Conversion rate optimization (CRO) is a key element of digital marketing. It involves making changes to a website to increase the likelihood that visitors will take a desired action. The higher the conversion rate, the better. But when does conversion rate optimization give diminishing returns? The law of diminishing returns can be applied to performance marketing.
If you continue to invest more money in your AdWords campaigns and your coverage remains the same, at some point your conversion rate will drop and your cost per acquisition will increase. This is why it's important to approach conversion rate optimization systematically, with small changes over time. Making too many changes at once can be overwhelming for website visitors and lead to lower conversion rates. To get the most out of CRO, it's important to focus on all aspects of marketing, not just conversion rates. This includes creating a fluid and easy-to-navigate website, as well as giving visitors an impression of trustworthiness and confidence in your website.
You can also use interactive emails with forms, carts, calendars, games and other widgets to increase conversions. The Bayesian method can be used to determine the probability that variation B will have a lower conversion rate than variation A or control. Additionally, you should analyze your conversion funnel - the set of pages that lead to your conversion goal - to identify which elements are generating more conversions. If you can't get visitors into your conversion funnel the first time, the chances of them coming back and taking the desired action are quite low. Citing an example here, ADT was able to increase its conversion rate by 60% simply by changing the main text of its call to action button. In conclusion, it's important to remember that conversion rate optimization should be approached systematically, with small changes over time. You should also focus on all aspects of marketing, not just conversion rates, and use interactive emails with forms, carts, calendars, games and other widgets for higher conversions.
Finally, analyze your conversion funnel to identify which elements are generating more conversions.