Winning with CRO Key Pillars of a Successful Conversion Optimisation - - PowerPoint PPT Presentation

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Sep 30, 2023 19 likes •291 views

Winning with CRO Key Pillars of a Successful Conversion Optimisation Program Sameer Sinha EVP & Head Of Revenue, VWO An unoptimized website is like a leaky bucket! Can you afford not to have a conversion rate optimisation strategy in place

SLIDE 1

Winning with CRO

Key Pillars of a Successful Conversion Optimisation Program

Sameer Sinha

EVP & Head Of Revenue, VWO

SLIDE 2

An unoptimized website is like a leaky bucket!

Can you afford not to have a conversion rate optimisation strategy in place to convert those visitors into paying customers?

SLIDE 3

Conversion Rate Optimization

Visits x Conversion rate % x Average Order Value = Revenue

# 1: Increases enquiries and sales
# 2: Focus on the right type of customers
# 3: Website user experience = Brand Perception
# 4: More conversions with same traffic = marketing budget work

harder and lowers acquisition costs.

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Your target audience expects great CX at every touch point! Including your website, landing pages, product pages etc.

Audience Expectations

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People now shop in more ways than ever before.

10*

Touch points on an average to generate a qualified lead

*https://www.onlinemarketinginstitute.org

SLIDE 6

Increase Revenue

VWO Survey Results:

What is the primary conversion goal of your Website?

Generate Leads More Engagement Others

48%

41% 11% 1%

SLIDE 7

An Effective

CRO

Program Kill three birds with one stone!

SLIDE 8

So What Does It Take To Winning with CRO?

SLIDE 9

The Gap

Source: ConversionXL, Econsultancy

SLIDE 10

What restricts you from scaling your conversion

ptimisation efforts?

No optimisation roadmap/framework Institutional issues like low traffic Difficulty in understanding A/B test results Poor applicability of CRO tools 28% 37% 9% 8% Lack of buy from the leadership team 7% Other 11%

VWO Survey Results:

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Key Pillars of a Successful

Conversion Rate Optimisation Program

Research Tracking metrics and identifying what parts of conversion funnel need fixing Hypothesis Constructing educated hypothesis, based on your research Prioritize Planning and prioritizing your hypothesis Test Testing your hypothesis against the existing version of the website Measure/Learn Deploying the winning hypothesis and/or gathering learning for subsequent tests

Understand Audience Behaviour Improve Audience CX Improve Conversions/Revenue

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RESEARCH

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Understanding Audience Journey – Follow The Trail

SLIDE 14

Most commonly used methods to generate User insights

Difficulty in generating insights Difficult Easy Value of insights Low High *Size of the bubble indicates the popularity or usage of the method

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Heatmaps

Navigation bar distracting users from the primary goal of this page which is to download the app

Scrollmaps

A sharp drop-off of 40%age points happens here and content below this is going to be ineffective. Also acts as a in page funnel representation Session replays playback your visitors actual page interactions and how they navigate through your website without distracting the visitor from their desired goals

Some Popular User Insight Techniques Used Today!

Session Replays

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Surveys

Understanding Word of mouth effect on your direct traffic

98% (103) views 58% (61) views

Under Utilised User Insight Techniques

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Form Analytics

Go beyond tracking form submission rates. Form analytics help you understand how visitors interact with every form field. It gives you insights on where visitors hesitate and drop off

98% (103) views 58% (61) views

27% 34%

f the visitors

submitted the form

20.5

seconds Total time spent

n completing this

field

10.3

seconds Time spent by visitors hesitating to give this data

20%

f the visitors

drop off on this field

f the visitors refill

this field

Under Utilized User Insight Techniques

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TEST

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Choose from Different Testing Types: A/B, Multivariate, and Split

A/B Test

Change any element or section of a webpage and test both versions.

Split URL Test

Test performances of separate URLs if the landing pages are significantly different.

Multivariate Test

Run tests on multiple variation combinations together.

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Test Smarter and Faster with Bayesian Test Results, Using SmartStats

Compare the average order value and the total revenue at the end of testing campaigns.

Peeking bias eliminated
Automatic estimation of

sample size

Testing time reduced by

half

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Target tests to Specific Visitor Groups with Easy Segmentation

Segment your audience on the basis of predefined attributes such as device, geo-location, and browser. Or target custom segments.

Example: Depending on paid marketing channels

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MEASURE/LEARN

SLIDE 23

Version A Version B

How to Measure the Impact?

SLIDE 24 *Confidential – Do Not Distribute

Version A: Growth Version B: Revenue Growth Clicks 2000 1700 CTA Clicks 110 120

Look At The Full Funnel

Net New Opportunities 57 43 Revenue $825,000 $475,000 Net New Contacts 75 90 Net MQLs 45 45 SMB/Mid Market 20 30 Enterprise 25 15

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Good: Lift

Do your indicators correlate with aggregated revenue lift? (i.e., Are you beating your benchmarks?)

The CRO Funnel

Better: Influence

At the opportunity level, are

pps that are exposed to

version A more or less likely to become revenue than version B?

Best: Revenue Attribution

Connect your experiment to revenue attribution and directly draw the line to revenue

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Wrap up

Don’t just focus on increasing the number of times you roll the dice, but focus on increasing the odds of winning!

SLIDE 27

HAPPY OPTIMISING

Connect with me: sameer.sinha@vwo.com