Our co-founder, Neil Patel, once asked 208 companies one simple question:
“Which marketing strategy has provided you with your biggest return on investment?”
As a click-bait article might say, THE ANSWER WILL SHOCK YOU. It wasn’t SEO.
They said they were actually getting the highest ROI from CRO (conversion rate optimization).
And what’s fascinating is despite saying they got the most bang for their buck from CRO, less than 1.7% of those companies were dedicating marketing spend towards it.
3 Major Reasons Why This Is a Huge Missed Opportunity
1. CRO makes all of the things you’re doing better
Are you responsible for any of the following activities at work?
- Writing content
- Creating a landing page
- Running an ad
- Posting on social
Are you feeling like customer acquisition costs are too high or you’re not making the most out of every visitor to your website, app, or product? Then CRO is the right place to start.
If you have people visiting your website, your app, and/or your product, you should be devoting at least a little bit of time per week — even just 15 minutes — making sure they convert and drive revenue for your business. (Actually, per a study conducted by Nonfiction Research, spending 15 minutes a week on CRO would instantly make you better than 58% of the competition who aren’t doing any CRO at all.)
In that same study, Nonfiction Research identified that more marketers are focused on other people’s best practices than in observing how their own customers are behaving.
It’s time to change that!
2. You’re working with an audience that’s expressed intent
With ads, you’re trying to get people who may or not be interested in your product to visit your site. With search, you’re trying to get people who are interested in keywords related to your product to visit your site. With email you have to get permission to send someone a message, then send it to them and get them to open it. The hurdles are high and only getting higher.
But with CRO, people are already on your site, looking at what you do. They are the most qualified audience you’ll ever have.
Which is why CRO is so easy to tie to ROI. You’re acting on your highest qualified audience at a point where they’re closest to your most important digital goal (or micro-conversions along the way).
3. CRO helps you get internal or external buy-in
CRO tools like heatmaps, scrollmaps, confetti reports and recordings put you in position to understand your website’s performance in terms of why your visitors are behaving in certain ways. That way you can base your final design decisions on fact.
But the best CRO tools on the market don’t just present information (any analytics tool will present you with data); they help you present information in a way that makes it easy to share and easy to understand for the other people you want to convince — like your team members, your boss, or your clients.
It’s not just about knowing the answer; it’s how you share that data and compel others to embrace and celebrate the solution.
3 Pro Tips Before You Start Optimizing Your Website
If you’re in the same boat as the 208 companies that are only investing 1.7% of their marketing budgets to CRO (or haven’t invested at all yet), here are a few recommendations to keep in mind as you get started.
1. Use Google Analytics as a starting point
GA lets you easily identify the pages with the greatest opportunity for improvement and the biggest impact on your goals:
- Highest Traffic
- Most New vs. Returning Visitors
- Most Time Spent on Page
- Most Goal Conversions
- Highest Bounce Rate or Exit Rate
2. Make sure you’re leveraging both quantitive and qualitative data
User session recordings let you investigate the quantitative trends you spot in visitor maps and reports on a micro level, but you can also use them as a starting point for analyzing the traffic on your site on a qualitative, individual level.
They’re a great workaround if your site gets a low volume of visitors per day and you’re struggling to get actionable takeaways from the data.
Here are some areas where you should pay attention:
It’s as much about seeing what’s working as it is about seeing what isn’t. Sometimes the easiest fixes require removing obstacles that are stopping your visitors from converting.
You don’t always need to be inspired to run an A/B test; sometimes you just need to do a better job getting out of the way!
3. Use segmentation to add an extra layer of effectiveness to your CRO efforts
Not all website traffic is created equal. You know your new users are different than your existing ones. You know your mobile traffic operates differently than your desktop traffic.
Once you’ve observed overall user behavior, you should use filters and variables to learn more about the segments and audiences that are most valuable to your business.
Here are just a few to dig into, using a confetti report:
- Weekdays vs Weekends
- Paid vs Organic
When you know who’s performing the actions you’d like them to take, it’s much easier to optimize your marketing efforts around that cohort.
Ready To Master The Basics Of CRO?
CRO isn’t just about getting increased revenue over time. There are many added benefits, ranging from understanding your customers better, making the most of the traffic you’re already getting through other marketing activities, and letting data guide your design decisions.
If you’re ready to master the most underrated marketing strategy of 2019 and get an edge over your competitors, we’ve got the perfect guide for you!
- Learn how optimization helps you make the most of your site traffic
- Avoid common pitfalls that stop business from succeeding with CRO
- Discover how companies are applying CRO strategies to grow their business
Latest posts by Suneet Bhatt (see all)
- [CRO Report] High Anxiety vs High ROI: 1350 Website Experts Weigh In On Marketing’s Biggest Missed Opportunity - April 15, 2019
- Tools, Tips, And Getting Ready For Testing: A Quick-Start Guide To CRO - March 7, 2019
- It’s Time To Start Paying Attention - January 31, 2019