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Conversion Rate Optimization for the Cryptocurrency Market

Advertising | Last updated October 9, 2019

Internet websites count is getting close to 2 billion. The competition is fierce, and convincing users to choose you over your competitors is tough work.

But despite it all, there is one process that can help you provide better experiences for your users – Conversion Rate Optimization.

Well-thought marketing campaigns and big advertising budgets can certainly boost a website’s profitability. But even with a limitless budget, a website may bring little to no results when it has an unclear customer journey.

The cryptocurrency market is no different. In order to get the most of your crypto project, you should take advantage of the website conversion optimization techniques. 

1. What is Conversion Rate Optimization?

What-is-CRO

The Conversion Rate represents the percentage of users that become leads and is calculated by dividing the number of conversions to the number of visits.

Conversion Rate Optimization (CRO) is the process of improving the proportion of users that convert on your website. CRO is a long-term process that should be done constantly and needs accurate data, customer insight, and relevant hypotheses.

The conversion optimization process is closely linked to the conversion funnel a website has. Usually, this process identifies issues or improves elements on one or more stages of the conversion funnel. 

The improvements may consist of changing diverse elements of your website, landing pages, or other pages that customers are meant to convert on. To do so, it’s crucial to understand the user experience and customer behavior, to reduce friction, and keep your users on track.

Simply explained, CRO is about finding the best version of your conversion pages by using concrete data and A/B testing until they reach their goal.

2. Funnels and Ad campaigns

Funnels-and-Ad-campaigns

Check Your Funnel

In one way or another, the conversion funnel exists in every process of your website, therefore, you should pay great attention to it.

The most basic way to understand your website’s funnel is through the AIDA model:

  • Attention / Awareness – A user finds out about your website or brand through different touchpoints;
  • Interest – The user accesses your website, becomes a visitor, and checks if you offer what he is looking for;
  • Desire – The potential customer decided you have a great solution for their problem and start researching your offering, considering to choose you to fulfill their needs; 
  • Action – The lead becomes a customer by purchasing from your brand.

There are, of course, other more complex models that treat the customers’ linear conversion process more in-depth than the AIDA. We should also take into account that customers rarely act linearly. 

But to exemplify the funnel applied to the crypto market, let’s build a funnel for an ICO.

Attention / Awareness – Users interested in the cryptocurrency topic find out about your ICO through press releases on major publications from the crypto market, dedicated blogs, social media, display ads, or search ads.

Interest – At this point, if your ads are persuasive, the audience will look for more info. They will click through and have a short look over your landing page. After that, they will quickly decide if your project is worth researching.

SIDENOTE. Facilitate the transition from Interest to desire with the 2 & ½  seconds rule. Build your landing page to communicate who you are, how to contact you, what you do, and how to move to the next step in 2 and a half seconds.

Desire – If you didn’t fall in the “just another shady crypto project” category, the visitors will look for details, read your whitepaper, and see how they can participate.

Action – for an ICO, a conversion might represent the moment a visitor decides to invest money, subscribe, or sign up. So, if the visitor does not have a clear and easy way to convert and goes through impossible, unreadable, vague forms, the results will be, of course, unsatisfying.

Check Your CTR

In digital advertising, there are many factors that impact a campaign’s performance. The type of project, the targeting, the placement, and the way the ad looks are just some of them.

When it comes to average CTR across channels, we can notice that search ads have an average CTR of 2% while display ads have an average CTR of 0.05%. These numbers may sound really low, but they are mostly caused by a majority of poorly targeted and badly designed ads.

Well-targeted and carefully designed ads do improve CTR considerably.

In display advertising, for an efficient and effective banner, you need to pay special attention to your company logo, value proposition, and Call-to-Action. 

SIDENOTE. Find out more tips and details about how to improve your display ads in our previous article on banner design.

Never target without researching first.

Your targeted users must also have conversion potential. As for the crypto market, if your website can serve worldwide, you can start by testing a wider audience and see where you should focus your budget afterward.

Of course, your utmost attention is necessary for any type of ad, not just banners, so you can get the best CTR possible.

From our experience as an ad network for the cryptocurrency market, a display ad with a good banner is performing well when it has an average CTR of 0.15%.

If your display campaign has a low CTR, don’t despair. Here are some of the things you can do:

  • Improve banner design;
  • Test different banners;
  • Exclude websites with low CTR;
  • Exclude countries with low CTR;
  • Schedule the budget and the delivery according to the local time (When your campaigns run on different geographical zones). 

3. Does my website need CRO?

Does-my-website-need-CRO

The simplest way to know your website needs Conversion Rate Optimization is when it gets a decent amount of traffic but it doesn’t convert as expected (or doesn’t convert at all). But there are other situations that might suggest that you need to direct your efforts towards Conversion Rate Optimization.

High bounce rate on landing pages

This is even more of a problem when we’re talking about paid traffic. Your ads are supposed to bring interested visitors inside your funnel through your landing page.

Your landing page might consist of your homepage, a product page, or a form. The moment you see these pages having a high bounce rate, this means something is driving away your visitors.

Your ad may pique the interest of your audience, but not even the best ad can fix an unfriendly landing page.

When paid traffic gets thrown out of your landing page, this may either be a technical problem, or a UX problem.

Little to no conversions

Your ads and every other traffic sources are great. Your landing pages are extraordinary. But your conversions are still in the sink.

That happens because your funnel may be broken when it comes to the flow between interest, desire, and action.

More specifically, after your visitors decide to give you a shot, they stumble in a cluster of unstructured information and they get lost in the process.

Analyze each step of your conversion path and see how many users get from a stage to another. This way you will find where your visitors stumble.

Users give up on the last step of the conversion

Perhaps the most frustrating thing is to watch your user abandon the conversion funnel at the last stage. This happens because of dysfunctionalities in the action stage of your funnel.

If potential leads change their minds when they are about to convert, that means something threw them off. Most commonly, this problem is related to a long sign up form with vague descriptions.

Users will also be thrown off by stuff like hidden taxes or a smaller displayed price and a greater actual price. And if your user is required to visit another page before finishing the sign-up, he is most likely to not return.

4. CRO process guide

CRO-process-guide

Besides being a continuous process, conversion rate optimization has various specificities for each industry and each website. However the CRO process, in a way, has a common structure every time.

Research

Before you start redesigning your whole website, you need to find out what is going on.

Start by analyzing what your visitors are doing on your pages. A good start is by looking inside Google Analytics and checking metrics such as: 

  • Number of visits 
  • Number of views 
  • Average time on the website 
  • Average time on the page 
  • Bounce rate 
  • Exit rate 
  • Conversions 
  • Conversion rates

Here you should keep in mind the clear distinction between micro conversions and macro conversions.

Micro conversions refer to smaller, less important actions related to navigation, interaction, and engagement. Micro conversions often lead to a macro conversion.

E.g.: A user accesses the white paper.

Macro conversions are the main conversions that usually count as inquiries, revenue, or leads.

E.g.: A user signs up and/or buys the token.

For efficient CRO, the goals should be focused on Macro Conversions.

To find out more about the users’ behavior on your website you should also analyze heatmaps, click maps, scroll maps, and website sessions. To do so, you can use tools such as Hotjar or Yandex Metrica.

Draw Hypothesis

After structuring and correlating the information you obtained, answer the following 3 questions to draw accurate hypotheses:

What is the change? 

In order to answer this question, use the data obtained from the previous research. This answer must be based on concrete facts. You can also look for proficient suggestions in specialty literature or expert recommendations.

E.g.: You notice in your research that people don’t actually click/tap on your submit/sign-up button. You get an average of 1 million visitors a month, but your button only gets a 0.3% CTR. It is possible that it’s not as highlighted as you think. In this situation, you decide to change the copy and to make your button green.

SIDENOTE. Before choosing a color for one or more elements of your website, consider what are your brand’s colors and what complementary colors may work with them.

What do you want to achieve?

Think of the goal you want to accomplish through the supposed change. Do not change elements of your website on a whim. Think of how the changes you make will affect the results.

E.g.: You want to change the submit/sign-up button to raise the number of leads. By raising the interaction rate, you are on the way to raising the number of leads.

How will the change achieve the result?

This is a question you need to answer to check how objective is your decision. Between the change and the effect there needs to be a clear connection.

E.g.: Green is one of the colors that draw the most attention and makes a solid CTA and buy button choice.  By making the button green, it should attract more interactions than the current one.

Establish priorities

By now you may have found hundreds of hypotheses, therefore, you need to choose where will you invest your resources first. You can go forward and rank your priorities through the PIE Framework.

Through PIE you prioritize based on:

  • Potential. How much can a page be improved?
  • Importance. How valuable is the traffic on a certain page?
  • Ease. How difficult it is to implement a test for a particular page and obtain results?

E.g.: Let’s compare an ad campaign landing page to a blog article. 

For the landing page, you conclude the potential is high. You plan on resizing a few images and buttons, work on a CTA. It’s also really important since you get paid traffic and you expect leads to come through this page. The changes are of medium difficulty and you expect to see results soon.

Your blog article has the most organic traffic on your website. You want to modify a few CTAs and to work on SEO to bring more readers with investing intent. In this case, the potential and interest are medium, but it’s really difficult to accomplish. The blog article page already works pretty well and any SEO activity will show results in a considerable amount of time.

Between the two, the ad campaign landing page optimization should take place before the blog article.

Test the improvements

Once you have decided on your priorities, test the new page vs the old page. A/B testing is the most popular methodology to do so. Drive half of your traffic to the old version and half of your traffic to the new version. After you get a concluding amount of data, the one which performs better stays. 

5. Conversion Rate Optimization best practices

CRO-best-practices

Conversion Rate Optimization is a complex field of activities which implies great analytical skills, creativity, objectivity, and extensive theoretical knowledge. 

You may not be a CRO specialist but this doesn’t mean you should give up. Therefore keep in mind a few of best practices

  • Design a clear conversion path. Make sure your website architecture is not getting in the way of your leads.
  • Reduce risk. Assure your leads are not exposed to any privacy-related dangers and don’t have to assume too much responsibility. (E.g.: Don’t ask for sensitive data in your sign up. Include a “no administration tax” mention.)
  • Reduce friction. Do not force your potential leads to go through unnecessary pages. Keep your informative content relevant and to a minimum. Make sure your forms are as short as possible and only require essential functional information.
  • Leverage retargeting to re-engage website visitors. When a user is leaving your website, it’s highly possible he is still in the research stage. That is why retargeted ads have considerably higher CTR and conversion rates.
  • Keep your content-specific. (E.g.: As an ICO, you may be tempted to write on Bitcoin to drag in more crypto enthusiasts. Even if you get the first position on the “Bitcoin” keyword in SERP, you will not see much results because your visitors’ search intent has nothing to do with your ICO.)

Final thoughts

Throwing more traffic on your website won’t generate conversions without a solid funnel.

The pace of internet users’ behavior and expectations changes faster than most of the websites can adapt. Even new, professional, well-thought websites get to a point where they go through a CRO process.

Customers and investors will tend to place more trust in websites that are easier to access and use, thus bringing even more conversions. To keep the status quo, the brands that convert a lot do their best to keep their Conversion Rate as high as possible.

We think it’s better to have a CRO specialist on your side, but if you choose to do it on your own, do it effectively with data, not with your instinct.

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