The online business has become more competitive as more and more individuals are creating products and brands on eCommerce platforms like Shopify or WooCommerce. As advertising is the fastest way of testing the product/market fit all of these store owners are using and testing advertising platforms where Facebook is one of the most successful and popular ones.
It all sounds too easy, you spend a dollar on ads and expect a return of two or more. Then you scale your ad spend from $100 to $2000 etc. All good but only if you manage to convert those advertising clicks into sales. That’s what conversion rate optimization services have been invented to do.
This is measured by the conversion rate metric, which is the average % of sales made by 100 visitors. So a conversion rate of 10% means that from 100 visitors, 10 of them bought your product or service.
For e-Commerce stores, the average CR is around 2.5% but more is also possible depending on your product and marketing.
The higher the % of the conversion rate, the higher your profitability will be depending on the cost and profit margin of your product. It’s all measurable with some mathematical formulas so you can have control over many things.
What conversion rate optimization services are available
There are 2 ways to your profitability, either hire a CRO agency or a CRO Consultant that will increase your sales. Each of these should bring you results, but there are always some pro/cons to both. Agencies usually cost more money and the cro teams take on 4-5 clients at a time. A consultant will probably spend more time and will have 1-2 clients, focusing more and bring results faster.
Agencies are more costly as you pay the full team but a designer/dev/marketing CRO hybrid will be cheaper. Results-wise it depends but both can bring similar results, depending on the knowledge and experience.
Here are some specialized CRO services you can take advantage of:
- Landing page optimization
- Cart/checkout page optimization
- Website speed optimization
- Funnel optimization
- Upsell and cross-sell optimization
- Lead generation optimization
But the main benefit is the optimization methodology which starts with an audit, research and discovery that results in a list of potential gains. These are then prioritised which bring laser focus and you start experimenting and testing things that may bring the biggest results with the lowest investment of time or money.
What results do CRO services bring?
Anything is possible, but your traffic limits our potential. Lowe traffic is hard to measure especially results in a range of 0-10% as you need a ton of traffic to get results that are truthful. Low traffic means it’s just a possibility or chance. Like throwing the dice 3 times and getting all 3 throws sixes. It can happen but the chance of repeating is slim. So you need to throw 100 times to get a more accurate average of the result.
CRO results in the ranges of 10-30% are pretty common to achieve and usually consists of quick wins like design/dev fixes or UX/UI improvements.
30%-70% are usually full redesigns and copywriting rewrites of a full landing page or the product page. Using the data, insights and research to craft the appealing message that sticks with your visitor will result in higher conversions.
70%+ conversions rate increases are rarer but are quite possible. Just design alone or rather a redesign of a landing page with design patterns and best practices can results. Add speed optimization and you can get more conversions and achieve bigger profitability as well.
Conclusions and takeaways
Conversion rate optimization works although it’s still a new field, being data-informed to produce new experiences that the competition doesn’t is becoming more and more beneficial to an eCommerce store growth.
It’s also hard to copy these things as you don’t know or understand the context it’s been done and you probably have a different audience, product etc. So its a costly mistake to copy or steal websites or landing pages.
Give CRO a chance, but be open and patient and it will reward you with knowledge insight, growth and profitability. At the end, it will inspire evolution to your brand. That’s how powerful conversion optimization can be.