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3 learnings to help you increase your conversion rate

Don't we all want to evolve as marketers? Fact is: we often face barriers. Limits on budget, time and/or skills… all those things are obstacles we face every day. But focused investments on analyzing, testing and personalizing customer experiences do pay off and can make a strong business case in the long run.

Here are three important learningsfrom top performing marketing organizations that will eventually push your conversion rate upwards.

1. Test to make decisions
Testing is a solid way to help you make the right decisions. Use data and performance metrics consistently to analyze test results, evaluate the tactics used and decide on next best actions.
There's no better tool than a relevant experiment to get internal attention. In order to gain the necessary support for using the outcome and recommendations:

  • make sure your data is clean, consistent and trusted.
  • define your main optimization conversion event and how to calculate ROI. Ensure that it aligns to your organization's KPIs.
  • provide high-level figures and insights to explain your optimization actions to stakeholders across the organization.
 
2. Channel budget and resources toward optimization
As decision-making moves from gut feeling to math, budgeting for optimization will get easier. Top performing companies devote 5% (or even more) of their budget to optimization activities. They are segmenting audiences, using mobile analytics, performing A/B testing and understand the link between optimization and higher profit.

It's a cyclical process: spending more budget on optimization efforts results in higher conversion rates and revenue you can fund additional activities with. Start with small wins to demonstrate the proof points and gain momentum for larger investments.

3. Believe in content targeting
In a recent CMO survey 89% of CMOs say that the use of customer behavior data for targeting was increasing.

Optimized content personalization enables marketers to make new and returning visitor experiences more relevant and efficient. And the more relevant the experience, the more engaged the customer is, which will likely lead to more conversion. As Forrester noted, companies that are personalizing customer content and that are able to quantify the improvement in the context of their key performance metrics are seeing an average 19% uplift in sales.

Automation and solid data help in content targeting decisions. But you can start by testing a few email and website sections, continuously refining your targeting processes, and tracking what makes your communication more effective and efficient. Then look for opportunities to expand optimization efforts across the customer journey. Develop your business case based on these tests (see point 1. Test to make decisions) and then start budgeting for automation.

Conclusion

Optimized content personalization is key to keep customers engaged and satisfied as they interact with your company and brand. While this isn't new for marketers, surveys now clearly show that investing time, money and effort reap revenue rewards.

Posted on
Oct 24, 2014