How Much Should You Pay for Conversion Rate Optimization?
Traffic is a big deal when it comes to internet marketing. However, conversion is quickly becoming the focus of internet marketing efforts. When it comes to deciding what you ought to pay for, you should consider the returns on your investment.
Consider the following scenario:
If your landing page were to convert at 10%, you can’t improve the figure by increasing the volume of traffic to it. You would spend more on getting more traffic but still get the same conversion rate at the end of the day.
However, if you were to spend more money on conversion optimization, you may increase your conversion rate to about 12%. You will incur the cost of the services of conversion rate experts once however the benefits of improved conversion rates will last for a long time to come.
So how much of your marketing budget should you spend on conversion rate optimization? Before we answer this question, it is important for you to note that using a part of your budget for marketing on CRO will help you spend less on the acquisition of each customer. This is because you won’t have to spend more money looking for more customers. You simply have to turn your current visitors (obtained through your current marketing efforts) into customers.
It is wise to set aside 30% of your marketing budget on conversion rate optimization. This is considered the sweet spot. Businesses need not spend more for optimal results in their CRO strategies.
How conversion rate experts charge for their services
The actual cost of the conversion optimization services will vary depending on the company you approach. This breakdown is provided as a general guideline.
1. Website audit for conversion rate
The amount charged for the audit depends on the company you approach. Some companies will charge you a fixed fee for the audit while others will charge you an hourly rate. The average hourly rate for a website audit is $900.
The services included in a website audit are:
• A discussion on the state of your website and what you can do to start optimizing your web pages
• A review of the best practices for conversion rate optimization
• A list of actions you can take to improve the conversion rates on your website and an estimation of how they will impact conversions on your website.
2. Landing page design and creation
If you don’t already have landing pages, conversion rate experts will help you design and create new landing pages. This service includes the following:
• Analysis of the market and your industry to better understand your target audience and therefore provide a landing page that is suitable for them.
• Creation of content for the landing pages. This ensures that your target audience is provided with content that is informative and engaging-prompting them to take action.
• Designing of landing pages to suit the preferences of the target audience
• Deployment of the landing pages.
3. Optimization of landing pages
If you already have existing landing pages, you may opt to have them optimized. This will allow you to increase conversion rates without spending too much on the creation and design of new landing pages.
These services include initial optimization activities as well as recommendations for further optimization in months to come. Tests are also carried out to keep track of the performance of different landing page designs.
4. Optimization of entire websites
This includes the optimization of the entire website. Every element of your website will be studied and analyzed for optimization. This includes the navigation of the site, usability, copy and user interface design.
For professional CRO services you should therefore expect to pay anything from $500 up to $10,000 per month depending on factors like your target industry, website size, nature of competition, etc. You can choose to pay for CRO as a stand-alone service or in combination with SEO.
Contact us today for more information!