What is CRO? How to Increase Conversion Rates (Free Template)

What is CRO?

You may remember from Latin 101 at college that conversiō is the process of turning around, altering, changing, or converting.

And whether you’re now a WeWork-dwelling solopreneur or a newly-hired marketer at an SMB, it’s crucial for your leads to undergo conversiō.

After all, without conversions site visitors aren’t as likely to sign up to newsletters, put an item in a cart, or proceed to the checkout page and order that product or service. Conversions, therefore, are a major contributor to your business’ longevity.

This could be the point where you’re frantically thinking: “I want to secure my business’ longevity! How can I help facilitate conversions? And how can I optimize conversion rates for the better?!”

Slow down.

We’ve got you covered.

During this post we’ll be explaining all things CRO – conversion rate optimization.

First we’ll tackle what CRO is, then we’ll delve into an actionable framework for increasing your conversion rates, and then we’ll provide you with a Process Street-made template which has everything you need to hike those conversion rates up!

All you have to do is read the different sections below:

Let’s jump straight in.

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What is Conversion Rate Optimization? 5 CRO Hacks to Boost E-Commerce Sales

What is Conversion Rate Optimization

This is a guest post by Jessica Bruce. Jessica is a professional blogger, guest writer, Influencer & an eCommerce expert. She’s currently associated with ShopyGen as a content marketing strategist. She also reports on the latest happenings and trends associated with the eCommerce industry. Follow her on Twitter.

As soon as a new eCommerce website launches, there’s a race to get as many visitors as possible.

The race certainly isn’t easy, and what makes it harder are the additional hurdles that come up along the way. One of these hurdles, as you may or may not know, is the acquisition of conversions.

Conversion is the most crucial acquisition for any eCommerce business. An eCommerce business cannot survive with mere website traffic; it needs conversions to drive revenue.

“Trying to increase sales simply by driving more traffic to a website with a poor customer conversion rate is like trying to keep a leaky bucket full by adding more water instead of plugging the holes.”Bryan Eisenberg, Call to Action: Secret Formulas to Improve Online Results

That’s why, in this post, we’ll be looking at what conversion and CRO (conversion rate optimization) are, how to calculate conversion rates, in addition to giving you a handful of free, useful CRO hacks that will boost your eCommerce sales.

What is conversion? And what is CRO?

Before digging deeper, let’s consider what conversion actually is first.

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I Analyzed 250 SaaS Pricing Pages — Here’s What I Found

SaaS pricing pages

We recently had a major overhaul of our pricing and landing page and wanted to get a good idea of what a high-converting pricing page looked like. We turned to the experts.

There are a lot of best practices for SaaS pricing pages out there, with giants like HubSpot, ConversionXL and SixteenVentures being the authorities.

I thought the best way would be to look at the pricing pages of the SaaS 250 — a list compiled by Montclare of the most successful SaaS products in the world.

To see this data in the form of an infographic, you can skip straight down to the bottom on this page.

Before we start — why did 80% of companies not have pricing pages?

Before jumping right in, it’s interesting to note that of these 250 companies, only 48 had pricing available. The rest had pricing available on request by contacting the sales people.

Jason Lemkin, CEO and Co-Founder of EchoSign, says that most companies have a very good reason for this. Writing on Quora, he outlined 5 key reasons you might be better off not showing pricing on your website.

  1. Deals will get more complex as you grow. Some day you’ll do a deal so large and complicated it wouldn’t have been able to be expressed in $/user/month. Products with integrations and add-ons will be priced so confusingly, it’s simpler to just get them on the phone to sales.
  2. Discounting will become difficult. With a preset rigid pricing structure, you’ll put off enterprises. Jason says “Your champion will require a discount. Then, it will get sent to procurement. Procurement’s bonus will be tied to the next discount they win. If you have rigid pricing, you’ll blow the deal.”
  3. A $700k deal is sold differently to a $100k deal. When it means the difference between an everyday deal and a huge account, you’re going to treat the customers differently. Pushing both down the same track is risky because you want to make sure that the big customers are on the phone to sales straight away.
  4. Enterprise customers just want to buy. Jason says that price doesn’t matter for enterprises. More than 80% of the time, they just want to get set up with a solution as efficiently as possible. Price comes after features.
  5. Looking as if you’re ‘all about price’ is a bad look. Pricing can make your product look cheap, and not enterprise-oriented. Jason says, “If your competitor says “Call Me” and appears more or equally enterprise-grade and trustworthy — your transparent pricing may say “cheap”. “

So, 202 of the SaaS 250 have good reasons for not being transparent with their pricing. Let’s look at what I found when analyzing the SaaS pricing pages of the remaining 48.

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