How to optimize conversions for B2B
Posted: Sun Dec 15, 2024 6:34 am
How does this work? We'll explain. Sales funnels are made up of different phases through which visitors pass until they become customers. As its conical shape indicates, the first phases of the funnel cover a greater number of people .
This happens because not all leads will become customers. Some will be lost along the way . While this is to be expected, this affects customer acquisition costs, because the more resources a company spends on acquiring a customer, the lower its return on investment (ROI) will be.
By optimizing conversion rates, business-to-business (and B2C) companies improve the likelihood that traffic will move through the funnel, increasing conversions and thereby reducing acquisition costs and boosting ROI .
Beyond its benefits, it is important to know that conversion optimization is chinese overseas british database not something that is quick or done once and for all, but rather it is an iterative process aimed at improving the quality of a website .
To carry it out, it is necessary to go through 5 fundamental steps:
1 - Define a goal
The first thing is to determine a purpose , asking yourself how testing the different hypotheses fits with the short- and long-term objectives, or what metrics the initiative will impact.
While the ultimate goal of conversion optimization is to get the most out of a website's traffic, it's necessary to establish the role each experiment plays in the overall context to understand whether your efforts are well-targeted .
In addition, you need to decide which element of the page you will experiment with first . The number of fields in the forms, the verbs used in the calls-to-action (CTA), the complementary images, the links, the testimonials, the headers… The possibilities are diverse.
It is best to experiment by area. By working this way, you will be able to analyze the results more easily .
2 - Set a reference point
Next, you need to establish a benchmark by evaluating your current conversion performance and trying to figure out what the data shows .
For example, if you're testing a blog post, find out the current conversion rate, or if it's a CTA, investigate the ratio of views to clicks.
3 - Formulate a hypothesis
Next, it's time to formulate a hypothesis that can be proven .
Start by asking yourself questions . “Is the page too distracting? Is the traffic coming in as expected? Is the information confusing?” are some possibilities.
Contrasting these questions with the data you've collected, create a hypothesis , such as, “If I change such a factor, the conversion rate will increase to X% because it will solve this problem.”
4 - Design the tests
The fourth step is to leave theory aside and take action, executing the change proposed in the hypothesis .
There are 6 factors that impact conversions: the value proposition of the offer, the relevance of the content, the clarity of the conversion path, visitor anxiety, distraction and urgency .
Taking these into account allows you to test the different elements of a site that affect user behavior. In turn, testing with only one element at a time makes it easier to analyze the impact.
After making the change, a schedule must be created to establish the baseline for the experiment, periodically recording performance and comparing it to the baseline .
This happens because not all leads will become customers. Some will be lost along the way . While this is to be expected, this affects customer acquisition costs, because the more resources a company spends on acquiring a customer, the lower its return on investment (ROI) will be.
By optimizing conversion rates, business-to-business (and B2C) companies improve the likelihood that traffic will move through the funnel, increasing conversions and thereby reducing acquisition costs and boosting ROI .
Beyond its benefits, it is important to know that conversion optimization is chinese overseas british database not something that is quick or done once and for all, but rather it is an iterative process aimed at improving the quality of a website .
To carry it out, it is necessary to go through 5 fundamental steps:
1 - Define a goal
The first thing is to determine a purpose , asking yourself how testing the different hypotheses fits with the short- and long-term objectives, or what metrics the initiative will impact.
While the ultimate goal of conversion optimization is to get the most out of a website's traffic, it's necessary to establish the role each experiment plays in the overall context to understand whether your efforts are well-targeted .
In addition, you need to decide which element of the page you will experiment with first . The number of fields in the forms, the verbs used in the calls-to-action (CTA), the complementary images, the links, the testimonials, the headers… The possibilities are diverse.
It is best to experiment by area. By working this way, you will be able to analyze the results more easily .
2 - Set a reference point
Next, you need to establish a benchmark by evaluating your current conversion performance and trying to figure out what the data shows .
For example, if you're testing a blog post, find out the current conversion rate, or if it's a CTA, investigate the ratio of views to clicks.
3 - Formulate a hypothesis
Next, it's time to formulate a hypothesis that can be proven .
Start by asking yourself questions . “Is the page too distracting? Is the traffic coming in as expected? Is the information confusing?” are some possibilities.
Contrasting these questions with the data you've collected, create a hypothesis , such as, “If I change such a factor, the conversion rate will increase to X% because it will solve this problem.”
4 - Design the tests
The fourth step is to leave theory aside and take action, executing the change proposed in the hypothesis .
There are 6 factors that impact conversions: the value proposition of the offer, the relevance of the content, the clarity of the conversion path, visitor anxiety, distraction and urgency .
Taking these into account allows you to test the different elements of a site that affect user behavior. In turn, testing with only one element at a time makes it easier to analyze the impact.
After making the change, a schedule must be created to establish the baseline for the experiment, periodically recording performance and comparing it to the baseline .