Wish to know how conversion optimization works? Develop an understanding on how to double your revenue and profits from your site, with the help of the below Webinar by Manuj Bajaj, Online Business Growth Consultant.
The webinar was mainly focused on some of the real-world scenarios and case studies with some great examples of what works, and what doesn’t, and what steps can one always take to increase their profits. The webinar was mainly on conversion optimization. It was attended by a number of audiences. In fact, the webinar was structured in a way to meet all the requirements of the audience and answer their questions.
The major topics that were discussed in the webinar were:
- Defining Goals for your site
- Calculating your goals and goal conversions
- How to increase lead conversions
- Developing insights about the target audience
- Trying to understand the visitor’s behaviour
- Finding bottlenecks in goal conversions
- What to test at first
- Some action steps for the optimization
The webinar started off by conducting two polls, they are:
1) What type of sites do most of you have?
For which almost about 36% said Ecommerce, 33% said lead generation, 21% for content site with no direct revenue contribution and 10% with content site with advertisements as main revenue source.
2) How much traffic does each one of you have on your site?
For which about 30% said they get less than 10,000 visitors per month, 15% said they get more than 10,000, 23% said they have no idea and 25% said they do not have a site.
After conducting these polls the webinar began. It was totally divided into 3 segments.
The segment 1 was all about Introduction to Conversion Optimization to the audience present.
Then Mr Manuj Bajaj asked the audience: How do I grow Online Sales / Leads / Profits from my business?
The audience present gave many answers like “I need better visibility, I need more visitors / traffic, let’s buy more and more traffic on the site, let’s increase our ads expenditure / media expenditure” etc. Then Mr Bajaj said all the points discussed were equally important.
He then stated some approaches for conversion optimization, they are:
Two approaches for increasing your online sales are:
Approach 1: Conversion Optimization
Approach 2: Purchase huge Traffic by spending amount
The below is the chart used by Mr Bajaj to illustrate both the approaches to the audience:
Here comes the question “What if you stop spending money from March to December?” To answer this question Mr Bajaj illustrated another chart shown below:
After explaining the audience about the two approaches Mr Bajaj said “Optimization is a process, not an event, Optimizing your site Increase sales. First of all learn how your customers think, Conversion optimization just works its own magic over certain time, just similar to compound interest. Think, what assurances are most successful? The more you learn and apply, the more you’ll sell, and then which calls-to-action work best? What kind of messages do they respond to? What kinds of images reverberate? Learning how your clients imagine helps you optimize in a quicker way and attain better results”.
With this the segment-1 came to an end.
This segment was about “Conducting tests for Conversion Optimization”.
After learning about conversion optimization in segment-1 the next question was “How do I test it?”
For this Mr Bajaj said “There are many methods of testing this but the most admired type of all methods is the A/B testing method”. Then further to it he then added saying “A/B testing is the heart of conversion optimization, but there’s even more to it. What the visitors are trying to accomplish? Are they really successful? Why or why not”.
Here, A & B are two treatments.
Then Mr Bajaj gave some examples on A/B test. Here are the examples used by him.
- A simple example of an A/B test is, let us consider two treatments, Treatment A, Treatment B .Some how Treatment B had driven say about 30% more clicks on their Sign Up button than that of Treatment A. That results in 30% more trade for about 37 signals, with no boost in traffic at all for treatment B.
- Another good example of an A/B test Control is Treatment A, Treatment B be two example sites. Just a very small change in their CTA key from ‘Add all these to Cart’ to ‘buy now’ for treatment B had resulted in extra income of almost Rs. 16 Lacks per annum.
- Another example of an A/B test Control is Treatment A, Treatment B in Version A, the ‘Please See the Product’s Video’ button CTA, increased the structure fills on the pages subsequent the button by 48.21% at an almost 98.50% assurance level.
- Example of an A/B test Control is Treatment A, Treatment B an extra navigation present at the top of Version A helped induce 19.0% more visitors to purchase something.
- Treatment A, Treatment B. Let us have 18.87% more customers converted from viewing their cart to moving to the checkout procedure with Version A than with Version B. That’s a nice hit, especially when taking into account the fact that both these test carts used spotless, best design.
With these examples Mr Bajaj closed the discussion on segment 2.
This segment focussed on the question “What can I test? “
This segment was started by Mr Bajaj asking a question “So, what can you test on your business site? Headings & sub-headings, Navigation Link labels, Forms, Images, Calls to action, Offers, Prices, Page layout, or Page flow”
He then said “With so much stuff to test, what should I test first? Where should I start?”
The answers to the above question are:
- Using the Google Analytics reveals your businesses biggest conversion opportunities.
- Crazy Egg also lets you observe where people click your site and how they scroll through your site
- Get answers to the 4 critical questions regarding your site using iPerceptions 4Q
- Keep a watch on the people who often use your site for their purpose with UserTesting.com
- At the end you need to sum up everything what you’ve learned about your viewers and then classify your observations based on them.
Mr Bajaj gave the following example on categorizing your observations:
Then Mr Bajaj suggested the following:
Create your hypothesis about how you can change your user’s experience
Ask Them Some Questions Like:
- How can I improve the significance of my contribution to visitors?
- What kinds of changes might boost the impact of my product’s value scheme?
- How can I actually reduce the resistance my visitors encountered on my main page?
- How can I assuage the concern some visitors feel on my site?
Then Create The Hypothesis For Above Questions:
- By using a better screenshot, may be I will improve my relevance.
- By including some public proof in my headline, I will make my value format have more impact.
- By removing contacts and other distractions, I will try to reduce the main page resistance.
- By displaying a phone number, I will assuage visitor concern.
After the above hypothesis design a new page for your site based on the hypothesis.
At the end after close the test as under:
He then said after understanding the above segments, “What would you do if you could almost say double your site’s conversion rate?”
For which he then suggested:
- Put the entire money in the bank and enjoy remaining life on the beach
- Reinvest the money in your site to buy more and more traffic
- Hire someone to usually focus 100% on optimizing your site and its performance.
With this Mr Bajaj ended the webinar.
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