The conversion rate is calculated by dividing the total number of visitors by the number of conversions. For example, if an ecommerce site receives 200 monthly visitors and 50 sales, the conversion rate is 50 divided by 200, or 25%.
Every desired action that you want the consumer to take is referred to as a conversion. This can range from a simple button click to making a purchase and becoming a customer. Multiple conversion targets are common on websites and apps, and each has its own conversion rate.
Conversion Rate Optimization
The process of improving your website and content to increase conversions is known as conversion rate optimization, or CRO. A high conversion rate indicates that your site is well-designed, well-formatted, and appealing to your target audience.
Conversion optimization helps you to increase the amount of highly qualified leads you get, increase sales, lower acquisition costs, get more value from your current leads and customers, and simply expand.
Conversions can occur anywhere on your website e.g. homepage, pricing page, about us page, landing pages, etc. As a business, you want your website to be built in such a way that visitors become paying customers. With so much potential in these areas of your website, you’ll want to make sure that each one is optimised for conversions.
Homepages are ideal candidates for conversion rate optimization. The homepage is an opportunity to attract visitors and direct them further into your website, in addition to making a first impression on them.
This can be accomplished by emphasizing product information connections, including a free signup button, or even integrating a chatbot that asks visitors questions at any point during their browsing session.
For several website visitors, a website’s pricing page may be the make-or-break point. By changing the pricing periods (e.g., price-per-year vs. price-per-month), explaining the product features merge with each price, and including a phone number for customers to call for a price quote, CRO will help a pricing page turn visitors into customers.
Create a blog
For a website, a blog is a huge conversion opportunity. A blog will use CRO to turn readers into leads in addition to writing thoughtful and beneficial content about your industry.
Adding calls-to-action (CTA) in an article or encouraging readers to learn more about a subject by sending their email address in exchange for an ebook or industry report are common examples of this method.
Landing pages are designed to encourage people to take action. A video from last year’s event, for example, can be added to an event landing page to inspire visitors to register this year. Furthermore, if a landing page is used to share a free resource with guests, it can be customized with sample content from that resource to allow visitors to download it.
You might be wondering how you’ll know when your company is ready to start optimizing for conversions now that you know where to look.
Improve your understanding of your clients
You’ve heard it said that intelligence is force. As a result, you’ll need a thorough understanding of your customers before you can begin optimising your website. The goal is to figure out who they are, how they connect with your shop, and where the potential conversion bottlenecks are in the customer journey.
Data should be at the heart of your CRO strategy because it will enable you to build conversion-friendly segmentations based on the behaviour, lifecycle level, and purchases of your current and potential customers.
Increase your client base while lowering your acquisition costs
Conversion rate optimization entails assisting visitors to your store in locating what they’re searching for and expediting the purchasing process. The better you know your clients, the better you can tailor their experience and encourage them to make those all-important purchases.
It’s all about quality when it comes to CRO. If you’ve worked hard to attract visitors to your site, CRO should be a top priority to ensure that more of that traffic converts into paying customers. The better the consumer experience, the more customers you’ll get from the same volume of traffic, resulting in content marketers who are happier and a lower cost per acquisition (CPA).
Boost the search engine optimization efforts
It’s not a choice between the two. CRO and SEO can often work together. Search is becoming more intelligent, and Google has admitted that user activity is now factored into page rankings. Websites that have the best customer service would rank higher as a result. So all of your efforts to improve the customer journey will not only result in more conversions, but it can also help you rank higher in search results.
Increase the lifetime value of your customers
The CRO research we discussed in point 1 will assist you in creating personalized customer experiences for both new and returning visitors to your website. Segment your loyal customers and show them love with ‘welcome back’ popups, tailored product reviews in their most-purchased product groups and repurchase reminder emails. By anticipating their needs and making them feel unique, optimizing the customer journey will turn one-time buyers into lifelong customers.
Conversion rate optimization has a lot of advantages. You will gain a better understanding of your clients, convert more customers, lower your CPA, improve your SEO efforts, and increase your client lifetime value by concentrating on CRO.
CRO is a must-have for any business. There are several advantages of conversion rate optimization. Sales, subscriptions, and income are all driven by it. You will improve the overall user experience if you concentrate on your CRO plan. You can also reduce customer acquisition costs and improve the SEO strategy. Contact us now to find out more about how we can create an effective CRO plan to maximise your potential.