You’re probably here because you have a website, and you know what site metrics and actions need to be tracked in order to prove success for your line of business. (Kudos to you, you’re already ahead of the curve!)
The issue you're facing is that you need more conversions, whatever that means to you and your business. Well, you’ve come to the right place!
In this post, we’ll dive deep into what conversion rate optimization is and how it can help your bottom line.
Conversion Rate Optimization (also referred to as CRO), simply put, is the process of increasing the percentage of people who take a desired action. In the digital world, this action is typically the end-all be-all conversion event that takes place either on site or in digital advertising. The selection of this conversion event is extremely important when configuring and conducting tests, which we’ll discuss in more detail in a later step.
One of the most common forms of Conversion Rate Optimization is achieved with A/B Testing. In fact, according to one study 58% of companies are using A/B testing as a conversion rate optimization catalyst. So, then this begs another question. What is A/B Testing?
A/B testing is the process of showing 2 different experiences to site visitors and measuring the impact of that change on a target value (in other words, the conversion event). Even the smallest change can have the biggest impact. In fact, according to one example in the Harvard Business Review, a single Microsoft Bing A/B test changed the way ad headlines were displayed and added $100M (or 12%) revenue in one year.
While we can’t promise those results, our Digital Data Analytics team approaches A/B testing in two different ways:
Using the above image as an example. Regardless of the toolset you use to run your A/B tests (think Google Optimize, Adobe Target, or any CMS worth their salt) there's a common cycle that occurs throughout all A/B tests. We've outlined and defined the 7 steps that make up that cycle below.
If the test is a winner, it’s best to get the on-site change implemented immediately so we can start reaping the benefits of all our hard work!