Conversion Rate Optimization: A Quick Introduction For Business Analysts

Quick chat before we begin...

If you are a business analyst dealing with web/app data everyday, driving solutions and extracting actionable recommendations for improving site analytics, having an understanding of CRO can be added advantage to you.

Sharing a quick read to establish basic foundation and mindset when it comes to optimizing your website's conversion rates.

Popular Frameworks within CRO community -

• Customer Lifecycle Framework - Pirate Metrics is based on AARRR(Acquisition, Activation, Retention, Revenue, Referral)
• Prioritization Framework - ICE framework prioritizes team's ideas basis on Impact, Confidence and Ease.

How to Know if CRO is right for you?

1. If you are interested in 'test and run' culture.
2. If you run a data-driven team.
3. If you are interested in creating an integrated marketing strategy.

Okay, we are into this now.

Let's begin with five tips for designing a landing page that converts:

1. Write a benefit driven headline
2. Select complimentary hero image/video.
3. Create a customer-centric explainer copy.
4. Add a unique call to action.
5. A social proof close to CTA.

Let's understand KPIs now -

Ecommerce KPI:

• Increase AOV
• Pursue A2C %
• Review Purchases/Conversions

B2B KPI:

• Focus on Whitepaper downloads
• Optimize for demo signups
• Offer free trial activations

To drive on the right KPIs for your business, ask yourself -

What are business goals that will truly drive long term sustainability?

Conducting CRO Research -

1. Identify where to start: It is vital to identify how would you measure the success of your CRO experiment. One way could be building a conversion calculator identifying how CRO would impact your purchase and keep a watch on trends early on to predict ROI of the exercise.
2. Perform quantitative research: Map the funnel and understand shopping behavior having a view of drop-offs at various touchpoints. Identify the high performing landing pages to run tests on. Understanding of traffic sources can also inspire test ideas when drafting CRO test cases. Hence, a deep understanding of your data can help inspire your next test idea.
3. Perform qualitative research: Qualitative data can help define why your customers are behaving the way they are. Heatmaps, session recordings, scroll maps or video clips of actual visitors navigating on your website can give you in-depth idea of areas of improvement.

Prioritize Testing Opportunities -

• Test Ideas: We have our data now and it should give you enough room to think of some test ideas and experiments to run and analyze for an uplift.

• Create a Hypothesis: Create your hypothesis and evaluate your data. Hypothesis is based on three key components: things you want to change, effects you are expecting and the insights that drove this change.

IF (CHANGE)

THEN(RESULT)

DUE TO(KEY INSIGHTS)

Now, we can set up our tests and gain insights from our experiments -

This is a good place to start thinking as a CRO specialist.

I have shared my learnings from LinkedIn Learning course by Jim Huffman. For detailed understanding on CRO, refer to the course: https://www.dhirubhai.net/learning-login/share?forceAccount=false&redirect=https%3A%2F%2Fwww.dhirubhai.net%2Flearning%2Fmarketing-conversion-rate-optimization%3Ftrk%3Dshare_ent_url%26shareId%3D1re09wuxRHiqnAGAxsYX6A%253D%253D

Hope you had a good time! :)