Operating a small business has never been easy, especially in the initial phase of building your website and attracting target audiences to know and purchase your business’s products. It’s not hard to see this scenario: a lot of investment has been spent on human resources such as web developers, marketing specialists, data analysts, and so on, but the expected ROI is low. Sounds familiar?
Indeed, building, and creating an e-commerce website development for small business is complicated enough, but achieving quality conversions is even more difficult. To convert traffic into clients, you need a website that is up-to-date, clean, user-friendly, trustworthy, and bug-free.
Are you prepared to rapidly multiply your eCommerce conversion and leads? If your website hasn’t considered a Marketing Optimization System, then you have a tremendous opportunity for immediate growth.
This post will provide 5 steps to increase your conversion rates and generate more leads, as well as serve as a guide for implementing your own split testing and conversion rate optimization plan.
- Research: Conduct quantitative and qualitative research on your market to find your opportunities.
- Hypothesis: Make a forecast report based on collected data, then make a plan to achieve your goal.
- Execution: Conduct testing for the differentiation variations in each experiment and set up the split testing software.
- Review: Review your testing results to see whether your business gains more conversion rates and leads
- Scale: Apply it to larger scales after having experience and enough results
Let’s figure it out!
What are the steps to increase your e-commerce website profit?
Step 1: Research
Research is the key element for conducting good split-tests. To have a great website development for small business, company should analyze quantitative and qualitative data to decide where the greatest opportunities are. Then, they will modify their plan when the time is right.
Simultaneously, businesses use quantitative data to determine what firms can optimize quickly for quick wins. Also, consider conducting Google Analytics audits to analyze the top objectives and landing pages, as well as tracking revenue, conversions, and heatmaps.
Additionally, qualitative analysis is needed. Understanding qualitative data assists e-commerce enterprises in identifying the difficulties, issues, and wishes of our ideal customers. This allows small businesses to uncover more ways to grow their eCommerce sales overall.
Previously, the necessary equipment was expensive and difficult to operate. But now, solutions such as UserTesting.com, where you can observe users/visitors navigating your site to determine exactly what's happening, are more simple and more accessible to anyone.
UserTesting will assist you to understand how users navigate around your websites, and you may summarize what you've learned from the collected data. This will assist you in developing your wireframes based on the insights and design comments gleaned from these specific testing.
Additionally, businesses should employ heatmap software, Visual Website Optimizer, HotJar, or Inspectlet to monitor precisely where visitors are clicking, as well as tools like Survey Monkey to analyze particular input from consumers and future customers. As previously stated, the survey can be integrated into a variety of website sections to automate the collection of qualitative feedback.
Step 2: Hypothesis
Once businesses have determined where testing should begin, they will establish a hypothesis.
They will use data and facts to formulate specific forecast, then construct an experiment to test the hypothesis and analyze how the results could be interpreted.
Creating a hypothesis is crucial because organizations not only want to be able to track and quantify what is occurring, but also want to understand how it links to each area of their business - how it affects their stakeholders, different business managers, and customers. Small firms must then determine which of these tasks has the highest priority.
Prioritizing can be accomplished in various ways. Try to answer the following questions before executing a test:
- Who are you attempting to convince?
- What behavior do you want them to show?
- What are their desired next steps?
These questions can be answered and broken into to the following steps:
Create the test and describe its success criteria by answering the following three questions:
- What behavior do you want them to show, and where will we measure it?
- Which web pages should you test?
- How do you measure success?
For instance, you may have observed in the past that many of your existing customers signed up after viewing videos on your website. The purpose of your webpages may be to encourage visitors to watch a certain video. So you set up a tracking method to see whether they are watching it or not. To attract more viewers, you may want to test the video's actual thumbnail. You evaluate your success based on the percentage of viewers who convert after viewing the video.
After collecting data, the next step is to enhance it. Specifically, if more people view the video and convert, what does the video offer that the website does not? If the "aha!" moment in the video is a result of a testimonial or a success guarantee, is this information reflected accurately on the page to attract non-video viewers as well? Now that you have the data, use it to your advantage and improve.
How many hours - development hours and man hours - will this test require to have an effect?
This is the amount of time or cost reduction required to alter the occurrence or create a successful test. Are you expanding the entire consumer base or simply a subset? Are you interested in a 1% or 20% increase?
How much do the tools, personnel, and other expenses related with doing the actual test cost? How much does the test itself cost?
Step 3: Execution
Then, for each trial, you formulated a hypothesis based on who your ideal target audience was and who was visiting your website. Now you will build the creative for the various versions in each trial and implement split testing utilizing software such as Visual Website Optimizer or Optimizely.
This is one of the most time-intensive steps in the procedure. Occasionally, multiple individuals may be required to do all necessary responsibilities. When it's time to construct the mockups for the split testing variations, for instance, I generate wireframes for each variation. A wireframe is essentially a black-and-white outline of a website's structure. Using Photoshop, the wireframes are transformed into color designs. After the color scheme has been perfected, we may code the necessary HTML to construct the web pages. Then, the split test can be set up directly in the testing program.
Experiments are added to the testing program and then configured to monitor a few primary objectives. I typically set the following primary objectives for every test:
Conversions - Track visitors to 'thank you' page
Revenue – monitor revenue for each pageview of the "Thank You" confirmation page
Track engagement with each page version based on clicks
After doing quality assurance testing of the experiments in all required browsers, we will commence testing for a specified traffic segment.
For instance, if we are testing a product page based on paid advertising, we will do desktop-specific tests differently from mobile-specific tests.
Sometimes a test is successful, and sometimes it is not. However, it is essential to evaluate both successes and failures in order to learn from them.
Step 4: Review
After the tests pass, we must ensure that it makes sense to release the new creation as the new baseline control on the live site. We will employ a website data analyst to do statistical analysis to see whether the new adjustments will increase our conversion rates. It is not always the case that if a split test is successful, you will earn more money.
Not only must we evaluate the data from the completed test, but we must also determine whether the winner will actually contribute to the bottom-line growth of the organization.
There are numerous considerations to make. How challenging would it be to implement into the live website? What if the winner only corresponds to a particular traffic segment? We should test each segment to guarantee that it yields the identical outcomes for all visitors regardless of the device they are employing.
Step 5: Scale
You are now prepared to expand your firm and increase your profits. Once you've determined which tests are improving our conversion rates, boosting sales, and generating more leads, you can apply what you've learned to other sections of your eCommerce business. For instance, if you discover that a fresh landing page headline increases conversion by 20%, you may use that title to build PPC advertising. You may also test this headline on your homepage and category pages. This is how all successful experiments are scaled.
If you are looking for a trusted IT partner, VNEXT Global is the ideal choice. With 14+ years of experience, we surely can help you to optimize your business digitalization within a small budget and short time. Currently, we have 400+ IT consultants and developers in Mobile App, Web App, System Development, Blockchain Development and Testing Services. We have provided solutions to 600+ projects in several industries for clients worldwide. We are willing to become a companion on your way to success. Please tell us when is convenient for you to have an online meeting to discuss this further. Have a nice day!