Welcome to Marketing School, the only podcast that provides daily top level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Sue. All right, guys, before we start, we got a special message from our sponsor. If you want to rank higher on Google, you gotta look at your page speed time. The faster website loads, the better off you are with Google's Core Vital update. That makes it super super important to optimize your site for low time. And one easy way to do it is use the host that Eric and I use, dream Hosts. So just go to dream host or Google it, find it, check it out, and it's a great way to improve your low time. Welcome to another episode of Marketing School. I'm Eric Sue and I'm Neil Batal, and today we're going to talk about live conversion rate. Optimization has become a crucial marketing skill. So CRO is basically the act of you know, look your conversion rate is let's say for every one people that buys, one person that buys out of the one hundred, that's one percent conversion rate. If you can bring it to two, guess what your cost for acquisition? Your acquisition costs in general are going to go down. So why has it become more crucial now than ever? Neil Well, ad costs are continuing to rise, and I know people are like, wait, you know, Facebook, Google, they all got hit through COVID and ad costs went down, but they're starting to go back up, and over time they're going to become more and more expensive if you can't figure out how to squeeze more revenue from the visitors. And I don't want that to sound bad, but in an ethical way, if you can't figure out how to do that, then numbers aren't going to work out for you. Because there's a lot of companies nowadays that are saying, hey, we're Amazon, and we're okay if we have to acquire a user and lose money on them, but in the long run, we know we'll keep coming back and back and back and buying, so we're okay with that. Right. So you just have to make sure that you're optimizing your conversions so you can get a positive ROI ideally upon them clicking over to your site from ads because unlike an Amazon, you probably don't have the bankroll to lose money up front. Yeah, I mean, you know, whoever spends the most to acquire a customer ultimately wins, right, But like Neil said, you don't have the bankroll that they have and you probably can't cover those costs easily. So when you think about it cro also, I think about how it applies to search engine optimization as well. So SEO, you think about what's happening with the search engine result pages. You have rank zero going on, you have the snippets, you have all these different things, which rings row is the snippets, but you have FAQ schema. You can optimize your title, your meta description to drive more. What you're trying to do ultimately is you're trying to drive more results from what you have already. So if you're spending a lot and you're getting a lot of it's not as efficient as it could be. Let's say you're spending I don't know, I think Neil, the question is at what point should they be obsessed about cro AT what spend levels or what traffic levels? Yeah, so I look at conversions. If you're not getting more than like five hundred conversions a month. It's really hard to do cro because you just don't have enough volume. And if you're not getting five hundred conversions a month, then move more up funnel. What I mean by that is maybe you don't have five hundred credit card transactions a month, but maybe you have five hundred plus emails that you're collecting right and you can start there because you may know that an email can eventually lead to a customer as well. So start going upstream with how you're tracking. Yeah, and on the marketing side, when you think about whoever you're working with on your marketing team, I like looking at rates. So I like measuring when we have a scorecard, when we look at KPIs each and every week, we're looking at how the rate of something is performing, because that is basically that's not a lagging indicator like revenue. That is a leading indicator that you can continue to optimize. So what I like to do there is, let's say we have an email conversion rate goal each week, Let's say we want to get to two percent. What happens is we have these traffic lights each week. So I got this book called The Great CEO Within and basically it's okay. Let's say two percent is a goal. Last week we got one percent, so it's read okay, so we're not even close. We're you know, fifty percent off. The next week we're at one point five percent. It's yellow. The next week after that it's one percent, which is red again. So if it's red or yellow three times in a row, what happens is we say, okay, it's time for us to think about how we can solve the issue and get to the bottom of it. Otherwise, what happens is the quarter goes by too quickly and you ultimately are stuck with the same results. So this goes into basically talking about operations. But that's how you can stay on track of your cro Yeah, and when you're doing all these cro changes and you're trying to end up getting wins, keep in mind it shouldn't just be a gut feeling thing where you're like, oh, I'm gonna just try all these things out. Remember when you're if you tank your conversion rates for a time being, even though when you're running a test and it loses, that means you're getting less conversions for that time. In theory, that means you've lost money, so you want to make sure you're basing things on data. All right, all right, everyone, That is it for today, Marketing School dot io slash live. That's l I ve to apply for the Virtual Growth Accelerator and if it looks like it's a fit, Neil and I will re out to you and we'll have a fun conversation. All right, that's it for today, see you tomorrow. We appreciate you joining us for this session of Marketing School. Be sure to rate, review, and subscribe to the show and visit marketingschool dot io for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. That's marketing School dot io until next time. Class dismissed.

Welcome to Marketing School, the only podcast that provides daily top level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Sue. All right, guys, before we start, we got a special message from our sponsor. If you want to rank higher on Google, you gotta look at your page speed time. The faster website loads, the better off you are with Google's Core Vital update. That makes it super super important to optimize your site for low time. And one easy way to do it is use the host that Eric and I use, dream Hosts. So just go to dream host or Google it, find it, check it out, and it's a great way to improve your low time. Welcome to another episode of Marketing School. I'm Eric Sue and I'm Neil Batal, and today we're going to talk about live conversion rate. Optimization has become a crucial marketing skill. So CRO is basically the act of you know, look your conversion rate is let's say for every one people that buys, one person that buys out of the one hundred, that's one percent conversion rate. If you can bring it to two, guess what your cost for acquisition? Your acquisition costs in general are going to go down. So why has it become more crucial now than ever? Neil Well, ad costs are continuing to rise, and I know people are like, wait, you know, Facebook, Google, they all got hit through COVID and ad costs went down, but they're starting to go back up, and over time they're going to become more and more expensive if you can't figure out how to squeeze more revenue from the visitors. And I don't want that to sound bad, but in an ethical way, if you can't figure out how to do that, then numbers aren't going to work out for you. Because there's a lot of companies nowadays that are saying, hey, we're Amazon, and we're okay if we have to acquire a user and lose money on them, but in the long run, we know we'll keep coming back and back and back and buying, so we're okay with that. Right. So you just have to make sure that you're optimizing your conversions so you can get a positive ROI ideally upon them clicking over to your site from ads because unlike an Amazon, you probably don't have the bankroll to lose money up front. Yeah, I mean, you know, whoever spends the most to acquire a customer ultimately wins, right, But like Neil said, you don't have the bankroll that they have and you probably can't cover those costs easily. So when you think about it cro also, I think about how it applies to search engine optimization as well. So SEO, you think about what's happening with the search engine result pages. You have rank zero going on, you have the snippets, you have all these different things, which rings row is the snippets, but you have FAQ schema. You can optimize your title, your meta description to drive more. What you're trying to do ultimately is you're trying to drive more results from what you have already. So if you're spending a lot and you're getting a lot of it's not as efficient as it could be. Let's say you're spending I don't know, I think Neil, the question is at what point should they be obsessed about cro AT what spend levels or what traffic levels? Yeah, so I look at conversions. If you're not getting more than like five hundred conversions a month. It's really hard to do cro because you just don't have enough volume. And if you're not getting five hundred conversions a month, then move more up funnel. What I mean by that is maybe you don't have five hundred credit card transactions a month, but maybe you have five hundred plus emails that you're collecting right and you can start there because you may know that an email can eventually lead to a customer as well. So start going upstream with how you're tracking. Yeah, and on the marketing side, when you think about whoever you're working with on your marketing team, I like looking at rates. So I like measuring when we have a scorecard, when we look at KPIs each and every week, we're looking at how the rate of something is performing, because that is basically that's not a lagging indicator like revenue. That is a leading indicator that you can continue to optimize. So what I like to do there is, let's say we have an email conversion rate goal each week, Let's say we want to get to two percent. What happens is we have these traffic lights each week. So I got this book called The Great CEO Within and basically it's okay. Let's say two percent is a goal. Last week we got one percent, so it's read okay, so we're not even close. We're you know, fifty percent off. The next week we're at one point five percent. It's yellow. The next week after that it's one percent, which is red again. So if it's red or yellow three times in a row, what happens is we say, okay, it's time for us to think about how we can solve the issue and get to the bottom of it. Otherwise, what happens is the quarter goes by too quickly and you ultimately are stuck with the same results. So this goes into basically talking about operations. But that's how you can stay on track of your cro Yeah, and when you're doing all these cro changes and you're trying to end up getting wins, keep in mind it shouldn't just be a gut feeling thing where you're like, oh, I'm gonna just try all these things out. Remember when you're if you tank your conversion rates for a time being, even though when you're running a test and it loses, that means you're getting less conversions for that time. In theory, that means you've lost money, so you want to make sure you're basing things on data. All right, all right, everyone, That is it for today, Marketing School dot io slash live. That's l I ve to apply for the Virtual Growth Accelerator and if it looks like it's a fit, Neil and I will re out to you and we'll have a fun conversation. All right, that's it for today, see you tomorrow. We appreciate you joining us for this session of Marketing School. Be sure to rate, review, and subscribe to the show and visit marketingschool dot io for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. That's marketing School dot io until next time. Class dismissed.