Conversion Rate Optimization
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Conversion rate optimization (CRO) tools generate insights into how users experience or engage with a company’s website content. This type of software allows companies to enhance content and user experience to convert visitors into customers or leads. Conversion refers to customers completing a defined desired action, such as buying a product or subscribing to a service.

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Our insights share how the right CX tools make customers’ lives richer and more fulfilling and strengthen a company’s economics by holding down costs and securing new revenue streams.

CRO tools help identify elements hindering conversion, for example on a landing page or in a sign-up process, which allows companies to devise and implement solutions. Testing methodologies can help uncover issues, test hypotheses and identify the effect of changes.

Many tests and methodologies exist to optimize conversion rates, but A/B and multivariate testing (MVT) remain the most common ones. A/B testing compares two variants within a randomized experiment to determine their performance on target parameters. This can be used to test big, radical changes or small, continuous changes. MVT tests multiple combinations and quantifies the impact of individual attributes, identifying which variations outperform the rest. While more complex and time-consuming than A/B tests, MVT yields valuable results and insights, including higher lift, understanding of the most important attributes and best performing levels within them, and expanded testing power through fractional factorial MVT.

 

How companies use conversion rate optimization tools

Companies use CRO tools to optimize content, messaging and propositions throughout the marketing funnel and beyond.

  • Front-end marketing and advertising through third parties or direct channels.
  • Landing page design and attractiveness through automated MVT tools.
  • Sign-up experience to become an active, paying customer using a service or product.
  • Ongoing customer journeys such as using a service or signing up for a new one.

Key considerations

  • Set up the data and approach. Fact-based optimization and continuous tracking of customer behavior hinges on having readily available data. Deploying most tracking mechanisms is easy; however, it is more challenging to ensure that the configuration captures all relevant data accurately.
  • Set the right targets. Setting the right metrics and aligning stakeholders on the key metrics and targets is critical. Those activities set the stage for understanding what the results mean and what success looks from a statistical point of view. Definition of a “conversion” will differ depending on the business, current targets and even tests, including not only product purchases but also the interactions leading to a desired action but not yet a purchase, such as clicks on a specific piece of content or routing a potential customer to the sales team.
  • Understand the effect on future investments. Consider how current results affect return on investment and its relationship with attribution windows. Sometimes, conversions happen outside a given attribution window, which will affect investment, reporting and consideration in the future to test new channels.
  • Optimize the full experience. To retain customers, marketers need to work with other teams to optimize the full experience in all channels.
  • Continuously test and learn. CRO requires continuous testing and implementing many small changes, which will lead to consistent increases in conversion rates over time. This also allows a company to adapt to shifting customer behaviors and needs. Companies must aim for fast learning rather than the sheer amount of testing or changes.
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