Digital marketers often find themselves utilizing all sorts of marketing techniques available to them in order to increase clicks, visits, and conversions. However, the more they try new channels, the more convoluted the performance reports become. At times, it becomes hard to clearly understand the complex customer journey or path to purchase and accurately point out which engagement tactics, messages, or touch-points drove maximum conversions. It is also important to study that out of those conversions, which channels resulted in the most high-value customers.
Gartner estimates that $26 billion dollars in revenue were generated from 102 billion mobile app downloads in 2013, and we may be seeing over 268 billion downloads per year by 2017 (or around $68 billion dollars in revenue). The amount of potential payoff that mobile apps can generate for businesses is very high and thus mandates the need for effective mobile app testing and optimization. Moreover, the consumers are no more satisfied with simple apps. They are looking for feature-rich and intuitive apps that perform well. This can only be made possible through efficient testing of the apps.
As a website owner, you must have tried your hand at building landing pages for various marketing activities or for specific online needs. Landing pages offer tremendous control over what the visitors see on your website. They provide better content relevance as compared to your website homepage. For instance, you advertise on a paid medium and give a link to your homepage in that ad. The visitors come to your homepage, do not find what they are looking for and bounce. But if you give a link to the landing page that has relevant information only about that topic, then the bounce rate will decrease and visitors might be enticed to move forward.
A digital analytics tool can provide enterprises with several custom or standard reports and dashboards today. But the real relevance of that data lies in teams being able to find the right answers at the right time. Because of the sheer amount of data that is being produced by companies, it has become difficult for business users to locate the relevant metrics that contain the insights they need for decision-making. This problem is further compounded by the fact that data is spread out over multiple tools. The outcome of this situation is usually an inadequate solution to a business problem, or worse still, a wrong one that eventually leads to undesired business outcomes and a colossal waste of time and resources.
If people visited my online store all day long and left without buying anything, my immediate concern as a store owner would be “why are there no purchases being made?” My next immediate priority would be to figure out what can be done to influence my visitors to make that purchase. As on online business owner, just spending money to drive traffic is not going to help. In order to see success in a store’s conversion rate, ecommerce players have to understand customers better, reduce friction, improve the layout of their online store and address the bottlenecks in a visitor’s shopping experience. And this is where Conversion Rate Optimization (CRO) steps in.
One of the best ways to figure out appropriate content, design and marketing strategies for your online business is through A/B testing. You can use controlled tests and sound empirical data to determine which tactics work for your company and your product. A/B testing is a method that is used to compare two versions of web pages or apps against each other to ascertain which one performs better. Basically, it is an experiment wherein a couple of web page variations are shown to a user and statistical information is used to evaluate the better-performing alternative for a set conversion goal.
Why is conversion rate optimization (CRO) becoming one of the fastest growing practices in digital space today? The answer is business growth that can be achieved by doing more with the same resources. CRO, when implemented and executed well, can help increase sales and leads from a website without having to up the number of web visitors. When sales increase, businesses make more money, which in turn reduces the financial burden of having to spend on huge advertising budgets. Businesses then get that extra room to invest more than their competitors and better their market shares.