5 steps to creating a successful CRO strategy

06/07/16

In order to keep customers from straying, many companies are now noticing the necessity of putting the customer at the center of the strategy. In a mobile world with increasingly sophisticated online services, providing a superior customer experience more than active management of the site’s conversion rates. Investing on personalization and optimization on a multichannel basis is paramount to successfully achieve the company’s conversion and retention goals as well as to increase the average customer spend. The use of data in direct communication and CRO project is no luxury, but critical in this highly competitive market.

However, until today most of the companies’ optimization projects can’t move past the basics when it comes to improving conversion rates. When optimization is effectively integrated with the global business strategy, delivering good revenue results and improving the customer experience come naturally as a result.

Here are five key steps to a successful CRO strategy.

Step 1: What is success to your business?

If the business priority is customer acquisition or the increase in the average ticket, CRO can make the difference. In any case,before even considering optimization technologies, it is important to evaluate exactly what the company is seeking.

The organization must have a clear view of business goals and its strategic initiatives, relating these factors to the online business.

Step 2: Prioritize optimization actions in the campaign

After evaluating the reach of optimization in the business’s issues, it’s important to define which activities will be long-term, requiring extra development work and/or be combined with other projects such as the launch of a new product or co-branding project.

Once the initial optimization campaigns have been determined and prioritized, it’s time to define KPIs for each one of them. While in markets like retail KPIs tend to be similar in all business instances, other industries will have very different KPIs depending on their business goals. Also, a range of indicators can be added, such as segments of users who clicked on a particular content or activity tracking, for example.

This way each campaign will have a custom set of KPIs. It is essential to continually assess their performance to ensure the optimization process supports the key business objectives.

Step 3: Organize for Success

After the goal of the optimization strategy has been defined, the company needs to prepare the right people for the project, choosing an appropriate executive to flagship it willing to motivate the team based on deliverables achieved within defined timeframes and KPIs.

A successful strategy requires coordination and collaboration of several individuals from marketing through the web developers to analysis team, always keeping in mind the main objectives of the business, defined in step one.

Step 4: Create a culture of data-driven decision-making

The making of decisions based on the customer’s data dismisses any “guesswork”. Organizations can start exploring campaigns with A / B testing and multivariate testing to various ideas and concepts described in the previous steps. An in-depth test analysis also gives the business a proven insight into the impact that the changes have on the customer experience as well as in the revenue.

Step 5: Measure and communicate performance

Having been put the culture of data-driven decision-making into practice, it is essential to share results and insights with the entire company and ensure that all stakeholders recognize the value of the investment. 

Combining high-level results and campaign insights using a collaboration platform makes it possible to generate more engagement and commitment of project resources.

Presenting the results of winning campaigns in a simple, accessible manner – tied into the KPIs – supports better decision making and more collaboration between the business areas, allowing the continuous refinement of the strategy.

Source: Adapted from the original Maximyser white paper.