Why is Your Website Leaking Your Marketing Spend?
How much does your department spend in bringing traffic to your site? £5k, £10k, £20k a month? And how many of those visitors bounce, or click a couple of pages and leave, never to be seen again?
Bringing traffic in is pointless if those people are not going to do anything; this is where conversion rate optimisation (CRO) comes in. Whether your conversions are based around lead generation, purchases, email signups, or anything else for that matter, CRO is all about making your traffic work harder for you.
In an Econsultancy study, 59% of company respondents said CRO played a crucial part in their overall digital marketing strategy – but we think that proportion should be much higher. Here’s how effective use of CRO can have a huge impact on your leads, conversions, and ultimately your bottom line.
How to plug your leaky ad spend with CRO
From analysing a typical user journey to assessing the reasons behind shopping cart abandonment, CRO will help reduce wastage in your ad spend. For example, let’s consider a typical paid search campaign:
Now, you could invest marketing spend to increase your budget. With more spend, you may achieve a lower CPC, so may see a slightly higher ROI, all for an extra £60k per year:
But is there a more efficient, intelligent way to spend that extra money? What if instead of bringing more traffic to the site, you increased the chances of those people turning into customers? As you can see below, increasing site conversion rate by just 0.2% more than matches the ROI you would have seen from doubling ad spend:
For reference, 0.2% is barely anything. We’ve seen this sort of increase in conversion rate achieved by something as simple as changing the colour of a call to action, adding a new tab on the primary navigation, or switching a hero image to include a friendly face.
Say you own a fashion website that sells accessories too. A ‘related products’ or ‘shop this outfit’ feature might be the catalyst for customers to buy an extra pair of socks every now and then. That relatively small change can increase the return of your paid campaigns by 22%, without a single AdWords change.
If you’ve made it this far, you’re probably just as convinced as us about the value and importance of CRO. But what are your next steps? How do you go about making the crucial changes needed to supercharge your conversion rate? While those changes can often be small, identifying them in the first place can be far more challenging.
That’s where we come in. Want to know what CRO can do for your business? Get in touch today and let us crunch the numbers, then we’ll give you a breakdown of the results you can expect to see.