Conversion Rate Optimization: What is it?
When talking about developing a brand’s sustained growth plan, we need to include Conversion Rate Optimization (CRO) into the mix. Marketers are always looking for ways to increase incoming traffic and turn them into leads; they often forget about the current viewership and how to convert them.
In today’s blog entry we’ll cover the basics of a CRO Strategy and how to implement it.
What is a Conversion Rate?
Conversion Rate is a number that shows how many people that took a desired action on a website during a certain time period.
Knowing the conversion rate of your website can help you understand how it’s performing and if there’s any steps needed to take in order to keep it the way it’s going or where to optimize it.
What is Conversion Rate Optimization?
Now that we understand what a conversion rate is, let’s talk about optimization. In digital marketing CRO is the process of strengthening your website to increase the number of qualified leads, revenue or lower the acquisition cost.
These enhancements can be done both on the site’s code or content structure. The idea is to have it in such a way that visitors are successfully pushed towards the different stages of the purchase funnel seamlessly.
How to calculate the conversion rate using CRO Formulas?
In order to calculate the conversion rate of your website you need to divide the number of conversions by the number of visitors and then multiply the number by 100 to get a percentage. All of this is during a defined time period.
Oftentimes brands and clients get alarmed when they see their conversion rate is not above 5%. But it is important to state that CRO depends heavily on industry, goals, traffic, channel, investment, etc.
So how do we know you are in the clear?
Again, conversion rates differ from company to company due to a wide variety of factors. But this doesn’t mean you cannot have the goal to increase it, or to keep it at the same place but reducing investment.
So let’s say (for the sake of the argument) your conversion rate is lower than expected. How can you optimize it?
How to do a conversion rate optimization strategy.
Integrate text based CTA’s into your existing content
Users have become accustomed to banner-like calls to action that they automatically skip without paying it much attention. That’s why it is key to include text based CTA’s to drive the conversion rate.
It is also a great way to boost SEO as it is a good practice to keep the readers engaged.
See what we did? 😉
One of the many “golden rules” of digital marketing is that the user’s expectations are always changing, hence the importance of keeping up with current trends. To optimize and boost your Conversion Rate it is important to deliver the right content to the right audience.
But how can you make sure your content will work?
We suggest you run a couple of tests with a very limited budget to see what performs the best. Make sure the ads or landing pages you are testing differ one from each other in copy, structure, call to action, and images.
Turn leads into qualified leads
Nurturing a lead and turning it into a qualified can take its time. Nonetheless, there are many visitors that have made up their minds and want to cut down to the chase.
Optimize your buyer’s journey by offering a straightforward path to speak to a sales rep or placing an order.
The best example for this are the “BUY NOW” buttons on ecommerce websites. Instead of adding the item to the cart and keep exploring, the buyer is taken into the payment screen to complete their order.
There could be a discussion on whether retargeting a visitor does in fact improves conversion rate optimization as it centers around an advertising campaign on Social Media and Google Ads.
But if you want to boost your conversion numbers, reaching out to those that visited your website and did not take action can be a great way to drive traffic to high-converting landing pages within your site.
What are CRO Tools?
Digital platforms designed to help you in the process of optimizing your conversion rate. From lead capture to mouse tracking heat maps that show the most clicked and viewed places within your website, CRO Tools are a great way to help you define a CRO strategy that will deliver.
But what if you don’t want to do it yourself…?
Digital Marketing experts can help you understand the current state of your conversion rate and craft CRO strategies that meet your objectives. Like we stated above, Conversion Rates depend on many factors and it is easy for the untrained eye to leave something behind. If you are really after the best results, hiring an expert is the way to go.
Conversion Rate Optimization is the process of enhancing a website to increase the amount of people that take a desired action such as signing up, requesting a demo, or making a purchase.
There are many factors that play a part in establishing the conversion rate of a website, if you believe you are not converting enough visitors then it’s time to optimize your content, site structure or take strides into providing enough resources to drive action.