What is Conversion Rate Optimisation (CRO)?
Conversion rate optimisation (CRO) is the process of enabling people to take an action when they visit a website. By designing and modifying certain elements of a webpage, a business can increase the chances that site visitors will "convert" into a lead or customer before they leave.
CRO uses real-time data to identify what visitors are doing on the site, where they might drop off, what areas they visit most and what questions they're asking.
Organisations should be looking for a fresh approach to interpret and analyse this information so the data collected can then inform user design decisions. A better experience leads to better engagement and a higher uptake of products and services.
Why is it important for financial companies?
Over the last years, the financial sector has been disrupted. Customer expectations are rapidly changing while at the same time the speed of technology changes is increasing. A wave of new startups are transforming financial services.
As machine learning and fast data become more prevalent in the finance sector, many banks are looking at how they can leverage this dynamic data. CRO provides live, fast data to understand how different information can be presented to better assist the user, and the user need only select their preferred option via a click.
How can you get started?
Assuming you already have an analytics tracker on your website, the first step is to define the main business objectives that you want to optimise and then make sure that this tool covers it. On Google Analytics, for instance, you can set up Goals. Eventually, the Sankey diagram will show you where users are dropping off. That’s a good place to start analysing your page.
Now you know the step with most room for improvement. It could be that in hindsight, it is very obvious where the problem is. But if the issue is not that clear, then there are other quantitative and even qualitative methods to generate hypotheses.