It’s been quite a journey. We’ve gone through all 5 steps on how to double your online supplement sales, here are the quick links you need below incase you missed any individual articles to catch up.
Step 1 – The Lead Magnet
Step 2 – The Welcome Mat
Step 3 – The Core Offer
Step 4 – The Profit Maximizer
Step 5 – The Return Path
All 5 steps work seamlessly together to double or even triple your revenue but this last bonus step adds gasoline to your sales fire!
You may recall that we touched on this in the beginning when we introduced the concept of Conversion Rate Optimization (CRO) as the smart marketers way of getting more sales from the traffic that you already have on your website.
The reason why this form of optimization is so valuable is that CRO can be applied to any or all of the 5 steps above to squeeze more profit out of what you’re already doing (even if you didn’t implement any of the 5 steps). Because, you can apply CRO to a single existing web page.
But… What we didn’t touch on is how to do it. Let’s cover the basics here…
So, what exactly is Conversion Rate Optimization (CRO)?
Think of it as a way to find out or “test” which webpage version sells more. Kind of like a blind taste test.
Which coffee do you prefer… A or B?
Essentially you’re testing which version works best. But instead of asking you’re using your visitors actual buying behavior to tell you which version, A or B, sold more.
So the different versions of the page fight it out to see which get’s more sales, and profit.
Conversion rate optimization moves beyond opinion and tests what works and what doesn’t in real time to boost your sales.
Sadly, most marketers don’t ever test and don’t know how much untapped money they are leaving on the table.
Smart marketers know that their customers think and act differently than they do.
And therefore just because the marketer thinks something is great or likes a webpage or a design or a bit of sales copy, does not mean it will sell the most that it can.
That is why you test it.
Two of the most common methods for conversion rate optimization testing are A/B Testing, sometimes called “split testing”, and Multivariate Testing.
What’s the difference between A/B and Multivariate testing?
In an A/B test there are two versions of a web page, version A and version B (although there can be more, A/B/C/D/Etc. or you might see it written this way A/B/n). Version A is also known as the control page, or the existing page, and version B is the alternative treatment page.
Traffic is randomly split 50/50 between both versions (although you can vary the split percentage) half of the traffic sees version A and the other half sees version B until each version, or page, has enough traffic and enough conversions for the test to be statistically valid and an adequate sample size for a wining version is declared.
Usually a statistical confidence level of 95% is the goal to declare a wining test.
Which means that 95% of the time the traffic going to the winning version of the page will perform better.
In the case where the version B page is the winner and has beat the control page, the version B page will become the new control page and you can integrate and test against the new control to get compounding improvements.
In an A/B test there can be a single variable being tested or a combination of variables being tested, also known as a variable cluster test.
A variable is the element that you intend to test. For example, a Headline, An Image, Layout, Etc.
In a Multivariate test there are a combination of variables being tested. Traffic is also split between the different versions, or treatments, in this type of test as well. but it gets a lot more complex. For example let’s say you have 3 different headlines your testing, 2 different images and 4 different call to action buttons on a single page. Using a Multivariate test, this would generate 24 different combinations or treatments. 3 x 2 x 4 = 24 (3 headlines x 2 images x 4 buttons) With each treatment a visitor would see only one combination of elements and every possible combination (24) would be included in the test.
The downside to a Multivariate test is that you need a lot more traffic to run it than an A/B test since there are usually so many more treatments or versions involved.
Earlier, in the first of this series of articles you learned about Total Revenue Optimization, as a way to increase the total revenue of a company. This is done by increasing the average value of every single customer that comes through your website. So, if a customer is normally worth $100, the smarter marketers goal is to get that amount to $200.
But, you can’t really have Total Revenue Optimization (TRO) without continuous Conversion Rate Optimization (CRO). They both go hand in hand, because even though you may be starting with the 5 steps (Lead Magnet > Welcome Mat > Core Offer > Profit Maximizer > Return Path) in place, it’s only a starting point. You don’t know how much money you’re leaving on the table by not testing. There is always room for improvement and growth and after all, isn’t that what business is all about? Improvement and growth… That is why CRO testing is so important.
Remember, you can opt in below to get all 5 in-depth steps, plus the bonus step 6 – instantly if you want to read this all at once in one convenient PDF document.
There Are Three Funnels Every Health Supplement Business Needs To Build A Multi-Million Dollar Empire…
The problem is most dietary supplement companies only have one funnel. Through our work in the online health space, we’ve had the opportunity to observe hundreds of health businesses. What we’ve uncovered are the three critical funnels that each work together that make the difference between the average supplement company just selling on Amazon and a multi-million dollar health empire and compiled our findings in the book below. Click here to get the ebook delivered right to your email for FREE.
