What is CRO?
Conversion Rate Optimization (CRO) is the process of increasing the percentage of website or app visitors who take a desired action or convert into customers. The desired action can vary depending on the business or organization’s specific goal(s), such as making a purchase, filling out a form, subscribing to a newsletter, or downloading an app.
CRO involves analyzing user behavior and conducting experiments to improve the conversion rate. Most agencies that offer CRO services commit to learning about a business’s customers and their behavior but do not commit to or structure toward revenue per visitor growth (RPV).
What is Digital Product Growth?
Digital Product Growth (DPG) is based heavily on CRO with a few fundamental differences. DPG has the singular goal of increasing RPV, which prioritizes each iterative effort to quantifiably impact overall business revenue growth.
While the Marketing team is responsible for driving traffic to the site using SEO, paid search, paid or organic social, or many other marketing techniques, the Development team ensures that the digital product is stable and can collect revenue properly/accurately. In most cases, neither of these divisions “owns” user research, business intelligence, or increasing revenue through transforming user experiences. A DPG lead sits squarely at the crossroads of these two teams, accountable for the revenue growth through optimizing user experiences on the digital product.
DPG is comprised of four fundamental components; equally crucial to one another: Business Intelligence (Analytics), User Research, Experimentation, and Front-End Development. Where CRO dabbles in user research and business intelligence to help understand the user, DPG sees these as equally valuable to experimentation (A/B Testing). As the old saying goes, garbage in, garbage out.
A DPG expert continuously repeats the process of analyzing business intelligence to quantify the most significant opportunities and keeping close to a client’s customers to understand their ever-changing needs and expectations. Further, a DPG expert deploys various trusted and nascent user research techniques, including on-site surveys, moderated conversations, and session recordings. DPG combines quantitative and qualitative analysis to prioritize experiments with the highest probability of winning and the highest revenue impact if they do win.
Who Should You Use DPG?
Two key factors must be considered for a business to reap the full benefits of DPG. Firstly, a Client must be firmly committed to growth (increasing revenue). Secondly, the business must be able to track user behavior effectively to determine user value. DPG is particularly relevant for e-commerce, lead generation, SaaS, publishing, and businesses that also have physical retail. Balancing investment in both traffic generation and digital product growth simultaneously is crucial to achieving the highest possible ROI and staying ahead of competitors.
The Mobile1st digital product growth solution commits to a 10X ROI and is similarly priced to many CRO solutions on the market. So, regardless of whether you are in the throes of replatforming, a site or brand redesign, undecided on who at a Client is best to lead this, or ready to engage, but unsure how to start, just call us. This is why we exist.