Combatting Competition With Better Conversion Rates

We all know that getting customers to take action is a key part of marketing. Our goal today is to help you get the most out of the visit when customers do convert. To do this, you need to: 1. Make visitors want to visit your pages. 2. Make them value your offering. 3. Make them feel obligated to complete the transaction. 4. Have an experience that will make customers want to come back. 5. Make them aware of other offers you have. 6. Offer them a way to easily return to your site. 7. Throw in a discount or a special offer. 8. Make them feel great about themselves. 9. Make them feel like they made a smart decision

No matter what type of business you are in, you must have competition. Competition is a good thing, unless of course it’s your competition that’s your competition.

In the world of paid search marketing, the increase in cost per click year after year is a common trend in many industries. The giants with the biggest media budgets are constantly spending everything they can to fend off the competition and maintain their dominant share of impressions. Other competitors are constantly struggling to maintain their presence through accurate targeting and reliable optimization of all accounts. But even with the highest quality keywords, the highest click-through rates, and the most robust automated bidding strategies, this optimization may not be enough to deal with the reality of rising competitive costs in the industry.

For many advertisers, this is a crippling reality. As effective as paid search can be at generating leads or transactions for low-tunnel users, the increase in cost per click can be overwhelming. Many of them are in danger of being driven out of business because they have no other tactics outside of their paid search account to offset the cost of clicks.

If you feel like you are in the same situation as the advertisers mentioned above, you need to find another tactic that will increase your conversion rate and therefore your business’ bottom line. Because even with higher click-through rates and lower click-through rates, you can potentially be more successful at generating revenue and growing your business if you can increase conversions in your paid search campaigns with higher conversion rates.

So if you can’t configure anything in your account for this, how is that possible? Come on in: Conversion Rate Optimization (CRO).

Conversion Rate Optimization (CRO)

Conversion optimization (CRO) allows you to find ways to improve the local user experience and increase conversions by systematically testing your landing pages. This process allows you to methodically make changes outside of the paid search platform to steadily increase your conversion rate. By improving your conversion rates, you can combat the increased competition and higher cost-per-click of paid search.

CRO starts by collecting data on current user behavior on your landing pages and in your conversion funnel to find areas or components that aren’t performing optimally. For example, you can analyze user activity data using a heatmap or clickmap. You can also conduct focus group interviews or automate user surveys. In short, you need to start by understanding exactly what your prospects see as barriers to conversion and where they are experiencing unnecessary friction.

They then hypothesize about why a particular item is not working as well as it should, and develop an alternative to test that hypothesis. This is called A/B testing. Then test with a CRO tool (e.g. Google Optimize) and divide the inbound traffic between the existing version (A) and the alternative version (B). Over time, you will see the difference (or lack thereof) in conversion rates between the two options. Once you reach statistical significance in a given test, keep the version with the best conversion rate and make it permanent. You then analyze other data to build your next test to try to further increase conversion rates; they will improve over time, even if your paid search account optimization and targeting remains relatively static.

Brief proof of concept

At Portent, we have been working with a B2C client for several years, with a focus on prospects. One of our key initiatives in the second quarter of last year was the development and implementation of a comprehensive strategic plan for the CRO. Throughout the year, we collected data on the site’s users using various tools, conducted user surveys, analyzed the trends we noticed, developed numerous A/B tests, and continued to optimize the landing page and conversion funnel. This is what we found after 12 months:

Conversion rate for form filling

  • 2019 Conversion Rate: 30.1%
  • Conversion rate 2020 : 32.2%
  • CVR improvement: +2.1 points (+7%)

As a result of these website improvements, we were able to reduce the average cost per lead in our paid search campaigns, although the cost per click increased by 5% over the course of the year.

Battle costs rise and win

A/B testing (and multivariate testing if you like) of your landing pages and conversion funnel can and will likely lead to actionable insights that will then lead to permanent changes that will immediately improve your conversion rates. That, in a nutshell, is the essence of conversion rate optimization, which can help you combat the high cost per click of paid search. We know this because we have done it and it works.

Ultimately, this all translates into higher sales and profits. When you increase your conversion rate, you get more leads, more business, and more deals. Increased sales can lead to increased marketing budgets, which can increase your paid search volume over competitors you were previously displacing, mitigating the impact of a higher cost per click. You can even invest more in marketing efforts to increase your brand awareness.

If you haven’t thought about using CRO to improve your paid search account, now is the time!

Frequently Asked Questions

How can conversion rates be improved?

There are many ways to improve conversion rates. Some of the most common methods include: – Increasing the number of visitors to your website. – Increasing the number of people who visit your website. – Improving your website’s design and layout. – Improving your website’s content and information quality. – Improving your website’s navigation. – Increasing the number of people who subscribe to your newsletter. – Increasing the number of people who buy from your online store. – Increasing the number of people who share your content on social media sites. – Increasing the number of people who follow you on social media sites. – Increasing the number of people who like your Facebook page. – Increasing the number of people who follow you on Twitter. – Improving your website’s SEO (search engine optimization). – Increasing the number of people who share your content on social media sites. – Increasing the number of people who follow you on social media sites. – Improving your website’s design and layout. – Improving your website’s content and information quality. – Improving your website’s navigation. – Increasing the number of people who subscribe to your newsletter. – Increasing the number of people who buy from your online store. – Increasing the number of people who share your content on social media sites. – Improving your website’s SEO (search engine optimization). – Increasing the number of people who share your content on social media sites. – Increasing the number of people who follow you on social media sites. – Improving your website’s design and layout. – Improving your website’s content and information quality. – Improving your website’s navigation. – Increasing the number of people who subscribe to your newsletter. – Increasing the number of people who buy from your online store. – Increasing the number of people who share your content on social media sites.

What are the five strategies to overcome competition in the market?

1. Focus on the customer 2. Focus on the product 3. Focus on the price 4. Focus on the market share 5. Focus on innovation

How do you compete with lower prices?

You can’t.

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