Want higher revenue from the traffic you’re already getting?

Conversion rate optimization is important for several reasons:
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● CRO is a scientific and systematic method to improve revenue.
● It prevents you from doing something that harms conversions or wastes resources on things that don’t have a positive impact. 
● Enables you to understand your customers at a deeper level.
● Promotes data-driven decisions rather than decisions based on gut instinct.

Your conversion rate depends on a variety of factors, which range from your industry, types of products or services, price point, and brand to your traffic sources, and user experience. For this reason, it’s difficult to define a realistic ‘one-size-fits-all’ conversion rate. 
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The main thing is to ensure you are progressing and moving forward each day. Plus it’s important to remember that your conversion rate is a good guide metric but it doesn’t always lead to higher revenue.  

Our experiments typically run for one to two business cycles. We recommend running tests for a full week at a time, so for example 7, 14, 21 days, etc. But this is always customized based on the test and client. Before we run a test we will calculate the minimum detectable effect or MDE which is the smallest change we can significantly measure, typically with a confidence level of 95%. This helps us to calculate the amount of traffic and conversions we need to see in each of the different variations for the test to be concluded.

Our main goal here at Speero is to make your customers happy and give you the best ROI we possibly can. We aim to provide you with 2-5 times your investment. 
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Our experience speaks for itself. We have worked with clients for over 6 years, who are still getting ROI as a result of working with us. 

When you’re looking to increase your revenue, why stop at just your website? The principles of scientific experimentation can be applied to pretty much any part of your business. You can run experiments on things such as:

● Apps
● Digital products
● Pricing
● Business propositions
● Websites
● Product packaging
● Business processes
● Store layouts
● Ads
● Email

To get the most out of your experimentation work we recommend that you consider the end-to-end customer journey rather than specific touchpoints in isolation.

Our conversion rate optimization process starts by performing in-depth cx research throughout the customer journey. We use a range of research methods from our ResearchXL methodology. This helps to identify pain points and areas of friction. 
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We then form hypotheses based on our analysis of the data and prioritize them keeping the customer and business impact in mind. 
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Next, we create innovative test treatments that call on our consumer psychology and user experience design expertise, giving each experiment the greatest chance of succeeding.
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Following this, we focus on increasing the number of experiments we run and learnings we make, as well as upskilling internal teams and improving the culture of data-driven decision making.

Conversion rate optimization is quite a misleading term because it isn't (and should) only be about conversion rates. If you only focus on the number of conversions, you might find you raised the conversion rate but also increased returns or decreased AOV–negatively impacting revenue overall. Therefore you should always track conversion rate alongside revenue. 
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There are also ‘guardrail metrics’ that can be indicators of success such as program ROI (deducting the costs of the experimentation program itself), AOV, and repeat purchases.

Conversion rate optimization should always be an on-going project. If you’re not moving forward you’re falling behind.
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CRO allows you to push past your competition and hopefully encounter the fun problem of hitting your local maximum. 
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Don’t worry, Speero works with many advanced CRO clients who have been optimizing their experiences for years’. We can help you innovate and continue to push the boundaries of your existing experience.

A hypothesis is a statement that sets out the problem and the potential solution. It condenses your research findings into a single statement, which helps you focus when developing the test variant or ‘solution’ in more detail e.g a paper wireframe. 
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A hypothesis statement should follow the below format and should be testable and measurable;
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If [we do X], then [we expect this result], because [the rationale based on research insights].