ANN ARBOR – Melih Oztalay, CEO of SmartFinds Marketing in Birmingham, Michigan, returns to provide the latest Business To Consumer eCommerce marketing tips, including the highly effective Conversion Rate Optimization marketing process. If you want results from your Internet store and Internet brand, you want to watch this video interview.
More conversion rate optimization (CRO) information can be found at SmartFinds Marketing.
Conversion Rate Optimization Benefits
The focus on optimizing website conversions has grabbed the attention of marketers everywhere, mainly because of the high number of benefits this strategy offers. Here are some of the benefits you can expect to enjoy by implementing a comprehensive CRO plan.
Conversion Rate Optimization (CRO) is an analytical marketing process used to boost the calls-to-action results from website visitors. CRO can help you turn more visits into leads, and more leads into sales. The idea is to do this using your existing website traffic and to not spend any additional marketing budget until the website can effectively convert more visitors.
Let’s take a look at some CRO benefits.
Conversion Rate Optimization Benefit #1: Leverages Existing Website Traffic
Are you getting website visitors, but they aren’t becoming clients in large enough numbers? Research shows that a reasonable website conversion rate is between 2% and 5%. That means the higher your traffic, the better your chances are of getting business from visitors.
Conversion Rate Optimization Benefit #2: Reduces Customer Acquisition Costs
The costs of getting new business can be high. According to research data from 700 companies, customer acquisition cost (CAC) has increased by 60% over the past six years. Marketing is getting more expensive, and CAC is one variable that can make or break a company due to its impact on growth.
A robust CRO program results in lower CAC costs by identifying the right mix of elements on your web pages, publishing relevant landing pages, and using CTAs that encourage a higher percentage of your visitors to convert.
These actions lower your cost per lead without cutting into profits, which delivers a higher ROI on your marketing spend.
CRO Benefit #3: Increases Customer Lifetime Value
The flip side of the CAC coin is finding ways to retain existing customers so you can get more revenue from them without having to spend money on getting new customers. CRO strategies can directly influence Customer Lifetime Value (CLV). Through customer retention and re-engagement tactics, CRO increases the value of your sales and the loyalty of your customers.
CRO Benefit #4: Improves Ranking in Search
Every marketer worth his (or her) salt knows the importance of being found in search. As difficult as it is to make the first page of search results, it remains vitally important to use best practices to try. And while content and images are essential, there are other CRO options you can use to improve Google rankings. For example, site speed is a direct SEO ranking factor because a slow website automatically causes higher bounce rates and lower conversions.
CRO Benefit #5: Boosts Website Revenue
CRO boosts the revenue generated by a website simply by lowering costs such as CAC and optimizing marketing ROI. Additionally, you can expect to increase sales and profitability by using methods such as published customer reviews, adding lifestyle imagery to product pages, and providing a seamless user experience for online customers.
CRO Benefit #6: Gathers Customer Data for Business Intelligence
Collecting data and getting to know customers better is a primary conversion rate optimization strategy. If you have traffic and a way to analyze user data, you can get insights into the hearts and minds of your customers, whether they are past, present, or future clients.
Quantitative data provides information about what, when, and how customers perform actions leading to a purchase, while qualitative data focuses on why they do things. This kind of data is usually gathered by surveys, interviews, and complaints, and can help you understand your customers’ pain points and their experience with your website.
Knowing these facts enables you to adapt your online interface and your product offering to meet your customers’ needs better.
