The Most Relevant CRO Statistics for Your Business
25 Feb, 2020
As a marketer, you spend countless hours on your campaigns. You start by researching your consumers and analysing their needs.
Then, you create a sales funnel that guides them towards an action. These actions can be anything from buying a product to submitting their contact information.
When creating your sales funnel, you carefully design every element. You choose a compelling ad copy. You determine which pictures are the most attention-grabbing. You even select the most persuasive colour for your CTA button.
As you can see, a lot of work goes into the marketing process. The end goal, of course, is to optimise your conversions.
For your efforts to pay off, you shouldn’t waste time guessing what will work. You should analyse your results and make any necessary adjustments.
You should also look at what has worked for others. This research will help you stay on top of the game and maximise your conversions.
In marketing, the numbers say it all. So, here are the most relevant CRO statistics that will help improve your conversion rate.
1. The search for “conversion rate optimisation” has jumped almost 500% since 2012.
It’s no secret that conversion rate optimisation is becoming a popular trend. We wanted to start with this statistic, so you can see how many companies are after CRO.
From the beginning of 2008 until mid-2012, searches for the term “conversion rate optimisation” were relatively infrequent. According to Google Trends, the search for this phrase experienced significant growth starting in mid-2012. Today, searches for this term are occurring nearly 500% more frequently.
Because of CRO’s growing popularity among websites and businesses, you need to stay ahead of the game. Covertica.org reports that one way to do so is by perfecting your business’s SEO. Contrary to popular belief, SEO doesn’t harm your business’s CRO efforts—it heightens them. SEO and CRO work hand-in-hand to retain customers and increase your company’s bottom line.
2. Half of all small businesses do not have any marketing plan at all.
Even though more people are searching for and implementing CRO strategies, 50% of small businesses do not have any sort of marketing plan.
We know that a CRO strategy can boost your conversions. So, why are so many businesses neglecting to make one?
Some entrepreneurs may find it too difficult. They aren’t sure how to conduct tests that give valuable insight. When they do, many don’t know how to make the proper adjustments to their campaigns.
Others may find it too expensive. They don’t want to spend money on CRO services or purchase tools that will help them conduct tests. They also may not want to dedicate time to CRO, believing it better to spend their efforts elsewhere.
The truth is, CRO will generate profits in the long run. You just have to have patience. You’ll have to run tests multiple times to see what does and doesn’t work. Then, you’ll have to play around with changes until something takes.
It may take a little time to see results, but once you do, you’ll wonder why you didn’t implement a plan sooner.
Don’t let yourself fall behind on this effective marketing method. Because other small businesses aren’t taking advantage of CRO, you can set yourself apart. You’ll be actively improving your conversions while others struggle to stay in the game.
3. Placing videos on landing pages increased one company’s conversion rate by 15%.
This statistic may be a bit of an outlier, but it is a notable example of a successful CRO strategy.
A spell check software company called Ginger placed an intro video on its homepage and saw a whopping 15% increase in its conversion rate. A 15% increase is remarkable, as conversion rates are typically 5% or lower to begin.
This technique worked for a lot of reasons. For one, modern audiences have short attention spans, so they don’t want to sift through chunks of text trying to acquire information about a company’s product. A short video that can quickly outline a product’s benefits is much more preferable as a method of content consumption. Plus, visitors to your website page are more likely to stay on your website and share your content if it’s video-based.
If you want to leverage this technology for your business, consider some different landing page video ideas:
- Product information or product demo
- Snippet from a previous webinar
- Personalised message or a comedy bit
Whatever type of video you decide on, make sure it’s relevant to your brand and the product or service you’re selling. When uploading your video to one of your website’s landing pages, keep the following tips in mind:
- Keep it short: Anywhere between 45-90 seconds is a decent length for a video on a landing page. With a short video, you will be able to retain the attention of click-happy Internet users better.
- Stay away from autoplay: Don’t force your visitors to watch your content. Allow them to consume your informative videos on their own, and they will be more likely to convert on their terms.
- Incorporate other content: While a great video is vital to achieving CRO, you also need to incorporate the proper headlines, graphics, and calls-to-action.
4. One company boosted its conversion rate by 120% by shortening its form to 4 fields instead of 11.
Looking for another way to beef up your landing pages? Be careful with how you create your forms.
Forms are a great way to collect users’ information. You can use it to get back to them with a quote, provide them with updates on your company, etc.
To get a user to fill out your form, you have to make them want to fill out your form. Convince them of the benefits of doing so. Or, even consider offering them something of value (access to exclusive content, a discount code, etc.).
Additionally, the process of filling out the form should be easy. Make it clear what information the visitor needs to provide and how to submit the form.
Finally, the form shouldn’t be too long. No one wants to sit there and fill out countless fields.
One company proved this “short forms are better” theory. When it reduced its number of form fields from 11 to 4, it saw its conversion rate increase by 120%.
So, when making your form, only ask for key information. In most cases, all you’ll need is their name, email address, and phone number. Fewer fields mean your customers will be more likely to complete the form.
You can only follow up with customers if they finish the form. Only request further information if it will increase the quality of the lead.
5. 61% of customers read user-generated content before buying a product or service.
As humans, we tend to care a lot about what other people think.
One study found that 61% of customers use reviews, blogs, etc. during the buying process.
If you think about it, the figure makes sense. How often do you just blindly purchase a product?
Probably rarely. Like most people, you tend to research. You’ll read customer reviews to see if it’s worth buying. If the reviews are bad, you’ll look elsewhere. You may also go with another product if there isn’t enough information on it.
Now, you know that your customers will be looking for reviews on your products. Take advantage of this principle to increase your conversions.
Start by not being afraid to brag a little. Display all the glowing reviews and awards on your site. These are especially effective when you place them on a buying page. They could be the element that pushes customers to make the purchase.
If there is little user-generated content about your company, try to get more! You can encourage your customers to leave reviews and even incentivise them.
Keep in mind that bad reviews are just as significant as good reviews. A bad review may turn customers away from your product completely.
This risk is why it’s essential to provide excellent service consistently. Commit yourself to quality products and maintain good relationships with customers. This dedication will make them want to leave positive reviews, which will convince others of the quality of your brand.
6. A one-second delay in page loading time decreases conversion rates by 7%.
While the quality of your website content can make or break a customer’s purchasing decision, this factor isn’t the only key player. An article published by Forbes reported that a one-second delay in page loading time results in a 7% loss in conversions.
Even though a one-second delay may seem insignificant, it can have a detrimental effect on your bottom line. Some ways you can increase the speed at which your website loads are:
- Avoid using 301 redirects if possible
- Optimise images and other website content as appropriate
- Place all script references right before the closing <body> tag of your websites’ pages
7. The average conversion rate of online shoppers globally was 2.72% in 2019.
At the beginning of 2019, the average conversion rate of online shoppers globally was 2.72%. This figure was a 0.5% decrease from the previous quarter. The following quarter experienced another 0.2% decrease in the conversions of online shoppers.
While these numbers may seem discouraging, know that every business tackles low conversion rates daily. It’s especially crucial to remain up-to-date with all of your marketing efforts and visitor retention strategies.
The statistics mentioned above gave insight into conversions on a global scale and considered all e-commerce industries. The number can vary greatly depending on the particular region, country, and industry in question. For example, if your company sells mostly higher-priced luxury products, you can expect to see a much lower conversion rate.
8. Mobile optimised websites are three times more likely to increase conversion rates by 5% or more.
Yes, it’s essential to have a beautiful desktop website. If users are using a computer, they should be able to browse your pages easily.
However, you shouldn’t neglect to create a optimised mobile version of your site. More and more users are using their phones to search for information, products, and services. They should have a good user experience on your website no matter what device they are using.
Companies with websites optimised for mobile devices have better CRO. Adobe says that they are three times as likely to see their conversion rates increase by 5% or more.
If your site isn’t compatible across different devices, users will become frustrated with your brand. They’ll quickly find another site that meets their needs, leaving you with a lower conversion rate.
9. One study found that companies spend less than 5% of their marketing budgets on CRO.
As previously discussed, one study found that half of the companies have no marketing plan at all.
A more global study done by Econsultancy found some more optimistic results, but there’s still a lot of room for improvement. The study discovered that more than half of the companies surveyed (53%) spend less than 5% of their marketing budgets on CRO.
In the same study, Econsultancy found that more than 85% of companies only allocate 15% of their marketing budgets to CRO. This study was worldwide, as it analysed companies throughout Asia, Europe, and North America. A lack of spending on CRO is a global issue that this study adequately highlights.
When such a small amount of money is going into CRO efforts, it’s no surprise that a lot of these companies have trouble with converting visitors. With all that we’ve discussed in this article, you would think that companies would dedicate a more substantial portion of their marketing budgets to CRO.
The moral of this study is that both small and large business owners have a lot to learn when it comes to setting aside sufficient funds for their marketing budgets.
Use These Statistics to Your Advantage
These are just a few of the many CRO statistics out there. They give you a good idea of how other companies are increasing their conversion rates.
Now, you can implement these tips in your campaigns. As long as you keep adjusting your strategies accordingly, you should see improved conversion rates.