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Why CRO Will Be Bigger Than Ever In 2015!
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Transcript of Why CRO Will Be Bigger Than Ever In 2015!
WHY CRO WILL BE
BIGGER THAN EVER IN
2015
Tested Digital Expert
What is CRO?
Conversion Rate Optimisation or CRO is a term
commonly used in digital marketing, from online
guides explaining how it works to articles
discussing its benefits. In this article we will
discuss why it matters in the digital world and how
you can make the most of it this year.
What is CRO?
Firstly, a “conversion” is a specific action your
users perform on your website/landing page
such as; buying, opting-in, registering, making a
phone call etc. Therefore Conversion Rate
Optimisation (CRO) is the process of increasing
the number of web visitors who take an action
on your website. It quite simply calculated by
using this simple formula:
Conversion Rate Optimisation =
(no. of conversions/ no. of website visitors) X
100
Types of tools in CRO:
Conversion Rate Optimisation consists of 2 major
types of testing; A/B testing and Multivariate (MV)
testing:
A/B testing is the method of comparing the conversion
rate of 2 versions of a page (version A and B) allows
you to determine which version is the most effective.
Multivariate testing is the process of testing a
hypothesis which modifies multiple variables. This
allows you to determine a combination of variations
that perform the best in terms of conversion rates.
Did you know a 1 second delay in page response time
can result in a 7 percent reduction in conversions?
CRO Benefits:
CRO takes advantage of your existing traffic by increasing
your campaign’s ROI
It significantly reduces your customer acquisition cost
(CAC)
Your profit is directly linked to your conversion rates, so
increasing your conversions means increasing your profits
It makes your customer’s journey on your website more
efficient
It increases your competitiveness against rivals who do not
utilise CRO
You are able to understand your customers conversion
path (journey) on your website, allowing you to blueprint
every action
Does CRO actually work?
Quite simply, yes it does.
A case study on CRO revealed that A/B testing
increased conversion rates by approximately
160% for PayPoint.net. This is just one
example, websites such as Optimizely and
KISSMetrics are dedicated to providing easy to
use software to increase businesses’ conversion
rates.
Did you know long landing pages can generate
up to 220% more leads than above the fold call-
to-actions?
Upcoming Trends in 2015:
Personalisation is key word frequently appearing across the web
recently, this marketing tool is expected to heavily take over the
marketing scene this year. Tools such as – geo-location, search terms
and referrers will be utilised to create more personalised messages and
ad campaigns.
Video Marketing is set to become even more popular in 2015, some
companies have already utilised apps such as Instagram and Vine to
feature their ad promotions (e.g. Samsung) in the hopes of increasing
conversion rates.
Optimising Homes is also being adopted by more people today; the
ability to manage and optimise your appliances whilst away from home
is becoming more essential.
CRO is becoming a necessity for businesses, as the creation of new
technology develops further, so do tools – providing fundamental insight
into how to optimise them. Just a few examples of popular companies
using tools such as A/B testing are; Amazon.com and Booking.com
Conclusion:
All in all, CRO is quite evidently becoming a major driving force
behind the growth and success of companies today. Therefore
utilising such a tool will be of fundamental importance if you are
to compete in the current, fast paced industry.
As mentioned in a previous article, there is dire need of “hybrid”
digital marketers, who are able to provide the right knowledge
and skills needed to fill the ever expanding talent gap. Therefore
at TDE, our sole aim is to provide businesses with the resources
that are needed in employing the right people for the right job.
We provide a service which allows you (as a business/ job
seeker) to use our question bank service which allows you to
gain knowledge into various digital marketing subjects with more
than 15 000 highly skilled questions in order to receive an official
certificate of participation, adding your existing acumen.
Our Aim:
At TDE, we aim to provide you with insightful
information on the latest digital marketing
news, so make sure you sign up to our blog
and like/share our posts!
References:
http://www.widerfunnel.com/conversion-optimization
https://blog.kissmetrics.com/loading-time/?wide=1
https://www.optimizely.com/resources/multivariate-testing/
https://www.optimizely.com/resources/multivariate-test-vs-ab-test
https://qualaroo.com/beginners-guide-to-cro/why-conversion-rate-
optimization-is-important/
http://www.adpushup.com/blog/stats-conversion-rate-optimization-
ab-testing/
http://www.widerfunnel.com/conversion-rate-
optimization/conversion-optimization-trends-2015