(Webinar) 7 Ways to Make CRO a Growth Driver for Your Business 2014
-
Upload
sitetuners-conversion-rate-optimization -
Category
Technology
-
view
330 -
download
0
description
Transcript of (Webinar) 7 Ways to Make CRO a Growth Driver for Your Business 2014
Grow with CRO
7 Ways CRO is a Growth Driver for Your Business
Sean Ellis – CEO of Qualaroo
@seanellis
About Me
@seanellis
• Founder/CEO of Qualaroo & GrowthHackers.com
• Previously VP Marketing for customer zero to NASDAQ IPO filing at LogMeIn and Uproar.com
• Then interim marketing exec roles at Dropbox, Lookout and Eventbrite
Elements of Sustainable Growth
• “Must have” product
• Appeal to large market
• Cost effective acquisition
@seanellis
Without elements of sustainable growth, CRO is low impact
Growth is Units of Gratification
@seanellis
Simple CRO Formula
@seanellis
Conversion Rate = Desire – Friction
1. Harvests/Enhances Desire (Intent)
• Increase conversion momentum
• Most powerful marketing force
• Takes slack out of market
• Recommended intent questions
Does this page make you want to [sign up for] [this product]?
What are you hoping [this product] can do for you?
@seanellis
1. Harvests/Enhances Desire (Intent)
• Increase conversion momentum
• Most powerful marketing force
• Takes slack out of market
• Recommended intent questions
Does this page make you want to [sign up for] [this product]?
What are you hoping [this product] can do for you?
@seanellis
2. Reduces Frustration (Friction)
• Scaling frustration is dangerous
• Rarely 2nd chance with frustrated
• Recommended friction questions
Any questions before [conversion action]?
Is anything preventing you from [conversion action]?
@seanellis
3. Adds Business Momentum
• Early CRO wins build momentum
• Data driven improvements infectious
• Attracts more growth capital
• Prioritize tests for early wins
@seanellis
4. Increases # Viable Campaigns
• Conversion improvement increase successful campaign tests
• 10X improvement in conversions ≈ 100X increase in growth
• Repeat ad tests after CRO wins
@seanellis
✔ ✖ ✖
✖
✖
✔
✔
✔ ✔
✔
✔
✖ ✔
✔
5. Helps Customer Retention
• If visitor reaches MHX* - very high retention rate
• CRO is about maximizing % that reach MHX
• Understand your MHX to create accurate promise (expectations)
@seanellis
*MHX = Must have experience
6. Improves Word of Mouth
• WOM powerful growth driver
• More MHX = more WOM
• Some products lead to better WOM that others
• Optimize referral program flows
@seanellis
7. Doubles Down on Success
• CRO and growth are about doubling down on success
• When you can improve, good chance you can do it again
• When you can’t improve, move on to something else
• Double down on best pages, sources, user segments...
@seanellis
Review All Seven Ways
1. Harvests/enhances desire (intent)
2. Reduces frustration (friction)
3. Adds business momentum
4. Increases # viable campaigns
5. Helps customer retention
6. Improves word of mouth
7. Doubles down on success
@seanellis
Grow with CRO
Continuous Improvement Process
@seanellis
Quantitative Research
Qualitative Research
Conversion Testing
Questions?
@seanellis
Thank You.
Sean Ellis CEO of Qualaroo
Twitter: @seanellis