The ConvEx Sessions were spread over five days, giving viewers insight into Conversion Rate Optimisation (CRO) techniques and generally improving online user experience. Here at equimedia, we really value VWO’s experiment-driven marketing approach, so here’s five highlights that might help you develop your CRO activity:
Value Promise vs Perception
A “promise of value” is what we are telling the customer they will experience should they choose to buy our product or service, however, this promise is only as good as your customers’ understanding of the promise. The higher the understanding, the higher the perceived value will be.
VWO offered us a good example; would you buy an unknown object for £1,000? The answer is most likely, no. And no amount of free shipping, discount vouchers or incentives will convince you otherwise. You need to know what the product is and why you need it. Once you understand the value of the product, this is what will convince you to buy it.
Watch the Value Proposition seminar to learn more about why value proposition is an important thing to test for when analysing conversion uplifts.
The 6 Components of Value Proposition
Following on from the first insight, we learned the Six Components of Value Proposition. Communicating these six facts to your consumer is essential to increasing your conversion rate. If you do this well, you could even increase the perceived overall value of your product or service, and this could in turn allow you to increase prices without even changing the product.
To find out more about “good value proposition” and user price perceptions, watch the Value Proposition seminar.
There are Stages to Building a Culture of Experimentation
Getting started with Conversion Rate Optimisation activity is often the hardest barrier to overcome due to resource, skill and political barriers. Breaking down the shift in your culture and implementing the change gradually could help reduce resistance.
Stage 1: This first step is a simple one – start testing!! Demonstrating early wins is essential, but equally, making a spectacle of your first experiments can help get your stakeholders on board.
Stage 2: This is a gradual transition into process-driven CRO and will likely focus more on test velocity rather than conversion rate. You’ll likely need to find a person or agency to manage this and, at this stage, having a generalist with good design, UI, copywriting and analytics experience would also be beneficial.
Stage 3: Here’s where we really start conversion rate optimisation, and this is where your clients or your workforce will really see the benefits of experimentation. You strive for buy-in from all parts of the organisation and to get a collaborative team of experts across all disciplines.
Stage 4: This is your opportunity to share insight and praise the work that came out of it so that the culture of experimentation can continue in the future. At this mature stage this is where personalisation for your developed customer personas comes to the fore.
To get a more in-depth rundown of these four stages, watch the Embedding Experimentation In Company Culture session.
Improving Your Server Can Improve Sales
Yep, that’s right, improving your server speed could improve your conversion rate. Search engine, Bing, found that by improving their server performance by 100-milliseconds they could increase their revenue by 0.6%; that’s a $16M improvement. Conversely, Amazon determined that a 100 millisecond drop in performance resulted in a 1% decrease in sales.
To listen to more reasons as to why server performance is so important and what you can do about it, watch the Performance; Each Second Counts session.
Find out how we can help to boost your sales and help your business grow, check out our Conversion Rate Optimisation services.
CRO isn’t About Opinion
This may seem like an obvious point, but we feel that it’s something people forget; Conversion Rate Optimisation is not about opinions, it is about facts. Every site and every page is different, so we must always look at the data and the facts, and refrain from speculation.
Find out more from Rebecca Hinton in her session on How Hubspot Used Data to Redesign Its Academy Website.
Overall VWO ConvEx was a great week of insights. No matter where you are in your CRO journey you'll no doubt get value out of these sessions, so if you haven't done so already go and check them out while they're still available.
If you'd like some advice to get started with CRO activity, or to improve what you're already doing, get in touch with us below!