Our Conversion Rate Optimization Report, in association with RedEye, explores the tactics and processes companies are using to help improve conversions.
With 55% now seeing conversion rate optimization as crucial to overall strategy, it is undoubtedly an integral part of digital and ecommerce success.
Here are four key factors that contribute to improved conversion rates:
Our research found that over half of companies plan to increase their CRO budgets over the course of the next year.
This increased investment means that many will be in the position to experiment more with techniques and strive to deliver better results.
With 73% of those who have already increased their CRO budget seeing improved conversion rates, there appears to be a clear correlation between investment and result.
A structured approach
Without a strategy in place and clear goals in mind, conversion rate optimization can prove overwhelming.
As a result, it is important for companies to undertake a structured approach to collecting data and understanding customer pain points – i.e. where and why they might abandon the site.
By breaking down these different areas, the best optimization ideas and opportunities can arise.
In terms of results, 35% of companies now say they take a structured approach to improving conversion rates, with 52% seeing a significant increase in sales from adopting this type of framework.
Alongside 60% and 53% of responding companies deeming A/B and multivariate testing the most valuable, there has also been an increase in the frequency of testing undertaken.
Currently, 11% of companies are likely to say they run testing at least three times a month.
Despite this, there is room for improvement in the type of tests run, with the most complex and sophisticated programmes seeing the best results.
Despite personalization being the most difficult method for improving conversion rates (a factor which might be behind the slight decline in those using it) – it is still one of the most valuable.
More than half (56%) of companies consider personalization of a website ‘highly valuable’.
A key tactic is using customer engagement data to devise personalised experiences, so it is encouraging to see that companies are 23% more likely to implement this into their strategies than they were last year.
For more on this topic, you can download the full report here.