The average ROI on Conversion Rate Optimisation is over 200%. So why do so many marketers ignore it?
Conversion Rate Optimisation (CRO) is the process of optimising your website or landing pages to increase the percentage of website visitors who take a desired action, such as making a purchase or filling out a form.
Ignoring CRO can be a costly mistake for businesses, as it can lead to missed revenue opportunities and wasted marketing spend.
In this blog post, we'll explore the cost of ignoring CRO and why it's important to prioritise this critical aspect of your digital marketing strategy.
Missed Revenue Opportunities
One of the primary costs of ignoring CRO is missed revenue opportunities. Every website visitor who leaves without taking a desired action represents a lost opportunity for revenue. For example, let's say you have an e-commerce website with 100,000 visitors per month, and your current conversion rate is 2%.
If you can increase your conversion rate to 3%, you will generate an additional 1,000 sales per month. If the average sale is $100, that's an extra $100,000 in revenue per month, or $1.2 million per year.
Wasted Marketing Spend
Another cost of ignoring CRO is wasted marketing spend. If you're driving traffic to your website through paid advertising or other marketing channels, but your website isn't optimized for conversions, you're wasting money on traffic that is unlikely to convert.
By investing in CRO, you can improve the conversion rate of your website and make your marketing spend more efficient and effective.
Lost Customers and Brand Trust
When your website isn't optimised for conversions, it can lead to a poor user experience and frustrated visitors. This can result in lost customers and damage to your brand trust.
In fact, a study by Forrester Research found that 90% of online users reported that poor user experience caused them to leave a website. By investing in CRO and improving the user experience of your website, you can increase customer satisfaction and build trust with your audience.
CRO Statistics You Need to Know
According to a study by Econsultancy, companies that invest in CRO are more than twice as likely to see a large increase in sales than those that don't.
A study by Conversion XL found that the average ROI of CRO is 223%, with some businesses reporting ROI as high as 1,000%.
A survey by MarketingSherpa found that 74% of marketers say CRO is important to their overall digital marketing strategy.
According to a study by Adobe, businesses that implement personalization in their CRO strategy see an average increase of 19% in sales.
A study by Unbounce found that the average conversion rate for landing pages is 9.7%, but the top 25% of landing pages convert at 11.45% or higher.
Conclusion
Ignoring CRO can be a costly mistake for businesses. By investing in CRO, you can increase your conversion rates, generate more revenue, and make your marketing spend more efficient.
The statistics speak for themselves – companies that prioritise CRO are more likely to see a significant increase in sales, and the average ROI of CRO is over 200%.
Don't let missed revenue opportunities, wasted marketing spend, and damage to your brand trust be the cost of ignoring CRO. Take action today to optimise your website for conversions and reap the benefits of a well-executed CRO strategy.
