- We need to improve our conversion architecture and capture more leads
- Not sure if it’s design, content, or usability factors that are affecting conversion rate
- Too many website exits or website abandoners
A proper conversion optimization strategy is mission-critical to optimize lead generation on your website/landing page
When you consider buying stages of prospective buyers, the concept of a purchase funnel is realized. Potential buyers enter the top of the funnel, but so few actual buyers exit. Potential buyers exit at various sections of the funnel for a variety of reasons.
Conversion optimization is the process of analyzing website traffic behavior, seeing how marketing segments react to marketing elements, and adjusting marketing and sales tactics based on this reaction. The goal is to increase the percentage of website visitors that convert, or perform a desired action.
Conversion definitions fall under a number of categories:
- Ecommerce website: Placing an order
- Catalog website: Requesting a quote or more information
- Lead generation website: Web form filled out to receive content, or registration
The concept of conversion optimization requires the following elements:
- Identifying areas within the sales funnel that should be optimized
- Follow a repeatable process to optimize those areas
Because lead generation sites don’t rely on online purchases as those purchases occurs offline, we need to prepare a benchmark for conversion optimization. Once we calculate a sales conversion from a lead conversion, we can estimate how much to spend on advertising to prove a positive ROI, and then prepare a “what-if” scenario if online conversions increase. Here’s an example for a pay-per-click campaign:
- Average profit per customer (Gross revenue minus margin): $5,000
- Assume a national campaign generates 10,000 clicks
- Assume a typical visitor to lead conversion rate of 10%
- Assume of the 10%, 2.5% of those sell
- Assume an average of $5.00 per click
- Pay-per-click budget: $50,000
- Online leads generated (10%): 1,000
- Sales generated offline (2.5%): 25
- Total revenue: $125,000
- Net Profit: $75,000
So when we improve the quality of your landing page and improve the quality of the content being offered, so that the online conversion rate improves from 10% to a conservative 12%.
Pay-per-click budget: $50,000
- Online leads generated (12%): 1,200
- Sales generated offline (2.5%): 30
- Total revenue: $150,000
- Net Profit: $100,000
Without spending any more on advertising, the scenario just made $25,000, just by improving the online conversion rate. Remember this model, as we’ll address it again when we get to the lead nurturing portion of the journey.
There are a number of tactics that can be put in place to improve your online conversions, including these elements:
- Use of Testimonial
- Length of web form
- Above the fold benefit copy
- Call-to-action design and content
- Headline and sell statement construction
- Usability and navigational element
We’ll assess all of these elements to insure your conversion architecture is optimized for lead generation.
Key Content Statement
If the topic of the content meets the needs of the buyer personas, conversion rates increase.
Summary of Approach
No matter what kind of site you have, we’ll prepare conversion rate benchmarks then put together tactics to increase those rates.
Next Stop: Analytics and Measurement