The How & Why of Conversion Rate Optimization
Nowadays, most marketing strategies are directed at increasing the traffic towards websites. While this is a demanding task by itself, businesses and marketing teams must also ensure that this traffic converts to qualified leads.
This is where conversion rate optimization (CRO) comes in. Since getting the most out of the existing traffic is what will propel your business to more sustainable growth and success, you need to adopt and implement aspects such as CRO effectively.
In this guide, you will learn what CRO is, why CRO is important for a business, and the best CRO practices you can adopt today.
What is Conversion Rate Optimization?
To understand this, let’s first define the conversion rate. Conversion rate is the percentage of visitors on your website that completes the desired action or simply completes a site goal. There are two types of conversions:
These are smaller conversions that happen before the visitor decides on purchasing a product. These include signing to email lists, creating an account on the website, or adding a product to the cart.
This is the major conversion that occurs right from when the visitor decides to make a purchase. The activities here include subscribing to a service, requesting a quote and purchasing a product from the site.
With this said, you should know that the main goal of using a website to sell products is for the visitor to make a purchase (Macro conversion). For this to be successful, you have to increase the percentage of visitors on your website that will complete a purchasing action; conversion rate optimization.
Why is CRO important for a business?
Improves user experience
A sound CRO strategy will determine what is working for your website and hence help you maximize on it. This way, you improve your user experience and make everyone visiting your site comfortable and willing to stick around. Keep in mind that if users are comfortable using your site, they will reciprocate this by increasing brand awareness and hence the sales you make.
Better Return on Input (ROI)
An optimized conversion rate translates to better usage of the resources you put in and hence a better ROI. Since you are likely to maximize on the purchasing behavior of the frequent visitors to your website, you are likely to save the resources you use to attract new customers.
As your business grows, it requires to at least retain or increase the audience size to purchase the added products. CRO comes into rescue businesses that find it hard to achieve this, by promoting growth while maintaining the pool of resources and prospective customers.
It helps you get improvement insights
You may never know what your customers need to be eliminated, improved or added to the products you currently offer unless you adopt a method like CRO. A sound CRO strategy helps you understand what your audience needs from your business. If you attend to their needs, you will surely see a positive change in their purchasing behavior.
Conversion rate optimization best practices
Identify your potential customers-
Since you want to tailor your market message to target customers, you need first to identify who is your customer and who is not.
Ask your users to complete surveys-
Here, you are trying to get insights from your target customers by asking them brief questions related to their specific needs.
Gather and analyze data-
You can, for example, use the data on the about page section of your site that prospective customers visit more to learn about your business. You can use tools such as Google Analytics to analyze this data.
Run A/B tests-
Don’t stress yourself going through and comparing all the data you need to run these very crucial tests. A tool like Crazy Egg has an inbuilt A/B testing functionality that you can use hassle-free.
Map your buyer’s journey-
You need to know the exact journey that your customers take before making a purchase from your website. This can help you pull out a sizeable amount of data that you can use to run tests and optimize conversions.
Optimize your content-
The content that is especially on the landing pages and the product pages need to be optimized for high conversions. You can run a Heatmap analysis on these pages to have an idea of what people see when they visit them.
Guide your customers appropriately-
Since you know what your site’s goal is, you need to direct customers to the places that you think will, in one way or the other make the goal achievable. Place strategically CTAs, arrows and navigational panels to effectively direct your customers.
Hire a CRO agency if you feel like the practices above are technical for you. You can always leave this work to the professionals. It would be best if you looked for a reputable agency that will keep your business goals at the forefront.
Don’t just run an average business website that only attracts traffic without necessarily converting it into purchases. With a simplified method like CRO optimization, you can get the best out of your traffic and increase your returns in the long run.
A rule of thumb in CRO optimization is knowing where and what to optimize and who to optimize for. If you succeed in this, then leverage related tools such as Google analytics to run CRO, you can be assured that your website will be high yielding and your business profitable.
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