Crafting an effective conversion rate strategy on a budget has not been easier. Businesses are turning more and more towards conversion rate optimization (CRO) to increase conversions. But the reality is that not all CRO strategies are equal. It takes an experienced team to create a successful industry and business model.
Joining us in this episode is Mason Pastro. He is the co-founder of Conversion Agency. It takes a look at the key aspects of crafting an efficient conversion rate formula on a budget. From identifying your goals and measuring performance to selecting the right tools and testing strategies. Mason provides some tips for staying on budget while achieving more conversions. So if you’re looking to improve your conversion goal without breaking the bank at the same time period, read on. With the right knowledge and strategy in hand, you can maximize your ROI and achieve success.
Let’s dive in and take a closer look at crafting an efficient conversion rate strategy on a budget.
Here are three reasons why you should listen to this episode:
- Learn how to craft a conversion rate strategy that works on a budget.
- Discover tips on how to maximize your budget and gain the most out of every dollar you invest in your conversion rate strategy.
- Gain insights and strategies to help you maintain a healthy conversion rate and total ad interactions over time.
[01:03] How Mason Started in Marketing and Sales
- Mason comes from a family of business owners. His grandfather, who lives in Canada, runs a barn. Meanwhile, his father is a chiropractor. He owns a company.
- Mason was about to graduate from high school when his interest in the market and sales was piqued. He discovered YouTube ads inviting him to make money online and never have to work from 9am to 5pm.
- He thought it sounded interesting, so he bought a course. The course was called Drop Ship Lifestyle. As a result, his first online business was a dropshipping company.
[02:50] Early Challenges
- The biggest challenge for Mason in the beginning was shifting his mindset. He works for a certain amount of time and gets paid, but when he first started this business, he spent three or four months building the store. He worked hard but he did not receive any money.
- The second challenge was that Mason mistook revenue for profit. He had tons of money. He felt rich. But he had no idea what profit loss was. The next thing he knew, he was out of money. He could no longer run advertisements.
[07:21] The Takeaway in Risk-Taking
- Mason was living in his mother’s basement when he met a young entrepreneur on Instagram. This entrepreneur taught him how to make more money by doing less.
- Mason moved in with him after they drove to Florida together. This is when he began his first business. He promised himself that he would make it work this time.
- Mason was then introduced to another entrepreneur. This entrepreneur had a Shopify store and was making a lot of money.
- Mason became an intern for these entrepreneurs, where he learned a lot about marketing and sales. He learned how to earn more money with fewer resources.
[19:00] Conversion Rate Optimization
- Mason had no prior experience with split testing and calculating conversion rate. But he was teaching basic conversion rate optimization principles to his students and pitching designs.
- A higher conversion rate is a good conversion rate. In his words, it refers to the rate at which visitors convert into buyers. These customers bring in more money for your business.
- He believed that the true solution to business problems was redesigning the web analytics. He only realized later that it should have been learning from data and running split tests.
- His perspective on overall conversion rate and conversion goals evolved over time. At first, he assumed it was all about selling store designs and rebuilding the store to achieve a desired action. He realized he was wrong. So he moved on to the process called “funnel building.” It’s more about reworking offers, selling the best products, and writing effective copy.
[32:20] Split-Testing Formula
- To begin split-testing, you must first examine the data with Google Analytics. You must ascertain where the traffic is going and what users are clicking. You must understand it through your customer service experience and conversions.
- The next step is to examine heat maps. Which buttons are the most popular? Which ones aren’t getting the most attention? Where do users stop scrolling down through the content?
- Then you conduct tests and employ Google Surveys. Google Surveys can assist you in identifying customer aspects. It will be useful for email listings. It provides answers to numerous questions. What prompted you to choose us over our competitors? What prompted you to purchase this item? What are your objectives? What do you hope to gain from using this product?
[46:37] Statistical Significance
- Statistical significance refers to if you run a test right, and 50% of your traffic sees one version of your website and the other 50% of traffic sees a different version.
- According to Mason, for a variety of reasons, traffic behaves differently. Maybe, variation B converted higher due to random chance.
- They get their numbers from Google Analytics test results. They enter the data into a statistical significance calculator, which assures them that the increase in good conversion rates is a direct result of the industry benchmarks they tested and not simply due to chance.
- A hundred conversion rates is an ideal number.
Two Powerful Quotes
“People are focused on big things. How do I get a new ad? How do I change my targeting on Facebook? How do I increase my budget? They completely neglect the next logical step in the funnel. When someone clicks your ad, what happens on the actual landing page of the website? Is there a clear and concise messaging? Is the offer and the price clearly communicated?”
“You need to know who you’re talking to and what problem you’re solving for them. What are you selling? What’s your offer? Is it competitive in the marketplace? These fundamentals need to be laid down.”
Mason Pastro is a digital marketing strategist and the co-founder of Conversion Agency. With over years of experience in the industry, Mason has developed an expertise in driving online conversion rates through innovative strategies. He has worked with hundreds of clients in a variety of industries. Mason is passionate about helping businesses maximize their digital marketing investment, and uses his knowledge to create tailored strategies that are proven to increase conversions.
Follow Mason in LinkedIn.
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