Increasingly online retailers are spending more on attracting potential customers to their online stores, harnessing Social Media campaigns, tuning SEO settings and investing heavily in PPC (pay per click) and other advertising. On average, this effort leads to less than a 5% success rate, which equates to more than 95 of every 100 visitors not being converted.
It is these identified visitors to the online store that have already shown an interest in the products on offer but not the commitment to buy, that must be the subject of the marketer’s efforts.
Here are the 5 Ps of Conversion Rate Optimisation (CRO).
Preliminaries – Empower at least one person to be responsible for the project, and give them access to the correct tools, such as Google Tag Manager and heat-mapping software such as Crazy Egg or Lucky Orange, so they can identify the actions of visitors to the website. Now we know where the visitors are looking.
Personas – Create carefully segmented user profiles to identify target market and then to understand what drives their behaviour and actions on the website. It is important to identify why actions are taken as well as what actions were taken. Now we know the types of visitor on the website.
Product – Analyse the product range, values, and customers views to identify over or under stock within price bands or categories and to ultimately indicate efficient and inefficient lines for increase or removal. Now we can identify those products that perform well and those that do not.
Performance Analysis – Once everything about the customer’s journey is understood, improvements can be identified and assessed by using A/B testing principles before implementation of the revised strategy is applied. This is a continuous controlled process, taking smaller, measurable steps. Now we can decide what improvements to make to the layout and style that will influence the buying decision.
Personalisation – It is widely accepted that by offering a more personalised experience positively influences the visitor’s journey to eventually become a customer. Personalisation may be at individual level, recognising previous interactions on the website, or it may purely be based on a very wide segmentation. Now we know that the right customer is offered the right products in the best way and that they feel comfortable to buy from the store.
XCM’s wide range of tools to develop and enhance their client’s marketing campaigns, CRO is fully integrated into the strategic plan, but it can be applied to as a stand-alone project if required.
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