Conversion Rate Optimization (CRO)
Scientifically Increasing Your Results By Systematically Increasing Your Conversions
There is a horrifying, yet exciting truth that few businesses want to admit… they are losing far more sales than they are making.
Horrifying indeed when you calculate how much business you have already missed out on. But, also exciting to see how much extra revenue could be within your reach – and without spending an extra cent on marketing or advertising.
With 60-90% off all offline business transactions starting with an online search, even most traditional businesses rely on a website to help make the majority of their sales. Unfortunately, most are unaware of just how important their website is.
In today’s age, the majority of marketing efforts point toward your website. Regardless of whether you hope to make an online sale or an offline enquiry, if your website sucks then your leads will probably buy somewhere else.
There are three harsh facts to face…
- Back is the most commonly used button in a browser.
- The average visitor attention span is under 8 seconds. (That’s 2 less than a goldfish!)
- Your competition is only a click or two away.
Bottom line, your site needs to do it’s job well, and it need’s to do it quickly.
Your sites conversion rate will determine how many leads generated from your marketing efforts will go on to the next step in your sales process.
Of course, even a really bad website will still convert a few sales if you throw enough traffic at it. Sites do not either ‘convert’ or ‘not convert’. There is a sliding scale from the top to bottom with every possibility lying in between.
So, how do you know if your website is any good?
Make sure your websites performance is judged by data and user testing, not personal opinion.
If you are like most people, your judgement will be based on how much you like the look of the site.
Almost every website is designed this way – ‘I prefer that font’, ‘my wife likes red’, ‘I want it to look more modern’ etc. These unprofessional opinions are then backed up and supported by the web designers themselves, who are keen to keep their clients happy, and who rarely know better anyway.
The question of whether the site is being designed as effectively as possible is rarely raised.
Programmers know how to code. Designers know how to design. But, unless specifically trained neither know anything about conversions. Yet the sites they build are often the single most important factor to a clients business making sales or not.
However, even a conversions expert will rarely, if ever, build the perfectly optimized website in one go. Instead they start with solid foundations, then start testing. They will test headlines, call to action buttons, images, colours, fonts, sales copy, forms, videos and anything else they can to continuity improve a websites effectiveness.
What difference does this really make?
If you are currently spending time or money on driving traffic to your site, then Conversion Rate Optimisation maybe the best possible investment you can make.
CRO is so powerful it has been responsible for growing some businesses by as much as 2-300% in a single year.
This may sound far fetched; after all, there are few areas you can invest in your business and expect this level of result. When you fully understand the compound effect of CRO though, it makes perfect sense.
Because CEO amplifies the result of all your marketing efforts, it has the potential to grow your business exponentially.
Double your conversions, double your revenue.
1) CRO Increases Sales At No Extra Cost
Your revenue is in direct proportion to your conversion rate. If your conversion rate is zero, then so is your revenue. The good news is, a small change can make a big difference.
A button colour change can increase conversions by 34%, a headline can increase conversions by as much as 240%, and changing an image can easily give a 25% boost.
Even if you optimise only 8 page elements, with a 12.5% improvement on each one, you would more than double your sales. (Imagine the ongoing cost of doubling the traffic to your website to achieve the same result.)
This chart is a little simplified. In reality, due to variable costs, profit ratio would be even higher.
2) Your Profit Will Increase Even More Than Your Sales
Every business has fixed overheads (rent, power, internet, staff, accounting etc). Once you have sufficient sales to cover these, any increase in sales will provide you with real profit.
Let’s say you are making 40 sales per month, with a $100 gross profit on each sale, so a total of gross $4000 profit each month. Assuming your overheads were $2000, then you would be making $2000 in net profit. If you increase sales by 50%, you will make $6000, leaving you with $4000 after costs.
In this example, increasing sales by 50% actually doubles your net profit.
As the amount you can spend to acquire a lead increases, so does the size of your prospect base.
3) More Advertising Opportunities
There are two approaches to advertising. The most common approach sees advertising as a fixed monthly expense. This lazy view does not bother to test what works and what does not.
The other is to see advertising as an investment. As an investment we always look to maximize return, and so test, measure and monitor everything.
If you are currently making an average of $1 for every website visitor, then you can spend up to $1 per person getting a visitor to your site (before you lose money). When you double your conversion rate, then afford to spend $2.
As not all advertising costs the same, it means that as you increase you conversion rate, you can begin to afford the more expensive forms of marketing (which often generate many more leads). The net result – massive growth.
When you improve multiple metrics, growth is not linear, but instead results become compounded.
4) Compound Results
When you combine each of the benefits above you start seeing exponential growth in your business. There are many hidden benefits, such as an increase in your search engine rankings.
This takes place because with improved web design people spend more time on your website, which Google rewards with better a better position in the search results (and also with a decreased cost for your Google Ads cost).
Other benefits will come from being able to hire more or better staff that can help your business grow in other ways, or by being able to afford better technology to tun or systematise your business.
Collectively all of these benefits give your business the competitive advantage, making it much harder for competitors to match you.
Every business exists for a reason. CRO also increases your Social Impact Metrics (SIM).
5) More Than Just The Money
We love to do business with people whose mission is more than just making money.
If each time you sell your product or service you are planting a tree, protecting rain forest, reducing waste, saving an endangered species, or benefiting a social cause, then conversion rates are critical.
Every time conversions are improved, your Social Impact Metrics also improve. Conversions are more than just sales, and may also include content engagement (thereby better educating more of your visitors), completing a survey, sharing a post or filling in a petition.
Conversions cover all aspects of a website, and are as important for a company or projects mission as its bottom line.
Even better, CRO is the investment that keeps on giving…
If your business is generating $120,000 annually, and you spend $12,000 on CRO, with a modest 10% increase in conversions it will have paid for itself within a year.
Over the the next 10 years the return will be many times higher. And this is just a 10% increase. If you were to increase conversions by 20-30%, then your investment would pay for itself within a few months. And, the return on that investment over the next few years would almost certainly be significantly higher than any other investment you could make.
(This of course applies to any of the other metrics that are important to you too.)
Guaranteed To Be The Most Secure Investment You Make All Year
As you can see, Conversion Rate Optimization may well be the easiest, fastest and most guaranteed way to increase your business. So guaranteed in fact, if you don’t get your investment back within 12 months, we will refund you the difference*.
*Guarantee is dependant on your volume of traffic and sales. Once we analyse your site we will confirm if you are eligible.
Can you imagine any broker offering to cover you 100% against any loss on an investment?
This probably makes CRO not only the highest returning investment you could make into your business, but the lowest risk too. And, with packages to suit all budgets there really is no reason not to get started immediately (especially when we do all the hard work for you).
Simply hit the big Orange button below and we will draw up the best approach for your business (which will vary depending on the type of website you have, how many visitors you get on average, and how you generate revenue).
If you have any other questions, contact us via live chat, or by giving us a call on 03 669 3663.