What Can Help You Analyze Conversion Rate Optimization
There are many factors that can help you analyze your conversion rate optimization. To start, you need to set up tracking on your website or platform. This way you can see where visitors are coming from and what actions they are taking. This educates you on where they have entered your world. You can then see what actions they have taken, and where they end up. This way, you can analyze where potential clients dropped off or converted into a paying customer.
Creating Signals Inside Your Conversion Rate Optimization Analysis
This gives you “signals” that you can then consider looking deeper into, and building hypotheses and strategy off of. Having internal tracking inside your company is EXTREMELY valuable, especially over a long period of time. The company that has the best data, wins.
Surprisingly and quite often large organizations do not have an adequate tracking setup.
Poor tracking leads to increased CAC (Customer Acquisition Cost) and CPA’s. This is due to not understanding your customer journey or what is really going on with your potential clients.
You can then use data and information from your tracking to improve your conversion rate. This gives you the ability to create a “Hypothesis” and then “Test Improvements & Treatments” and “Conclusions”…
Our Customized Conversion Rate Optimization Formula
This is how we create our conversion rate implementations.
#1) CREATE DATA DRIVEN HYPOTHESIS
#2) TEST IMPROVEMENTS & TREATMENTS
#3) ANALYZE OUTCOMES & KEEP WINNING IMPLEMENTATIONS
Using Heatmaps To Help Analyze Your Companies Conversion Rate Optimization
Another factor that can help you analyze your conversion rate optimization is to use heatmaps. Heatmaps show you where people are clicking on your website and what they are looking at, and how long they stick around. This can help you see what is working and what is not. It also shows you where potential customers get stuck or confused. Check out Hotjar for a heat tracking software.
The moment potential clients get confused, they often leave. User experience is important.
A/B Split Testing & Understanding Your Baseline “Control”
After you’ve done all of this, you can then use A/B testing to test different implementations you think will have the GREATEST impact.
You want to implement the BIGGEST changes, and give them an adequate data window to determine if the test was a success or not. Implementing very minuscule conversion rate optimizations comes later when you are pleased with your overall conversion rate.
At the beginning, test big drastic changes and assumptions that will give you the greatest results.
NOTE: Be sure to keep a “control”…
What is a control? A control is your most STABLE piece of marketing and advertising material. What piece performed the MOST for you historically, base all of your changes off the “control”.
Conclusion
If you don’t have a baseline, you can’t optimize anything or know you’re successful with that specific optimization. Unfortunately, opinions don’t scale. Data does. Without actually testing the meaningful outcomes and results, you’ll have “Many Cooks In The Kitchen Syndrome”…
This leads to people giving you opinions, and never testing them with real world data. Many endless changes, wasting energy on your creative and advertising teams.
If you’d like support, conversion rate optimization isn’t that simple. Click the “Apply Now” button below.
Troy is the CEO & CIO at Legacy Media Partners. We manage large media budgets, and solve complex scaling issues that Mid-Market companies always face. In 2021 we added $7.6 Million in additional profits to our client’s bottomline.
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