Previously, we announced that this years Rocky Mountain Summit will focus on Conversion Rate Optimization. Many of you may not know what CRO is, or why you need it. Let’s take a moment to dive into this, together.
Conversion Rate Optimization is the method of using analytics and user feedback to improve the performance of your website. CRO is often associated with acquiring new customers, registrations, downloads and sales. Put another way, CRO is personalization. CRO increases the percentage of website visitors who enjoy the experience your website provides, finds the information aligned with their needs or interests, and moves them into the funnel thus converting them into a lead.
At its most fundamental, CRO means really dialing in on your target audience and using data that you have collected and giving your site users what they are looking for. CRO can take many different forms and will all be based on the KPI you’re trying to improve. This might mean removing or relocating complicated and/or time-consuming steps from your conversion funnel, as the added friction can prevent a conversion from happening.
So, why should you care?
You should care about CRO for a few reasons. First, you are most likely paying for traffic to your site in one way or another; therefore, a high conversion rate means a better return on your investment. Moreover, it is easier to convert those you have already attracted, than paying for additional leads. In addition to improving your ROI, optimization helps to defend against high bounce rates as a result of the limited attention span of your site visitors by offering them what they are looking for sooner than later. If you take too long to deliver the information or product they are seeking, they will move on to another site, and your competitors will get the sale.
- Higher conversion rate = better ROI
- Converting current visitors is more cost effective than acquiring new visitors
- Using CRO/ personalization will help keep visitors on your site and move them into the sales funnel
The most important thing is to optimize for the right kind of customers — your target customer — instead of optimizing for every type of customer. Just because they MIGHT become a customer, doesn’t mean they should. It won’t do you any good if the people you’re acquiring are the wrong fit for your business, and you may end up spending more time and money on these individuals than they’re worth. It is very important to keep the focus on optimizing for your ideal customers: those who will become brand ambassadors, love your product, and help your business grow through word of mouth.
If you are seeking more information on attracting the right customer for your business, we’ve got a blog for that. Heck, we could talk about this all day but the most important thing to remember is that you want all of your marketing and sales efforts to ladder up to your business goals.