The start of the year is always a good time to reflect on oneself, your actions and what you have achieved. It also makes it easier for us, as marketers to take the pulse on industry trends by reading articles published around this season.
This article series will look at how Conversion Rate Optimization has matured over the years and where it’s headed. I have decided to take the ‘consumer’ perspective, trying to back my points up with consumer behavior psychology. If you are an entrepreneur or marketer planning on making CRO part of your future strategy – this article is for you!
The series will be split up in 5 parts:
Part 1: The success & failure factors and what makes conversion rate optimization so complicated
Part 2: The future of CRO – how it will be done, why and by whom.
Part 3: How to go about Conversion Rate Optimization right now ( this article )
Part 4: Conversion Rate Optimization mistakes you are probably still making …and how to fix them .
Part 5: How to scale your CRO efforts for massive growth.
Now, let’s dive deep into the factors that make conversion rate optimization so very complicated.
Not enough data or time?
Right now you must be asking yourself why does it matter how much data you have or whether you have enough time for an A/B test or not. Well, it is 100% linked to the main reason why most CRO initiatives turn into failures.
In fact- most businesses & startups have a very hard time understanding how important data and time are for a successful Conversion Rate Optimization implementation. From a consumer perspective – an effective CRO effort is a combination of the right people, the right tools, with enough time for testing.
Let’s unpack that:
1- The right people – you need to have someone accountable for Conversion Rate Optimization initiatives such as a reputable CRO Agency. That person needs to be an expert in conversion rate optimization and analytics (Google Analytics), combined with consumer psychology. This specific role is always the hardest one to fill, especially if your company is very data driven.
2- The right tools – you need to have the right mix of web analytics, split testing tools and consumer psychology related applications (heatmaps). Tools that truly integrate with each other are a must. This can be difficult to achieve given that most CRO tools out there don’t offer integrations with other tools.
3- The right amount of time – you should be able to dedicate anywhere between 10% to 25% of your marketing budget to Conversion Rate Optimization initiatives. This should provide you with enough data points (or traffic) for statistically significant results (at 95% confidence level). If it does not, then you need more time. If you have more time, but lack the budget or data points, then you need a bigger team. A good rule of thumb is to plan for a minimum of 3 months and a maximum of 6 months per test.
In all three cases – hiring someone responsible for CRO initiatives will be the biggest obstacle in achieving successful conversion rate optimization results. You need to be able to justify that investment by using the same CRO tools (he/she will be an expert in!) and web analytics you are already paying for.
That being said, I have seen small teams achieve amazing results with limited budgets and data points- so it can be done! But don’t go at it alone…It is best to work with a reputable SEO agency such as SEO Kansas City because these are services you only get from agencies with proven track records.