Conversion Optimization

Model Discovery

There are several ways to drive conversion optimization efforts in an organization. The choice of operating model depends on:

Traffic volume to the website
Preference of product/marketing teams
Budget
Speed
The choice of tools

Model 1 – ONGOING CONSISTENT TESTING

If an organization wants to have a pure data-driven conversion optimization model such that they meticulously want to assess how the addition/removal/update of any element contributes to the conversion rate of the website then they have to A/B test every update.

The positive side to this update is that over time you will have a very clear understanding of what works and what does not work for your site. But, if you do not have enough traffic volume then reaching results with statistical significance can take aeons.

If you have decent traffic volumes then you should opt for ongoing experimentation as that becomes a part of your operating culture. Further, websites which already tick off best practices of design and copy have no other option but to take an approach of ongoing testing. CRO of poorly developed websites is much easier than CRO of good websites.

Other than the traffic volume, the volume of tests depends on the choice of tool. Most businesses use Google Optimize, which is a free tool under the Google Marketing Cloud stack, but at a time we can do only 5 tests.

If a business can afford ongoing testing and commit to it then logically there is no reason that they will not discover winning variants. In our experience, consistent ongoing testing leads to a lift of at least 30% YoY for most eCommerce stores with decent value propositions.

Irrespective of how skilled a CRO expert is, it is not possible for anyone to predict the outcome of the tests. The business must be willing to accept that half of the tests can fail. This number can go up or down based on the current status of the website and the value proposition of the business.

This model starts at a monthly retainer of 2,400 USD.

Model 2 – CONVERSION DEVELOPMENT

If the website does not have enough traffic volume & the business is already planning a website revamp, then this will be the right model.

This model can also be leveraged for developing new landing pages.

In this model, we will redesign sections of the website or the full website keeping into consideration the best practices in design and copywriting.

If a section already exists on the site then we can split-test between our version and the existing version to ascertain that there was indeed a lift in conversion rates and by how much.

This is a faster way to get results, but we cannot predict with certainty on which elements on the new version are driving results, its a full package.

The costing in this project is highly subjective depending on the requirements. However, for simple web page development we can estimate ballpark of 1,200 USD per page. That will cover design, copy and development.

We will also help setup up analytics on the page and optionally setup the split test between old and new version.

Businesses can also opt for going with model 2 first and then model 1 to consistently optimize the new version that they get developed.

Model 3 – Conversion Development with money back guarantee

This model is open only after we assess your business model. In this model. In this model we guarantee you a lift in conversion rate (Usually it is a minimum 30% lift)

The pricing for this model starts at 12,000 USD. We will take 50% advance. The lock in period of this package is 4 months.

There are some other factors to keep into consideration. Since, this a money back guarantee solution, there are fixed turn around times for the clients to respond to various things like copy, creatives and other dependencies. We will mutually agree on a time before commencing the project and the agreement will be part of our  service agreement.

The agreed lift will not affect the average order value, rather we will also try our best to increase the average order value as well.

We will run a split test using Google Optimize between your existing version of the website and the version that we develop.
If there is a consistent lift in the conversion rate for at least 14 days with at least 90% statistical significance, then we will deduce that the version is successful. We will then calculate the lift factoring in both the probability as well as the conversion difference between default and the variant.
To calculate the incremental revenue we will consider the calculations that the test produces. For example, if your default conversion rate was 2% and the conversion rate of our variant after 14 days of test with 90% + probability was 2.8% - we will consider a 40% * 90% lift in your conversion, ie a 36% lift.