Conversion rate optimization, or CRO, is improving a website or app to increase the amount of email signups, downloads, sales or other goals. These improvements are done through methodically testing small changes on the website or app.
With CRO, companies can generate more revenue without investing additional money to gain more website traffic.
CRO is performed in four essential steps.
First, the company has to set the goals that they want to achieve. Maybe they want to increase sales, or to get more emails but they have to define what success looks like.
Second they have to identify how people behave when they visit their website to figure out what can be improved to hit their goals.
Third, the company must then create a hypothesis they want to test. For example will changing the image on the site from a frowning person to a smiling person increase sales?
Finally the company then has to make the change to test this hypothesis to see if it will increase sales better than the original version.
There are many software companies like Optimizely, Unbounce and Google’s free testing tool that easily helps you do this.
Conversion Rate Optimization is still a young industry, but its importance is widely acknowledged:
- 61%of companies conduct up to five landing page tests a month (1);
- In 2018, CRO professionals will be among the highest paid digital marketers in the U.S. (3).
In 2012 the Obama campaign use CRO and Optimizely to increase donation conversions by 49% and sign-up conversions by 161% over the course of 20 months. They executed about 500 A/B tests that lead to record high donation amounts.
If you are looking to make bank so you can eat brunch and have mimosas on the weekends then invest in and grow this skill.