Digital Marketing Webinar
Conversion Optimization: How To
Double Your Revenue & Profits
May 7, 2014 | Manuj Bajaj (Busines...
CONVERSION
OPTIMIZATION
How to double your revenues
and profits?
Manuj Bajaj
GreyBox Technologies
manuj@greyboxtechnologie...
Poll-1
What type of site do
you have?
Poll-2
How much traffic do
you have on your
site?
SEGMENT 1:
Introduction to Conversion
Optimization
5
Question
How do I grow
Sales / Profits / Leads
from my online business?
6
Answer
I need better visibility
I need more visitors / traffic
Let’s buy more traffic on the site
Let’s increase our ad sp...
Another Approach
Conversion Optimization
8
Two approaches to increasing online sales
JANUARY
OPTION 1:
Conversion Optimization
OPTION 2:
Purchase Traffic
Spend Rs. 5...
Two approaches to increasing online sales
FEBRUARY
OPTION 1:
Conversion Optimization
OPTION 2:
Purchase Traffic
Spend Rs. ...
What happens if you stop spending?
MARCH - DECEMBER
STOP
Conversion Optimization
STOP
Purchasing Traffic
Spend Rs 0 Rs 0
T...
Optimization is a process, not an event
Optimize your
site
Increase sales
Learn how your
customers
think
Conversion optimization works its magic over
time, just like compound interest
Learning how your customers think helps you
optimize faster
 What kinds of images resonate?
 What messages do they respo...
SEGMENT 2:
Conducting tests for conversion
Optimization
15
Ok, so how do I test it?
16
There are many methods of testing but the most
popular type of method is A/B testing
A/B testing is the core of conversion
optimization, but there’s more to it
What are
visitors
trying to
accomplish?
Are the...
A/B testing is like a junior school science
experiment...
Boiling water only Tap water only
...but on the Web, it works better using
people than plants
An illustration for A/B test
Simple example of an A/B test
Treatment A (or “Control”)
Treatment B
Treatment B drove 30% more clicks on their Sign Up bu...
Another example of an A/B test
Control: Treatment A Treatment B
Just a small change in CTA button from ‘Add this to
my Car...
Another example of an A/B test
Control: Treatment A Treatment B
Version A, the ‘See Product Video’ button
call to action (...
Example of an A/B test
Control: Treatment A Treatment B
Additional navigation at the top of Version A helped
convince 19% ...
Example of an A/B test
Control: Treatment A Treatment B
18.87% more shoppers converted from viewing their cart to entering...
SEGMENT 3:
What can I test?
26
So, what can you test on your site?
Headings & sub-headings
Navigation
Link labels
Forms
Images
Calls to action
Offers
Pri...
SEGMENT 3:
With so many items to test, what do
I test first?
Where should I start?
28
Google Analytics reveals your biggest
conversion opportunities
29
Crazy Egg lets you see where people click and
how they scroll
30
Get answers to 4 critical questions using
iPerceptions 4Q
31
Watch people use your site with
UserTesting.com
32
Next you need to summarize everything you’ve
learned about your visitors...
33
... and then categorize your observations
34
Craft your hypotheses about how you can
change the user experience
ASK THE QUESTION
M: How can I improve the relevance
of ...
Design the new page or page elements around
your hypothesis
36
Close the test, winner or not, and consider
what you’ve learned
Winner or no
result?
WINNER NO RESULT
Did your new
design ...
... if you could double your
site’s conversion rate?
A. Bank the money and enjoy life on the beach
B. Reinvest the money t...
Want More Case Studies?
http://www.marketing-results.com.au/marketing-case-studies/
http://www.copyhackers.com/
http://whi...
Optimization Resources
Google Website Optimizer / Content Experiment / Behavior Experiments tool & tutorials:
https://www....
www.digitalvidya.com
Found It Useful?
Join upcoming Digital Marketing Webinar live!
http://www.digitalvidya.com/webinars/
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Conversion Optimization: How To Double Your Revenue And Profit

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Conversion Optimization: How To Double Your Revenue And Profit

  1. 1. Digital Marketing Webinar Conversion Optimization: How To Double Your Revenue & Profits May 7, 2014 | Manuj Bajaj (Business growth Consultant) www.digitalvidya.com
  2. 2. CONVERSION OPTIMIZATION How to double your revenues and profits? Manuj Bajaj GreyBox Technologies manuj@greyboxtechnologies.com www.GreyBoxTechnologies.com
  3. 3. Poll-1 What type of site do you have?
  4. 4. Poll-2 How much traffic do you have on your site?
  5. 5. SEGMENT 1: Introduction to Conversion Optimization 5
  6. 6. Question How do I grow Sales / Profits / Leads from my online business? 6
  7. 7. Answer I need better visibility I need more visitors / traffic Let’s buy more traffic on the site Let’s increase our ad spend / media spend 7
  8. 8. Another Approach Conversion Optimization 8
  9. 9. Two approaches to increasing online sales JANUARY OPTION 1: Conversion Optimization OPTION 2: Purchase Traffic Spend Rs. 50,000 Rs 50,000 Traffic in December 10,000 visitors Traffic in January 10,000 visitors 12,000 visitors Conversion in December 3.0% Conversion in January 3.6% (20% lift from ph-1 testing) 3.0% Resulting Sales 360 units 360 units
  10. 10. Two approaches to increasing online sales FEBRUARY OPTION 1: Conversion Optimization OPTION 2: Purchase Traffic Spend Rs. 50,000 Rs. 50,000 Traffic in January 10,000 visitors 12,000 visitors Traffic in February 10,000 visitors 12,000 visitors Conversion in January 3.6% 3.0% Conversion in February 4.32% (20% lift from ph-2 testing) 3.0% Resulting Sales 432 units 360 units
  11. 11. What happens if you stop spending? MARCH - DECEMBER STOP Conversion Optimization STOP Purchasing Traffic Spend Rs 0 Rs 0 Traffic 100,000 visitors 100,000 visitors Conversion 4.32% 3.0% Resulting Sales 4,320 units 3,000 units That’s 44% more sales for the same 2-month investment!
  12. 12. Optimization is a process, not an event Optimize your site Increase sales Learn how your customers think
  13. 13. Conversion optimization works its magic over time, just like compound interest
  14. 14. Learning how your customers think helps you optimize faster  What kinds of images resonate?  What messages do they respond to?  Which calls-to-action work best?  What assurances are most effective? The more you learn *and apply+, the more you’ll sell
  15. 15. SEGMENT 2: Conducting tests for conversion Optimization 15
  16. 16. Ok, so how do I test it? 16 There are many methods of testing but the most popular type of method is A/B testing
  17. 17. A/B testing is the core of conversion optimization, but there’s more to it What are visitors trying to accomplish? Are they successful? Why or why not? Test alternate experience
  18. 18. A/B testing is like a junior school science experiment... Boiling water only Tap water only
  19. 19. ...but on the Web, it works better using people than plants
  20. 20. An illustration for A/B test
  21. 21. Simple example of an A/B test Treatment A (or “Control”) Treatment B Treatment B drove 30% more clicks on their Sign Up button. That’s 30% more business for 37 signals, with no increase in traffic!!
  22. 22. Another example of an A/B test Control: Treatment A Treatment B Just a small change in CTA button from ‘Add this to my Cart’ to ‘Buy Now’ resulted in extra revenue of Rs. 16 Lacs per year.
  23. 23. Another example of an A/B test Control: Treatment A Treatment B Version A, the ‘See Product Video’ button call to action (CTA), increased form fills on the page following the button by 48.2% at a 98.5% confidence level.
  24. 24. Example of an A/B test Control: Treatment A Treatment B Additional navigation at the top of Version A helped convince 19% more visitors to purchase something.
  25. 25. Example of an A/B test Control: Treatment A Treatment B 18.87% more shoppers converted from viewing their cart to entering the checkout process with Version A than with Version B. That’s a nice fat bump, especially considering the fact that both test carts used clean, best-practice-based design.
  26. 26. SEGMENT 3: What can I test? 26
  27. 27. So, what can you test on your site? Headings & sub-headings Navigation Link labels Forms Images Calls to action Offers Prices Page layout Page flows
  28. 28. SEGMENT 3: With so many items to test, what do I test first? Where should I start? 28
  29. 29. Google Analytics reveals your biggest conversion opportunities 29
  30. 30. Crazy Egg lets you see where people click and how they scroll 30
  31. 31. Get answers to 4 critical questions using iPerceptions 4Q 31
  32. 32. Watch people use your site with UserTesting.com 32
  33. 33. Next you need to summarize everything you’ve learned about your visitors... 33
  34. 34. ... and then categorize your observations 34
  35. 35. Craft your hypotheses about how you can change the user experience ASK THE QUESTION M: How can I improve the relevance of my offering to visitors? V: What kinds of changes might increase the impact of my product’s value proposition? F: How can I reduce the friction my visitors encountered on my home page? A: How can I alleviate the anxiety some visitors feel on my site? CREATE THE HYPOTHESIS By using a better screenshot, I will improve relevance. By including social proof in my headline, I will make my value proposition more impactful. By removing links and other distractions, I will reduce home page friction. By displaying a phone number, I will alleviate visitor anxiety. 35
  36. 36. Design the new page or page elements around your hypothesis 36
  37. 37. Close the test, winner or not, and consider what you’ve learned Winner or no result? WINNER NO RESULT Did your new design reflect your hypothesis? YES NO Revise your hypothesis and re-test Improve page design and re-test Are there other pages in your primary funnel to test the same hypothesis? YES NO Create new design on subsequent page and test Test your next hypothesis 37
  38. 38. ... if you could double your site’s conversion rate? A. Bank the money and enjoy life on the beach B. Reinvest the money to buy more traffic C. Hire someone to focus 100% on optimizing your site
  39. 39. Want More Case Studies? http://www.marketing-results.com.au/marketing-case-studies/ http://www.copyhackers.com/ http://whichtestwon.com/ 39
  40. 40. Optimization Resources Google Website Optimizer / Content Experiment / Behavior Experiments tool & tutorials: https://www.google.com/analytics/web/?hl=en#report/siteopt-experiments/ https://support.google.com/analytics/answer/2844870 https://www.youtube.com/results?search_query=google+content+experiments Visual Website Optimizer tool & tutorials: http://visualwebsiteoptimizer.com/ http://www.youtube.com/watch?v=vELzXfIdWvs http://www.youtube.com/watch?v=tyH8GRTxJh0 A/B testing tool comparison chart: http://www.whichmvt.com/ Visitor feedback tools: http://www.google.com/analytics/ http://www.crazyegg.com http://www.iperceptions.com/en/4q http://www.usertesting.com/
  41. 41. www.digitalvidya.com Found It Useful? Join upcoming Digital Marketing Webinar live! http://www.digitalvidya.com/webinars/

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