Keeping up with CRO strategies with time can be a challenging affair, given how swiftly the trends change along with the expectations of the web visitors. To actually have your leads converted into subscribers and customers, and to meet your revenue goals, it is necessary to have functional CRO strategies in place. A good CRO strategy should be focused on making sure that your company website is designed specifically for your target audience, and to help with increasing traffic, leads, and subscription sign-ups and consequently cause a rise in revenue.
But the reality is that as few as 22% of business organization report to be satisfied with their CRO strategy, which is in keeping with the fact that over 40% of marketers admit that their conversion rate is somewhere around 0.5%. To resolve this disparity, an organization can adapt multiple measures, conversion rate optimization tools being the basic one of them. According to market reports, just using a conversion rate optimization tool alone can pull up your ROI by 223%. Good CRO strategies will only facilitate this increase to a further level.
While setting up a proper CRO strategy for your organization, if you keep these five aspects in consideration, your conversion rates are bound to improve significantly:
- Segmenting the Customer Base: Segmenting your audience base is the very first need to keep up with the relevant needs of marketing today. Everybody appreciates and responds better to a personalised experience. Hence, instead of a single stock message, customised messaging that addresses individual needs has become the go-to method of marketing. When you have your audience segmented, it becomes easier to target the marketing messages and campaigns with precision.
- Don’t forget the existing customers: Focusing solely on converting your leads may cause you to lose out on your repeat customers. Once you have successfully converted your leads into first-time customers, you need to keep them engaged with your business through discounts and personalised advertisements or reminders. It is only when your CRO strategy works to improve both first-time and repeat conversions that a conversion loop gets created that significantly elevates profits.
- Analyse the market basket: Market basket analysis allows an e-commerce organization to discover products that are frequently associated with each other. With the help of Association Rules, you can find out which combinations are frequently bought together and harness in the data to design your campaigns in a way that naturally pushes up conversion rates.
- Analyse the Returns: It is extremely important for a business to keep track of their ROI to be able to keep up with the needs for altercation in their marketing strategy. A common formula to calculate ROI is: Sales Growth – Marketing Cost) / Marketing Cost = ROI. You have to frequently check if the ROI is meeting the business goals and shake up the CRO strategies accordingly from time to time.
- Analyse the patterns of product interaction: While analysing your patterns in product interest and sales, you will be looking at the data from two layers- the customer-driven interest and sales and the computer-generated. Both these type of data should be taken into consideration while performing the analysis and should be roped in to design a more effective CRO strategy.
A good CRO strategy will help you optimize every single phase of the marketing funnel, fixing the loop holes of each phase to ensure undisturbed conversions. If you can successfully employ appropriate CRO strategies to your business, it can benefit your organization on multiple levels, starting with generating more leads, filtering in only quality leads, increasing sales, increasing your ROI and improving your online brand presence.
Tools like Google Prominence, Google Analytics, Google Data Studio etc will help you with analytical data that can show you how your strategies are performing in terms of final results. Also, do not limit your CRO strategy to only your business website. It is crucial to harness the benefits of every platform available for your business to get leads. A 360-degree optimization, which includes emails, blog content, paid ads and landing pages, will help your business further with better prospects. In short, with your CRO strategy you need to optimize your entire marketing footprint to ensure maximum rate of conversion.