5 Reasons why ignoring Conversion Rate Optimization (CRO) is hurting your business
Many online businesses underestimate the importance of conversion rate optimization (CRO). This is a common mistake that often results in missed revenue opportunities. So how does this happen?
Before we get hot and heavy, let’s first define CRO.
To start off, conversion rate is the percentage of visitors to your website that convert into customers. The tactics BEHIND increasing this percentage is where the optimization part comes into play.
But wait, if a customer is already on your site then they must be ready to buy, right? Not so much.
Websites that have long loading times, complicated navigation or messy web design can affect how visitors perceive your business. The average attention span for an internet user is 8 seconds. For context, a goldfish’s attention span is 9 seconds.
On top of short attention spans online shoppers are incredibly savvy when it comes to shopping. One small mistake (such as a broken link or slow page loading time) can result in a 7% decrease in conversions.
So here’s where conversion rate optimization comes into the play. Before investing money into marketing, optimizing for conversions is key. Otherwise you are losing potential customers and revenue while spending at a much higher rate.
Conversion rate optimization allows your business to capitalize on website traffic leading to more conversions and revenue while spending less per acquisition.
Still need convincing? Here are 5 more reasons CRO is important for the success of your business:
1. You Need To Stay Competitive
Stay ahead of the game! The value of Conversion Rate Optimization is increasing as companies get more competitive. Consumers will navigate to sites that are accessible and relevant. In order to compete in such a competitive market it’s vital to have your site optimized for site flow and conversion rate.
2. The Cost Per Click is Increasing
It’s no mystery that the cost per click on platforms such as AdWords and Facebook is rising as competition increases. Not to mention, AdWords looks at site relevancy (landing page relevancy) as a factor in your ranking. Your site design needs to be relevant and easy to navigate in order to stay competitive with your competition.
3. Consumer Attention Span is shorter
According to Qsample, it takes 10 seconds for visitors to decide if they want to stay on your website. If visitors make it to 30 seconds, they are more likely to stay on your page for 2 minutes and return again in the future. Additionally, 40% of visitors will leave your website if loading takes longer than 3 seconds.
So what do you need when you have less than 13 seconds to capture the attention of your consumer?
You need CRO.
4. Quick Measurable Results
You have to report to your CEO with measurable results, right? CRO is the quickest way way to increase conversion rate and time spent on the site, unlike search engine optimization, which can take months to show results.
5. You Need Senior-Level Support
“You get data! And you get data! You all get data!” Be the Oprah of data within your company.
CRO is a data-driven tactic. The numbers don’t lie and when upper management asks you to justify your marketing choices, you’ll be able to provide them with the data provided by your CRO specialist.