
5. The Best CRO Methods are Universal and Eternal
Everybody knows that nothing lasts forever. CRO is a testament to that. This means that whatever method you believe is working to ensure you have a successful CRO experience won’t work forever.
A lot of people believe that - once they find a CRO tactic that is the ultimate winner - they should go on cruise control and always use the same method. Wrong. Just because you’ve gotten an amazing conversion rate at some point in time, that won’t mean it will work for years to come.
Why? Because there are a plethora of diverse variables which can impact tests.
By not caring about CRO for a length of time, you’ll be making the mistake of resting before the work gets done and possibly see the same strategies that brought results start to fail.
Never let a specific win influence your view of CRO in the long haul. Moreover, don’t forget to monitor your conversion rates on a regular basis so as to always know how your website responds to particular changes and tweaks.
6. CRO will Ensure Low Conversion Rates are Killed
This is another huge CRO myth. CRO isn’t a perfect panacea for a low conversion rate.
Design, copy and even layout tweaks may help you improve some parts of your website, but they won’t be enough to cure low conversion rates.
Let’s say you’ve done it all. You went through the whole CRO gamut, have tried every single method you could think of, and have even been surprised by some of the results. However, your website’s conversion rate is still poor.
What can that mean? It can mean that the overall user experience is not allowing people to convert, or you may be marketing to an entirely wrong set of consumers, or you’re failing to provide product info and customer support, or there are some gaping holes in your conversion funnel that just allow users to get away.
Whatever it may be, CRO isn’t the cure for everything. You should go ahead, test different options, allow some time to go by before you make changes, and carry out this consistent optimization process for a while.
However, once you see your traffic remain stagnant and your conversion rates underwhelming, be sure to ponder upon what other factors you’ve neglected - factors which can really be stopping your products or services from becoming industry staples.
CRO is the Way to Go
Go ahead and follow CRO trends, supercharge conversion rates, and take advantage of higher customer retention rates, better customer relationships, more leads generated, an improved user experience, and a super successful website.
In the meantime, you must be able to put some CRO myths to rest, test different methods, and see your conversions increase, knowing you’ve done everything in your power to ensure your website, products, and services get the attention they deserve from the very beginning.