Conversion Optimization: How To Double Your Revenue And Profit

Digital Marketing Webinar

Conversion Optimization: How To Double Your Revenue &

Profits

May 7, 2014 | Manuj Bajaj (Business growth Consultant)

www.digitalvidya.com

CONVERSION OPTIMIZATIONHow to double your revenues and profits?

Manuj BajajGreyBox Technologiesmanuj@greyboxtechnologies.comwww.GreyBoxTechnologies.com

Poll-1

What type of site do you have?

Poll-2

How much traffic do you have on your site?

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SEGMENT 1:Introduction to Conversion

Optimization

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QuestionHow do I grow

Sales / Profits / Leadsfrom my online business?

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AnswerI need better visibility

I need more visitors / trafficLet’s buy more traffic on the site

Let’s increase our ad spend / media spend

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Another ApproachConversion Optimization

Two approaches to increasing online sales

JANUARY OPTION 1:Conversion Optimization

OPTION 2:Purchase Traffic

Spend Rs. 50,000 Rs 50,000

Traffic in December 10,000 visitors

Traffic in January 10,000 visitors 12,000 visitors

Conversion in December 3.0%

Conversion in January 3.6%(20% lift from ph-1 testing) 3.0%

Resulting Sales 360 units 360 units

Two approaches to increasing online sales

FEBRUARY OPTION 1:Conversion Optimization

OPTION 2:Purchase Traffic

Spend Rs. 50,000 Rs. 50,000

Traffic in January 10,000 visitors 12,000 visitors

Traffic in February 10,000 visitors 12,000 visitors

Conversion in January 3.6% 3.0%

Conversion in February 4.32%(20% lift from ph-2 testing) 3.0%

Resulting Sales 432 units 360 units

What happens if you stop spending?

MARCH - DECEMBER STOPConversion Optimization

STOPPurchasing Traffic

Spend Rs 0 Rs 0

Traffic 100,000 visitors 100,000 visitors

Conversion 4.32% 3.0%

Resulting Sales 4,320 units 3,000 units

That’s 44% more sales for the same 2-month investment!

Optimization is a process, not an event

Optimize your site

Increase salesLearn how your

customers think

With each

conversion lift,

you lock in the

gain and then

build on it for the

next round.

Conversion optimization works its magic over time, just like compound interest

Learning how your customers think helps you optimize faster

What kinds of images resonate?What messages do they respond to?Which calls-to-action work best?What assurances are most effective?

The more you learn [and apply], the more you’ll sell

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SEGMENT 2:Conducting tests for conversion

Optimization

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Ok, so how do I test it?There are many methods of testing but the most popular type of method is A/B testing

A/B testing is the core of conversion optimization, but there’s more to it

What are visitors

trying to accomplish?

Are they successful?

Why or why not?

Test alternate

experience

A/B testing is like a junior school science experiment...

Boiling water only Tap water only

...but on the Web, it works better using people than plants

An illustration for A/B test

Simple example of an A/B test

Treatment A (or “Control”)

Treatment B

Treatment B drove 30% more clicks on their Sign Up button. That’s 30% more business for 37 signals, with no increase in traffic!!

Another example of an A/B test

Control: Treatment A Treatment B

Just a small change in CTA button from ‘Add this to my Cart’ to ‘Buy Now’ resulted in extra revenue of Rs. 16 Lacs per year.

Another example of an A/B test

Control: Treatment A Treatment B

Version A, the ‘See Product Video’ button call to action (CTA), increased form fills on the page following the button by 48.2% at a 98.5% confidence level.

Example of an A/B test

Control: Treatment A Treatment B

Additional navigation at the top of Version A helped convince 19% more visitors to purchase something.

Example of an A/B test

Control: Treatment A Treatment B

18.87% more shoppers converted from viewing their cart to entering the checkout process with Version A than with Version B. That’s a nice fat bump, especially considering the fact that both test carts used clean, best-practice-based design.

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SEGMENT 3:What can I test?

So, what can you test on your site?

Headings & sub-headingsNavigationLink labelsFormsImagesCalls to actionOffersPricesPage layoutPage flows

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SEGMENT 3:With so many items to test, what do

I test first?Where should I start?

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Google Analytics reveals your biggest conversion opportunities

Crazy Egg lets you see where people click and how they scroll

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Get answers to 4 critical questions using iPerceptions 4Q

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Watch people use your site with UserTesting.com

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Next you need to summarize everything you’ve learned about your visitors...

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... and then categorize your observations

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Craft your hypotheses about how you can change the user experience

ASK THE QUESTIONM: How can I improve the relevance of my offering to visitors?

V: What kinds of changes might increase the impact of my product’s value proposition?

F: How can I reduce the friction my visitors encountered on my home page?

A: How can I alleviate the anxiety some visitors feel on my site?

CREATE THE HYPOTHESIS

By using a better screenshot, I will improve relevance.

By including social proof in my headline, I will make my value proposition more impactful.

By removing links and other distractions, I will reduce home page friction.

By displaying a phone number, I will alleviate visitor anxiety.

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Design the new page or page elements around your hypothesis

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Close the test, winner or not, and consider what you’ve learned

Winner or no result?

WINNER NO RESULT

Did your new design reflect

your hypothesis?

YES NO

Revise your hypothesis and re-test

Improve page design and re-test

Are there other pages in your primary funnel to test

the same hypothesis?

YES NO

Create new design on subsequent page and test

Test your next

hypothesis

... if you could double your site’s conversion rate?

A. Bank the money and enjoy life on the beach

B. Reinvest the money to buy more traffic

C. Hire someone to focus 100% on optimizing your site

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Want More Case Studies?

http://www.marketing-results.com.au/marketing-case-studies/

http://www.copyhackers.com/

http://whichtestwon.com/

Optimization Resources

Google Website Optimizer / Content Experiment / Behavior Experiments tool & tutorials:https://www.google.com/analytics/web/?hl=en#report/siteopt-experiments/https://support.google.com/analytics/answer/2844870https://www.youtube.com/results?search_query=google+content+experiments

Visual Website Optimizer tool & tutorials:http://visualwebsiteoptimizer.com/http://www.youtube.com/watch?v=vELzXfIdWvshttp://www.youtube.com/watch?v=tyH8GRTxJh0

A/B testing tool comparison chart:http://www.whichmvt.com/

Visitor feedback tools:http://www.google.com/analytics/http://www.crazyegg.comhttp://www.iperceptions.com/en/4qhttp://www.usertesting.com/

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