Conversion rate optimisation is no longer the preserve of the big corporates; many small and medium-sized businesses are identifying ways that they can use conversion rate optimisation techniques to generate ROI. But if you’re considering starting your own CRO programme (or you read last week’s post on why you should invest in CRO and were utterly Read more about 6 Prerequisites for Starting a Conversion Rate Optimisation Programme[…]
Statistical significance applies to the mathematical calculation to ascertain whether the results seen during the testing period are likely to continue beyond that period.
A false positive is caused when a test appears to have generated a lift in conversion, but due to low volumes during the test, the conversion rates are in fact unstable, and could actually vary greatly over a longer period.
‘Conversion points’ are the goals of a particular website or page that you might look to optimise for. This would typically be sales, registrations or downloads.
‘Uplift’ is the performance of a test variant against the test control (or ‘original version’) for a particular metric and is usually represented as a percentage or a financial value. Example: The test on the Basket page drove an uplift of 6% on conversion to Purchase last month.
LTV, or LifeTime Value, is the calculation of the value of a customer over the lifetime of their spending relationship with your business. LifeTime Value is often used in customer acquisition marketing to rationalise expenditure on media and advertising.
Whether you’re a one-man business, or an employee in a large corporate, there are (at least) 5 good reasons why you should invest in conversion rate optimisation. With barriers to entry into the optimisation space getting smaller and smaller by the day, you don’t need to be at the head of a multi-million pound business to Read more about 5 Reasons to Invest in Conversion Rate Optimisation[…]