The ultimate guide to Conversion Rate Optimization in B2B
One of the core focuses of a marketing dept is to increase website traffic. Whether you invest in content, SEO, paid search, email, social, or ABM, there’s always one reoccurring objective. And that’s to drive prospects to your website. Marketers have been tracking website visitors as a KPI for years, but the reality is, driving prospects to your website is only half the battle.
Once our ideal prospects have landed on our site, we face an even bigger challenge. Keeping them there and converting them into MQLs. If we don’t succeed, our hard work (and budget!) is wasted.
B2B websites are growing more complex, they are the number one marketing asset that the buyer visits at the beginning, middle, and end of their customer journey and through every stage of the funnel.
But our websites are in a crisis.
The average conversion rate for B2B websites is sitting at a mere 2%. Shockingly low when we consider the budget and resources we spend competing for website visitors. Our B2C counterparts are undoubtedly ahead of the game, averaging 3.2%. That may not sound like a huge difference, but for every 100 conversions you are getting, your B2C counterpart is getting 320. When you consider that most conversions in B2C are sales rather than leads, you can see the gap widening.
The smartest B2B organizations are investing in Conversion Rate Optimization, to improve their website, strengthen their marketing channels and drive their business towards sustainable growth.
What Is Conversion Rate Optimization (CRO)?
CRO is the process of improving your website to increase the percentage of visitors who take a desired call to action on your website. This could be requesting a demo, filling in a contact form, completing a purchase, or downloading a piece of content.
How can I calculate my conversion rate?
To calculate your conversion rate, divide the number of conversions by the number of visitors. Then multiply that number by 100 to get a percentage.
Where do I start?
So, now you understand what CRO is and how we can calculate our on-site conversion, we can start to build a clear plan to get started.
Like any well-thought-out marketing campaign. We start by understanding who our audience is, why they’re on our site, and what pain points they are trying to solve. B2B buyers don’t visit B2B websites for fun, they’ve landed on your website because they are trying to find a solution. And more often than not, our websites are not equipped to show them we can solve it. So, they bounce off, in search of your competitors and leave you with another visitor who didn’t convert.
The more we can understand our prospects, the better we can market to them. Our websites are swimming in data we can use to understand where and why our prospects aren’t converting. There are two types of data: Quantitative and Qualitative. You need to use both if you’re going to understand your audience and make improvements to your website.
Quantitative is your number crunching, so you can see which pages have the highest exit rate, where visitors are bouncing, and so on. Qualitative looks at detailed user research that can give you honest feedback from your website visitors through surveys, focus groups, etc. If Quantitative shows you where the problems are on your site, Qualitative can tell you how to fix them. It’s best not to skip on this stage – otherwise your CRO efforts won’t get off the ground.
Three CRO tools to get you started:
What does it do? Webeo’s website personalization solution gives you the freedom to serve different experiences to different website visitors. Segment your audience and change content, images, CTA’s, and more, so your prospects only see the information relevant to them. Website personalization is key in creating a user-centric website, so your visitors stay on your site for longer and you convert more of them.
How much does it cost? Depends on website traffic. Get your quote today
What does it do? Google Analytics is a platform that collects data from your website to create reports that provide insights into your business. Using Google Analytics (GA), you can understand how many users are visiting your website, how engaged they are and what your best and worst-performing pages are.
How much does it cost? FREE (so there’s no excuses here!)
What does it do? Hotjar is another website analytics tool, but instead of just understanding the numbers related to your site performance, Hotjar shows heatmaps from your website visitors so you can understand the journey your website visitor takes. They also offer on-site surveys, so you can collect qualitative data.
How much does it cost? Business plan starts at €80 per month
Written by Rachel Hatton