Conversion rate optimization, or CRO, is something many B2B businesses focus on. Converting leads into customers is important and sales teams are always looking for ways they can increase their CRO. As it turns out, with a few tweaks in structure and strategy as well as some focused testing, your business can convert more leads and increase its rate of conversion. Make the most of your CRM and sales tracking software as well as your testing to convert more leads into customers.
The more ways you segment your leads, the greater the chance you have at converting them into customers. A study conducted by Econsultancy and RedEye found that companies whose conversion had improved used 90% more ways to segment their visitors and customers than companies whose conversion had not improved or had stayed the same. The three key areas you can't afford to ignore are geographic, demographic and behavioral segmenting. Other segmentations companies have found successful include buying behaviors, channels, lifestyle and levels of engagement.
Many businesses still use A/B testing. A/B testing is just one of the ways to test how successful changes to your page are against the current design and determine which ones produces more positive results. Multivariate testing has become the most valuable method for improving conversion rates. While multivariate testing may difficult to implement, it has proven to be the most valuable in improving conversions for those who do it. Whether you choose to go with A/B or multivariate testing, your business needs to be testing the impact of your web design on a regular basis.
Similar to multivariate testing, usability testing is important. This testing method of user-centered interaction will demonstrate how your website really works when facing a potential customer. In the same Econsultancy study mentioned above, researchers found that usability testing is by far the most effective technique for improving conversion rates as the vast majority of respondents deem this technique as highly (47%) or quite valuable (51%). This is the best way to see why customers are behaving the way they do on your site and if the site is easily navigable across multiple devices including computers, tablets and smartphones.
A Structured Approach
Econsultancy found that 70% of the company respondents with a structured approach to conversion had improved sales. Once comparison they found was that 24% of the organizations who had a structured approach to improving conversions had a large increase in sales while just 14% of companies that did not have a structured approach to improving conversion had a large increase in sales. Just looking for improvements without putting a strategy in place may lead to an increase in conversions, but taking those same thoughts and implementing a strategy for approach can make all the difference.
While different methods of testing or segmenting may require more effort, the ROI is worth the time you'll be putting in. More and more, B2B businesses are transitioning from A/B testing to multivariate testing as well as from broad segments of leads and customers to more specific ones. Refining your CRO strategy means you'll need to take a structured, customer-focused approach. By focusing on specifics and the structure of your approach, your business can increase its conversion rate and sales.
How will these numbers and strategies change your business's approach?