Conversion Rate Optimization (CRO): How Small Businesses Profit from This Growth Hack
by Manuel Smith
November 5, 2023
Conversion Rate Optimization

Are you focusing on conversion rate optimization? Imagine losing over 200,000 subscribers within three months!

What would you do if you were Reed Hastings running America’s most successful online streaming platform?

And you wake up to losing over $54 billion in market cap in a single day?

How about if you were the CEO of Netflix? Would you tear down billboards on Wall Street or lower prices to reattract lost customers?

Tracking KPIs is how you discovered the massive drop in revenue and subscriptions.

But still, something wrong is underway.

According to CNBC, Netflix stock dropped by 35% on 20th April, amounting to $54 billion in market cap lost.

As a small business owner, what changes would you make if data suggested stagnant or declining growth in your business?

margins earned per year

Losing $54 billion overnight might be out of your league, but practicing this one growth hack will save you a fortune.

If I were you, running a business that uses landing pages for conversions and not getting customers, I’d make three vital changes:

  • Improve customer experience with existing ones – Treat them like guests.
  • Improve the quality of products.
  • Practice conversion rate optimization on all my services.

That’s what Netflix is doing to regain stability and get more customers. Not entirely, but at least it’s a big part of their process.

When I run a marketing campaign and fail to yield results, my run-to guy is usually a CRO professional.

Before diving deep, let’s define what CRO means and its impact on business.

Definition

CRO refers to the systematic adjustment of elements on a landing page to increase the percentage of users who take the desired action.

The fundamental principles of design play a crucial role in converting website users to your sales funnel.

CRO doesn’t increase website traffic but prompts active users to sign up or buy something.

That’s signing up for a free trial, downloading an application, or purchasing products.

This growth hack only works if you consider the five areas below.

1. Avoiding Choice Overload

Whether it’s an email copy, landing page, or ads copy, one call to action will drastically improve the conversions.

Many choices frustrate users who crave seamless exploration through your funnel.

When presented with many options, e.g., buy now, sign up for your 14-day trial and learn more on the same page, users will wander and take no action.

One CTA draws more attention to itself, luring users to act.

Buy now

Buy now is the only CTA on this landing page. It makes for a perfect example.

2. Trust Building

To get people buying into your brand, clever marketing strategies alone won’t work. Nurture your audience to gain social proof.

Social proof is psychological. Buyers will gauge the experiences of other people who use your products to gauge their behavior.

That’s the same reason you’ll ignore an Amazon product with a 4.0 for a 4.9-star rating. Everyone fears missing out on high-quality services.

Displaying reviews from current customers is the fastest way to build trust.

Video reviews are more authentic since they add a personal touch.

Do you have influencers on your customer list? Make them advocates and provide them with a high-quality, personalized experience.

People only invest in the ones they trust. Gaining trust will skyrocket conversion rates and improve your business’ growth.

3. Simplicity in Design

When designing for conversions, simplicity always triumphs.

Too many elements on a landing page compete for the attention of your target audience.

Have you struggled to find a movie to watch on Netflix because of many choices? Then you understand what I mean.

But designing for conversions can come in handy. Observing these four design elements will take you far.

Color

Create a welcoming mood for the user with colors and encourage them to stay longer on your website.

Contrast

Improve readability and clarity of assets on a landing page with contrasting colors.

The contrast makes the most relevant part of the page copy stand out.

Hierarchy

Control the visual relevancy levels of assets displayed on a website.

Arrange the elements such that the user notes the levels of importance.

For example, the headline may have a bold font weight compared to the subject.

Harmony

Create a satisfying experience by combining similar elements on your landing page.

Harmonizing your landing page creates a sense of unity between elements.

The best way to achieve harmony is by using adjacent colors.

4. Content Quality

High-quality content must be the most important asset on a landing page. Poorly written content is worthless.

I spot good copy by analyzing the pain-solving factor. Good content addresses the pain point and provides the solution in alignment with the service offered.

A mix of well-written copy and motion graphics perfectly converts website users.

That’s an average of 28% with the animated videos we create for some of our clients.

Revenue-generating copy must:

  • Address the user’s pain point.
  • Offer a relevant solution.
  • Propose how your services could help.
  • Have a bold Call to Action.

Animated videos are highly engaging and drive more conversions. In case you need animated videos for your business, call an Expert.

5. Only Data Talks

split testing

As marketers, we might be tempted to think our creativity will convert users.

But prospects don’t care about your feelings and your innovative spirit. They aim to find solutions to their pain points.

So, if you have a great product and want higher success in converting users, create and test various landing pages.

A/B(Split) Testing

Split testing is a marketing experiment where you send users to various landing pages to see which performs better.

Regarding the image above, a marketer sends traffic to two landing pages simultaneously within a mapped time frame.

They then record the results. When the time elapses, they send all the traffic to the best-performing landing page.

Split testing is the ideal experiment to know the cause of poor conversions. Once again, ditch the feelings and always trust the data.

Conclusion

If you are unhappy with your conversions, step up your digital marketing game.

Frustrating yourself over those low numbers won’t change the situation. You must optimize your website for conversions, and this takes work.

Tweaking elements on your website until you develop the best setup will generate more revenue.

Forget about feelings and take the data approach by split testing.

The purpose of CRO is to make user exploration seamless and should serve these five purposes:

  • Prevent choice overload
  • Build trust
  • Ensure simplicity in asset design
  • Engage with useful and relevant quality
  • Track data and make rational decisions based on it

I have a question for you if you’ve read to his point. How will you get started?

Originally published July 16, 2022; Re-published November 11, 2023, to add video.

Conversion Rate Optimization (CRO): How Small Businesses Profit from This Growth Hack

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