On Thursday 30th October, Greenlight hosted a CRO event and cocktail masterclass, presented by Matthew Whiteway, Client Services Director and Optimizely.
Here, we deep dive into the world of CRO and take a look at how it can deliver incremental revenue through testing.
What is CRO?
Conversion Rate Optimisation is a structured and systematic approach to improving the performance of your website and is crucially informed by analytical insights. It is the method of creating an experience for a website or landing page visitor with the goal of increasing the percentage of visitors that convert into customers.
What are the benefits?
1. You get more customers, for free! The obvious reason to improve conversion rate is that you can convert more customers without having to spend a penny more on digital advertising.
2. The "slight edge" phenomenon - If you want to be twice as profitable as your competitors, you don't have to be twice as good as them. You just have to be slightly better. This phenomenon is sometimes called the "slight edge."
3. An increase in conversion rate of just 50% can result in a far higher return on investment than simply spending more in advertising to deliver a comparable level of revenue.
"It was an interesting and informative event - I would definitely attend more Greenlight events in the future" - Maria Fritzell, Customer Acquisition Manager at Moss Bros.