We do love our acronyms in marketing! CRO stands for Conversion Rate Optimisation, which in non-jargon means turning a visitor into a customer.
It’s one of the most important metrics for your store. I’ve talked on the Raison blog about conversion rate optimisation and I’m going to go through some of the important things to remember and consider when hiring a CRO freelancer.
The Most Important ECommerce Equation
Data can get very complicated very quickly. That’s why I always suggest starting from this simple equation when considering your e-commerce data.
Traffic x Conversion Rate = Orders
Orders x Order Value = Revenue
Traffic x Conversion Rate x Order Value = Revenue
Ok, I’ve put three equations there, but I did that to illustrate how they fit together.
So if I have 1000 visits and 10% convert, then I have 100 orders.
If my average order value is £20 then I have 100x £20 which equals £2,000.
The key takeaway here is the importance of Conversion Rate. It’s a metric to describe how many orders you get.
But it’s also quite an art to pin down what influences conversion rate. Each visitor will have their reason for not purchasing a product from your e-commerce store.
It could be:
- Site issues
- Product choice
- The weather!
Seriously, I’m not joking about the weather. Some shops are now using weather personalisation to increase their conversion. Just imagine going to a shop that knows it’s raining where you are and shows you an umbrella!
But I use that last point to emphasise really that there are a multitude of factors influencing conversion, because there is such a range of visitors on your site.
A skilled Conversion Rate freelancer will be looking for trends, identifying your stores demographic and also applying best practice conversion optimisation practices onto your site.
I’ll give some examples of the ‘low-hanging fruit’ for conversion optimisation:
- Site Speed – If your site is too slow then users leave. It’s an obvious one but has a huge influence.
- Shipping Surprise – If you have a hefty cost for shipping then your visitors may abandon their checkout
- Hard to navigate site – If you don’t have search or your products are buried then the visitors might never discover the product that suits them
- Responsive design – If the site is not easy to use on mobile or tablet then your visitors will not become customers
A conversion rate specialist will be able to identify these maximum impact, minimum effort items. Once they have discovered these, there are more sophisticated options at their disposal. Perhaps you can increase your conversion rate by:
- Offering live chat in the checkout – help nudge those with concerns to become customers
- Intelligent product recommendations – making sure that you have relevant cross-sell items on a product page so a visitor can easily navigate to a product that suits them
- Targeted promotions and incentives – use those coupons to great effect!
- Scarcity – this is somewhat counter-intuitive, but by showing the exclusivity of an item, such as a limited stock or limited period to purchase, you can incentivise a visitor to purchase.
- Personalisation – A simple personalisation the idea is to check the country of origin and make sure that you are displaying the correct currency of the visitor
Finding a conversion freelancer that gets results
The key to working with an expert who gets results is to set targets and track their performance. You can do this in a spreadsheet. Just measure how many orders per month and your traffic. Then divide the two to get your conversion rate.
Once you know your current conversion rate, you’ll be able to monitor changes. It’s important to know that there is a lot of testing involved in conversion rate optimisation. Sometimes the best practices won’t apply. You might have a very specific niche that is different from the mainstream.
Here’s a bit of a cliche example, but it will demonstrate the case.
A CRO might change the add-to-cart button from green to red. It might have an increase in conversion; it might have a decrease. It might well have zero impact.
A good CRO will provide a list of tests they want to action. They will then monitor the change. Cumulatively these tests can have a huge impact.
There are some changes that can only have a positive impact. For instance site speed is universally recognised as a conversion booster. There are also other changes that will need to be tested.
How can YoGrow help?
YoGrow (the site you are on) has a free dashboard that shows you the three metrics I mentioned at the start of the article. The metrics of traffic, conversion and order value.
We make it much easier than other analytics tools like Google Analytics. You can see how your store is performing without the complicated dashboard. YoGrow is jargon-free.
You can try your conversion tests and then monitor any change. You an also set targets for the coming months and track if you hit them. If you’re not tracking this data, then I highly recommend you do. Growth comes from setting targets.
Can you recommend a CRO freelancer?
The second part of YoGrow is our freelancer marketplace. We have a range of CRO specialists who sell their services on YoGrow. The best part is it integrates with the YoGrow dashboard.
Once you’ve purchased their service, you’ll get a target on your dashboard. They’ll set targets based on your store data. This helps set expectations from the start and lets you see the return on investment you’ll get from working with the expert.
Finally, I’ll give a little plug for our e-commerce strategy pack. This is a service you can purchase from the marketplace. This includes CRO optimisation as well as AOV (average order value) optimisation.
Be sure to head to YoGrow Gigs to check out other services available from the marketplace.