Everyone understands the importance of getting more traffic, but it seems not everyone understands how important conversion rate optimization is. If marketing is your sales pitch, CRO is your closer.
The obvious answer is more customers without spending more money on marketing or advertising. This is the most straight forward result of CRO but the fringe benefits can be even more compelling
Marketing campaigns become more profitable with CRO because more of your new visitors become customers. This allows you to become even more aggressive with your advertising. It also lets you continue to grow your business when you've already saturated your current marketing channel.
When compared to the cost of attracting and winning a new customer or client, the cost of earning repeat business is almost negligible. The magical thing is that they both mean more money for the company but the returning customer means more profit! CRO can increase customer retention by making the shopping process on your site more enjoyable. Its a natural instinct to shy away from pain and gravitate towards things that bring us joy.
When ContourThis starts a new project, we always begin by reviewing the company, website, and visitors. Through this process we make sure that all three are in harmony and tune any one that doesn't fit. This results in your website truly reflecting your brand and your customers feeling like your site was built just for them.
Ask any racer, any real racer. It doesn't matter if you win by an inch or a mile; winning's winning.- Dominic Toretto, The Fast and the Furious
In an Olympic race, the difference between gold and silver is often only a split second, but the reward is the difference between a 1 million dollar endorsement and your name in the newspaper.
When you have the advantage in value per visitor, you can edge out the competition in all marketing channels, bringing you more visitors and more conversions. It's a vicious cycle that can result in a bigger market share.
Your profit is extremely sensitive to small changes in your conversion rate. On average, a 20% increase in conversion rate, say from 2.2% to 2.65%, can increase your profit by 225%.
This is because once all your fixed costs are paid, profit from the additional conversions goes straight to your bottom line.
More profit means you can invest in more marketing and advertising, improve your offerings, or even break into new products and markets. The possibilities are endless!