What is Conversion Rate?
Conversion Rate is the percentage of the Number of desired actions performed to a total number of visitors who visited the site.
Conversion Rate Optimization comes into play once a visitor comes onto your site.
In short, it is an “On visit Optimization.”
Formula for CR
What is Conversion Rate Optimization?
Conversion Rate Optimization (CRO) is increasing the percentage of website visitors’ actions. These actions include buying a product or service, subscription, or filling out forms.
Conversion rate optimization adds effective methodologies for converting your web traffic into paying customers and net profits.
CRO helps in increasing the percentage of website visitors that come to your site.
For example, if you have a 30% conversion rate, that means 30% of people who visited your website bought some product or subscribed to your service.
It is similar to a running retail store. Many people enter your site, browse, and if they find it practical, they spend money or leave.
What are the benefits of CRO?
CRO significantly improves lead generation and reduces customer acquisition costs (CAC).
Increasing CRO is nothing but increasing your lead Generation capacity, better conversions, and finally, Sale.
It influences all stages of your sales funnel. It significantly increases the revenue.
Profit Increases 4x, Businesses who use CRO.
How A Website gets benefits from CRO
Let’s take a case study on Conversion Funnel Optimization
A Website with 10,000 visitors per month
With a bounce rate of 50%
Lead Conversion rate 30%
If you see the image, the sale conversion rate is 1.68.
Let’s discuss some math here.
Case -1
If a sale value is $200,
Total Sale value = 168 * 200 = $33600
A 10% increase in funnel conversion Leads to a Rate can increase of $16, 800
A Total Funnel Conversion rate increase of 1%
Can increase your sales to $53600
CRO positions your business and website ahead of competitors that do not use it.
Now, you might have understood, How important it is for you to convert your business into a great source of revenue.
The most significant advantage of CRO is conversion rate marketing, where you get to know your consumers.
CRO helps you to understand your customer base and allows you to make decisions based on facts and data.
Not everyone who visits your website becomes your customer, and you cannot use CRO for that purpose as well,
Optimizing conversion rate on more substantial visitors and our high-quality leads.
Therefore, your conversion rate increases as you take away customers from your competitors thus, giving an edge to them.
CRO acts as a secret weapon to boost your website
Many websites are there that need access to conversion rate optimization.
Even if a person tries to intrude on your website, they won’t be able to know your strategies; hence CRO acts as a secret weapon.
Understand your customer better
“The customer’s perception is your reality.”
You need to understand your visitor’s needs and preferences, and CRO can improve your entire e-commerce business.
CRO helps you to know who they are and what they want to be able to stock the products they are looking for.
CRO optimization Increases your website traffic
Various techniques and strategies you apply for CRO optimization can reduce your cost per acquisition.
Once you optimize your online store, you better understand your customer base, which leads to an improved overall shopping experience.
The better the user experience, the more customers will visit your website frequently and invest their money.
Hence it helps you in increasing the traffic to your site.
- Claim your Google my business listing for your website
- Launch a YouTube Channel for your business
- Using paid traffic generation technique
- SEO Brings tons of traffic to your website
- Go Social – Social media Can help you rank ample traffic
- Use LinkedIn Creatively
- Create a Blog for your business
- Promote your Blog Posts and Videos
- Steal Your Competitors’ Traffic Sources
- Find More Relevant Keywords
- Reduce Your Website Bounce Rate
- Create an Awesome Website and Blog Layout
- Focus User Experience, Make Your Site Responsive
- Email Marketing is the best choice
- Write Guest Postings
- Building backlinks will boost your site ranking
- Post On Social Media at Strategic Times
- Link Internally – Linking within the site
- Pay Attention to On-Page SEO, Do On-page SEO Audit Check
- Make Sure Your Site is Fast; it is necessary
- Foster a Sense of Community
- Monitory Your Website Metrics
- Incorporate Video into Your Content Strategy
Increases your revenue
As we all know, money is vital in carrying forward any business.
CRO helps in increasing your website profits because, unlike other advertising strategies, CRO provides immediate gains that go straight into your pocket.
By improving your conversion rate optimization, you can easily double your profits.
Conversion Rate Optimization Techniques
Landing page design
Landing page optimization refers to improving each element on the landing page to increase conversions.
Approaching landing page optimization is one of the best practices to improve your website conversion rates.
It must appeal to your audience and compel them to act and meet their expectations.
Website Copy
Customers get attracted to well-designed and aesthetically pleasing websites.
Writing valuable and quality content can increase your customer’s traffic, so emphasize products persuasively and make the content as appealing as possible.
Call-To-Action
A call to action is a request or call for customers to take the desired action.
This action could be related to anything like subscribing to a newsletter, registering for a service, or purchasing.
The stronger the CPA, the more leads it can generate.
Navigation and Site Structure
You must focus on your site’s structure, as it can make a difference.
You must focus on building up a site that’s easy to navigate. In an unstructured area, users might get confused and leave browsing in between,
Create an easily navigable website to increase conversions and your brand’s goodwill.
Web Forms
Comprehensive forms have worked wonders for many organizations.
Forms are vital in most businesses, especially if they are part of their sales funnel.
Try these steps to have outstanding forms
- Suitable-looking forms of an equal to pleasant user experience.
- Try to create the app and generate the password.
- Having one-click form submissions is better.
Page Speed
Every time you open a website, if it takes a lot of time to download, it becomes a significant turn-off as page load has a massive impact on your site’s overall performance.
It drastically affects the experience of a user, even a one-second delay can make you lose a potential customer.
Hence try to have a good page speed for your website.
Improving Marketing ROI
CRO helps you analyze your site’s performance by executing different optimization techniques and gives you an insight into your site.
By experimenting with various elements on your landing pages, you can check the areas that give the best results.
This data can be utilized as a benchmark for your next round of experiments.
Enhancing UX
In the modern web world, users show interest in informative, attractive, yet easy-to-navigate websites.
Hence, focus on a personalized experience for your site visitors and better insights into your visitor’s behavior.
Who is Conversion Rate Optimization Useful For? CRO for Websites
Create a website that helps your customers find what they are looking for. A mobile-friendly website will allow users access on mobile.
Use the Latest web technologies like Bootstrap and responsive design to provide a better plan.
Capture visitor interest and exit page and provide them with the necessary information so that users get more information.
CRO is a miracle key for website developers as they can understand their audience’s behavior to increase traffic.
CRO for B2B Companies
The success of a company depends upon capturing and converting new leads.
Usually, the B2B clients have a longer sales cycle,
B2B conversion requires a solid understanding of usability analysis and conversion aspects.
CRO impacts and helps understand how visitors interact with your website and perceive your brand.
CRO for SaaS Companies
POS is a leading SaaS-based restaurant management platform that provides various online POS solutions for different restaurants.
CRO helps the company by modifying its home page and adding more relevant and conversion-centric content which benefited them with an improved user experience and generated conversions which helped lift their website to greater heights.
CRO for E-commerce Stores
E-Commerce has been in the hype in the past few years. Though having plenty of traffic to their websites, they end up leaving it in between or abandoning their shopping carts due to innumerable reasons like difficulty in the checkout, hidden costs, etc.
CRO helped them identify and address such issues, significantly improving the conversion rate.
Conversion Optimization Strategy
To double your conversion rate, you must follow these steps-
- Survey to understand your users.
- Discover session duration, which means the time visitors have spent on your site.
- Identify your real potential customers.
- Create Quality Content with necessary Call to Action elements.
- Run A/B tests.
- Collect and analyze data.
- Remove distractions.
- Add a pop-up to your site.
Conversion Rate Optimization Steps & Process
- Analyze what your visitors are doing on your site.
- See how different features on a page are influencing user behavior.
- Test different hypotheses.
- Learn how to analyze A/B test results. Review and analyze results from different tests and make changes accordingly.
Conversion Rate Optimization Best Practices
7 CRO Challenges to Address
- Lack of Resources: Lack of Resources is a significant problem for growing industries and websites. Lack of knowledge, interest, and funding affect your website conversion rates. Few business owners won’t even use Analytics for their websites.
- Process: In a few sections, CRO development is time-taking because most marketers and business owners need to assess CRO or include optimization.
- CRO is a new young industry, and it is overgrowing a lot. Most business owners still need to be aware of it, and lack of knowledge is also a significant challenge for CROs.
- Putting together a proper structure to support CRO is also a significant challenge for many enterprises.
- Investment also plays a vital role in planning and running a CRO campaign; marketers and business owners think investment in existing doesn’t improve business leads. Budget allocation can also be a significant drawback.
- If you are not tracking macro conversions, you must revisit your testing strategy, as these small ones will add to your conversion.
7 Conversion Rate Mistakes to Avoid
- Try using the five essential steps of the method like Observations, Hypothesis, Experiment, Analysis, and Conclusion.
- Make changes to your website based on opinion rather than statistical data.
- Stop investing your money in acquisition efforts; instead, invest your money in CRO to bring traffic.
- Many business owners believe small tests are better than big ones, so make sure to go for small tests before big ones.
- Don’t use cheesy stock photos, as there’s nothing to write about using them except their quality.
- Pay attention to the importance of videos. Try to show your product in action by making instructional videos.
- Using the wrong color combinations, use appropriate, user-friendly, eye-catchy color combinations for your site.
