Every week we cover a new lesson about conversion optimization, but this week we simply want to emphasize what conversion optimization entails and why most online stores should start engaging in this science if they truly wish to capitalize on their other strengths.
When you search for “conversion optimization”, you’ll get a few sources that will really give you insight into what this science is all about. Wikipedia and our website, Exclusive Concepts, nail it on the head. It’s the science of converting visitors into customers when they visit your site. It’s a major step in holistically growing your website and more importantly, growing your revenues. Just as you would aggressively spend on SEO and PPC traffic to your site, conversion optimization and testing will help you convert those new visitors at a more aggressive fashion as well.
Let’s look at the numbers real quickly…
Conversion Optimization speaks volumes to business owners for one main reason – the bar is set so low. The e-commerce benchmark that most e-commerce business owners hold their sites against is 1%. That means that you are consistently turning away (or rather turning off) 99 out of every 100 visitors to your website before they commit to a purchase. By simply getting 1 more of each 100 visitors to commit to a purchase, the conversion rate doubles and so does your revenue. A $5 million store jumps to $10 million through testing by becoming slightly more likeable to the hundreds of visitors that come to your website. It’s a pretty powerful science and is dramatically under-utilized by growing companies.
The approach to increasing conversions is simple because the goal is so clear. You are going to iterate your website one change at a time, making sure to only commit to those changes that create a positive impact to your conversion rate. By constantly testing new ideas and committing to those that actually increase your conversion rate, you will only see improvement and never commit to the negative changes.
This diagram helps illustrate that. Through 3 tests, the website in this example was able to discover 3 of the most ideal changes for their website and stay away from the wrong changes the entire time. Instead of making changes based on instinct, gut or just creativity – this scenario shows a commitment to staying focused on the end game. The path can sometimes be demoralizing – if you really love a change you made to your site, but it eventually decreased your conversion rate, you need to stay focused on the end game. Maybe a few changes to your idea will make all the difference and help connect creativity with profitability.
This is the format we use for our Conversion Booster service. We offer a fully managed conversion testing service to determine the best hypotheses to test and do all the work to test and track those changes. We help you keep that one goal in mind and help you achieve it.
If you’re interested in learning more about our managed conversion testing service, we’d be happy to give you all the details you need. In fact, we can help give you direction as well through our free conversion opportunity audits. Give us a call at 800-504-4324 for more information.
Thank you and have a wonderful Conversion Wednesday.