Conversion Optimization (or Conversion Rate Optimization) is the science and art of getting a higher percentage of your web visitors to take action by becoming a lead or customer. It is a science because one cannot simply “guess and hope” which changes to the web pages would achieve a higher conversion rate. Hence, it calls for testing valid hypotheses, running controlled tests, and evaluating results. It is an art because it incorporates the aesthetics understanding also. A statistician or engineer alone cannot create the visuals and messaging that engage the web visitors. It mandates an organic and structured process which incorporates the learning from thousands of test results.
After the initial electric buzz of social media, companies are constantly asking for ROI(Return on Investment)? They argue that "What's the use of getting a ton of traffic to your site, if it doesn't impact our bottom line? That's where Conversion Optimization fits the bill.
Any online marketeer would agree with me that marketing response rates fluctuate widely from hour to hour, segment to segment and offer to offer.This phenomenon can be traced to the inability of humans to separate chance events from real effects. Moreover, drawing conclusions from a small sample of data - which inevitably has spurious patterns - is tantamount to some very poor decisions. Hence lot of companies extensively track click streams and use statistical methodologies to mitigate the urge to see patterns where none exists. These methodologies, or “conversion optimization” methods, are then taken a step further to run in a real-time environment. The real-time data collection and subsequent messaging as a result, increases the scale and effectiveness of the online campaign. Few good Conversion Optimization companies are listed below.
WiderFunnel’s Kaizen Method for Conversion Optimization
The Kaizen Method ensures that the Testing, Web Analytics and Website Design services work together to achieve client's business objectives. “Kaizen” means “continuous improvement” – and that’s what the client gets. As a starting point, this method analyze web analytics data, business goals, marketing research, competition, technical environment and demand-generation campaigns. The resulting Kaizen Plan identifies and prioritizes all conversion optimization experiment and web analytics opportunities to maximize the conversion rate improvement.
Invesp's Pii
Invesp believes that 14.56% conversion rate is possible and they have done it consistently over a period of time.
Key Points to note about Pii
After the initial electric buzz of social media, companies are constantly asking for ROI(Return on Investment)? They argue that "What's the use of getting a ton of traffic to your site, if it doesn't impact our bottom line? That's where Conversion Optimization fits the bill.
Any online marketeer would agree with me that marketing response rates fluctuate widely from hour to hour, segment to segment and offer to offer.This phenomenon can be traced to the inability of humans to separate chance events from real effects. Moreover, drawing conclusions from a small sample of data - which inevitably has spurious patterns - is tantamount to some very poor decisions. Hence lot of companies extensively track click streams and use statistical methodologies to mitigate the urge to see patterns where none exists. These methodologies, or “conversion optimization” methods, are then taken a step further to run in a real-time environment. The real-time data collection and subsequent messaging as a result, increases the scale and effectiveness of the online campaign. Few good Conversion Optimization companies are listed below.
WiderFunnel’s Kaizen Method for Conversion Optimization
The Kaizen Method ensures that the Testing, Web Analytics and Website Design services work together to achieve client's business objectives. “Kaizen” means “continuous improvement” – and that’s what the client gets. As a starting point, this method analyze web analytics data, business goals, marketing research, competition, technical environment and demand-generation campaigns. The resulting Kaizen Plan identifies and prioritizes all conversion optimization experiment and web analytics opportunities to maximize the conversion rate improvement.
Invesp's Pii
Invesp believes that 14.56% conversion rate is possible and they have done it consistently over a period of time.
Key Points to note about Pii
- E-commerce websites report an average conversion rate of 2.2% according to shop.org
- Top 10 converting e-commerce sites report an average conversion rate of 12%
- Conversion rate optimization can provide up to 1/3 increase in profit
- Invesp's clients report an average conversion rate of 14.56% in 2007
- Invesp's clients report an average conversion rate of 9.8% in 2008
Nice post.. interesting
ReplyDeletehi
ReplyDeleteThank you so much for defining the clear meaning and use of conversion optimization process. With this information I learn about this factor which is highly important for all the website. Now I am keen to learn some tips to improve it.
ReplyDeletewebsite conversion optimization