How to get started with CRO on a financial website

Author Livia Thimotheo
  • Date April 11, 2019
  • Reading Time 4 minutes

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.

Digital_mortgage

How can you get started?

  • Analytics

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.

  • UI review

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.

Those could be:
- Competitor review
- Heuristic review
- Surveys
- Usability testing
- Other analytics tools such as Hotjar

  • Experiments

After looking at best practices, what the competition is doing and what your users really care about during this step, you have a few ideas of how to improve your design. Put those ideas in an effort versus impact map in order to start organising your CRO roadmap.

  • A/B or multivariate?

A/B testing is better than a multivariate because at the end of the experiment you will know exactly what works and what doesn’t. You could potentially use this knowledge in other areas of the sales funnel or even other projects. With multivariate tests, on the other hand, because you’re testing so many different random things at the same time, you won’t be able to pinpoint exactly why it worked. You’ll also need a lot of traffic in order to have statistically significant results. So it is worth it to do that UI analysis and come up with fewer informed hypothesis rather than go nuts.

Next steps

So you know where the problem is, you have an idea of how to fix it and the tool you’ve chosen to do your A/B sent you a message saying it’s got statistically significant results. You open the report and it worked! Excellent, now you just need to implement it.

In any case, you’ve had more than one hypothesis so you will learn from this and keep on learning from your users and adapting and improving your design.

CRO

If you are thinking about starting a new CRO project and would like to chat about these questions, feel free to give us a call on 0207 977 9230 or email us on hello@dock9.co.uk.