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Thinking about making this year the year of growth for your business?
Every business is fighting to win and increase their share in the market. It is a race for the same prize—customers, conversions, and higher profits. But while most businesses focus on expensive marketing campaigns, they lack focus on the foundational element that leads to higher returns on investment.
Here is the Truth:
Your website either makes you money or costs you money. There is no other option.
This article will tell you how the digital experience optimization process can take an average business to the top. It’s simplified everything and shows the strategic steps required to turn your business into a million-dollar one.
Let’s begin.
What you’ll discover:
- Why Digital Experience Optimization Platforms Work
- Cost of Ignoring the Digital Experience
- Mobile Conversions
- The Process
Why Digital Experience Optimization Platforms Work
Before making changes to your website, it is important to understand what is really going on with your digital experience. But you cannot work on what you are not aware of.
It is like a “dark room” situation for every business out there; they know their conversion rate is low but have zero idea why the users leave in the middle of the journey. This is when the need of the hour is a strong digital experience analytics platform.
Companies that use digital experience analytics platforms are more aware of how users interact with their website. A platform such as Quantum Metric helps them track every single action that users take in real time. These companies can determine which pages have issues, which pages have a lower chance of conversion, what works, and what can be fixed to help boost their revenue.
All this is achieved by:
A powerful digital experience analytics platform (one that has heatmap technology) that shows all the actions that a user does, element level click maps, user session recordings, scrolls, clicks, fills, etc.
If a website owner or an eCommerce business owner is unaware of such options, then the website is bound to perform suboptimally. So without digital experience analytics, it is impossible to give a website its due.
Dig a little deeper, and you will discover the number:
Organizations that have implemented and incorporated a web experimentation process are 350% more likely to grow their business than the ones who haven’t.
Cost of Ignoring the Digital Experience
This is where many online businesses, including eCommerce ones, miss out on a fortune. Every minute they are not optimized, they are actually burning a lot of money.
Let’s look at a very common user scenario (pain point):
John Doe searches for the items that he needs from Google and hits your website. So, at this point, you as a seller have a green signal that John is a customer.
But wait! While John is on the product page that he is interested in, the page has loads of performance issues. It takes forever to load up, it has a confounding checkout, and John cannot find what he is looking for. He leaves in search of a better website and is probably taken by your competitor in no time.
Not only does this happen a thousand times in every small or big business every single month but you may not even realize it.
Businesses that make digital experience their highest priority has 92% greater chance of improving customer experience than the ones that don’t. 94% of business believes that if their customers data is mishandled, customers are most unlikely to purchase from them.
Mobile Conversions
Mobile users also are the main reason for poor customer experience these days. As we all know, the mobile conversion rate is around 2.19%, whereas desktop conversion rate is 4.03%. This is insane when you stop and think about it.
A big reason for this 2% conversion on mobile phones are the generic user experience provided by businesses today. User needs for desktops and mobile phones vary, and hence, the optimizations on desktop websites and experience are different.
For instance:
Mobile users get easily frustrated with poor page load times. According to research, a 2-second delay in load times on mobile is what causes 36% of online shopping cart abandonment.
This is the power of optimization when it comes to boosting revenue. If you make user experiences fast and relevant on mobile phones, chances are you have high conversion rates.
The biggest reason for this huge gap in desktop and mobile optimization is that most businesses take the “desktop first” approach. The mobile pages and experience are fixed only if the business has enough time and resources. This means that it is common to not have even an inch of optimization for mobile phones.
The Process:
A complete digital experience optimization process follows a test (fix) and retest mechanism.
One simple tactic that has never failed businesses is what is called the optimization hack. A typical digital experience optimization workflow has been seen to have companies continuously test various page elements by going back and forth between their Analytics platforms like Quantum Metric and their Editor tools or Web Designers.
This is the most common strategy today:
Automated Testing:
Businesses first try and perform routine tasks to test every interaction they make on a page. This is easy because everything is automated. At times, what is needed is a data-driven approach to make changes. However, this approach is always about viewing everything through the lens of the data.
Hypothesis Testing:
In this method, data still plays an important role but the approach is a little more scientific and can be called more tactical. It involves forming a hypothesis and acting and performing the change.
The metrics that matter for this approach are:
- Conversion rate by traffic source
- Average order value
- Customer lifetime value
- Revenue per visitor
- Time to conversion
They are the ones that give the owners a good idea of the improvements they are making on their websites.
Also, to ensure the effectiveness of this “test-fix” workflow, one would need to document each and every result produced to ensure a proper feedback mechanism. This feedback will include things like what exactly worked, what didn’t work, what seems to have worked better than others, and so on.
Using this kind of a framework, you can go back to test again in the same process of testing what works and fixing the things that do not work.
Every business out there that has ever made it has started somewhere. Their website performance was never any better until and unless they decided to.
The only difference between those who optimize and those who don’t is that one is thinking of it, while the others are not.
All it takes for your business is for you to open your eyes, that is all it takes for you to start climbing up the ladders of success.
