ADS - Header Logo

920.393.3214

Lockdown due to the COVID-19 pandemic has now made permanent and more profound effects on purchasing habits worldwide. People are now more comfortable ordering online rather than visiting stores for almost everything. This dependency on digital platforms has created many opportunities for businesses to increase their sales.

Online shifts have decreased store maintenance and other costs. So, it is an excellent opportunity for businesses to maximize their digital presence and performance. Let us look in detail at how companies can optimize their digital performance and increase conversions.

Conversion Rate Optimization

In simple terms, the practice of turning your existing website traffic into paying customers is called conversion rate optimization.

CRO involves the complete process flow of attracting an audience and visitors to your website and meeting its objectives. It is a technical skill to make your website visitors take the desired actions on your webpage or convert into paying customers.

All your money and efforts are a waste if your targeted audience is not taking the desired actions on your website.

The ultimate goal of any business is to generate a revenue stream. For example, if you own an ECommerce website, visitors buying your products are known as conversions.

What is Conversion Rate

Not all your website visitors will buy products and services from your website.

So, the percentage of your website visitors who complete the conversion process taking your desired steps is called conversion rate. “Conversion,” meaning can vary business to business, but the following are common types of conversions;

  1. Buying a product from your website
  2. Submitting contact information and subscribing for your content updates
  3. Downloading content, for example, Video, Audio, PDF report, etc., from your website.
  4. Contact personally with your business services.
  5. Using your application or feature etc
  6. Sharing your content with others

There are many other conversion aspects by which businesses can calculate their conversion rate.

Conversion Rate Formula and Good Conversion Rate

You can calculate your website conversion rate by dividing the number of conversions in a specific time frame (for example, a month) with a total number of visitors and multiplying with 100.

Conversion rate = conversions in a time period / total visitors * 100%

For example, the total number of conversions in a month was 40, and the total number of visits was 2000. The conversion rate will be 2%.

The ideal conversion rate is around 10% or higher. It takes time and effort for businesses to improve their conversion rates, but as long as you follow the basics, the improvement will come. Below we discuss some of the components of conversion optimization that you can consider when devising your CRO strategy.

Components of the Conversion Optimization

There are different ways for measuring and improving conversion. Following are the components on which conversion optimization is depending;

Call to Action (CTA)

It is a design created to prompt an immediate response from the visitor on a website. For example, use words like “Last Chance to win Buy one Get one free offer” or “Call Now,” etc.

Conversion Funnel

Your audience’s series of steps to take in your website to complete the site’s primary objective is called a conversion funnel. This funnel focuses on providing step-by-step awareness and information about your products and services, leading to actions and ultimately sales. Not every one of your target audience will buy your product. But it is essential to make your prospects aware and create a desire to own your product for final conversion.

A/B Testing & Multivariate Testing

It is a common practice in which you present two versions of your site. Then the conversion rate is measured and compared to check effectiveness. For example, you can consider the signup form as a variable and check whether you have more leads with or without a signup form pop-up.

You can compare and analyze your website’s two versions and analyze how you are getting more leads.

In MVT testing, like A/B testing, businesses can test, compare, and monitor their website’s most suitable version with more than two variables.

User Friendly

The speed and user-friendliness of your website play a vital role in conversion rate. For example, if your website is fast and easy to use, it will create more conversions.

Customer Behaviour

The process of understanding your customer behavior, what makes your customer want to stay on your website or why your leads are incomplete etc., is part of customer behavior and development.

Heatmaps

Tools like Hotjar are best for analyzing where your visitors spend the most time on your web page, what engages them and where they leave the website.

Other tools like analytics and user recording are also used to measure customer behavior on your website.

Common and Effective Conversions Optimization Strategy

Coming up with a planned conversion strategy is essential to manage your website’s performance. You can measure your already existing performance with Google Analytics, for example, Bounce Rate, Time duration, Form Submission, leads, etc. The user experience and speed are calculated by using tools like Page Speed Insights and Google Lighthouse. These tools help you monitor which content and products are performing better than others.

In the ECommerce website, the conversion rate is more for user-friendly sites with a shorter checkout process.

Let us look at the best ways to optimize your website conversion rate to improve website performance and increase revenue.

1.Evaluate your Target Audience and Potential Customers

The first and foremost step is to identify your target audience to plan. You must know your target audience, where your targeted audience is, what your targeted audience likes, etc.

A filtered and specified target audience will help you strategize well and execute cost-effective marketing.

2.Data Collection

You can always use brief questionnaires and polls to ask your target audience about comments and recommendations. This helps the businesses in knowing what their market prefers. While collecting data in the form of questionnaires, you must avoid extensive and tedious questions.

Other most accurate ways of collecting data and information are with the help of tools like HubSpot, Google Analytics, Marketo, and Salesforce. With these tools and applications, you can measure behavior and monitor which channels are the most effective.

3. Incorporating A/B Testing for CRO

Businesses incorporate minor changes into the website, and performance is measured. For example, you can change the theme and icons of your website checkout page. Then, the customer behavior and conversion rate are calculated and compared. Such testing is possible with two or more variants known as A/B testing and Multivariate testing, respectively.

4.Use Heat Maps and Check Bounce Rate

Check out that type of content that engages your website visitors so you can focus on the related content in the future as well. Similarly, the response on blogs and other posts is also calculated by checking the bounce rate. All such analytics helps you manage your website content for improved performance.

You can only improve if you know what exactly requires improvement. All the above aspects and metrics help you create a tested and calculated version of your website.

Things to Avoid to Improve Conversion Rate

Many metrics can affect your conversion rate, but if you are starting a new business, then there are some advanced techniques that you can use;

Remove Excessive Pop-Ups and Unnecessary Card Details

Adding Sign Up forms in the beginning and blocking customers’ view negatively impacts the website performance. Therefore, you must avoid adding signup and other documents in the front.

Websites must also avoid asking for MasterCard and Visa card details until and unless it is necessary. Visitors avoid giving details and leave the site.

Slow Website Speed

Even if your business provides the best products and services, if your website is slow, you will lose more customers than you know. In this digital world, the customers are least tolerant and shift from one site to another. Acquiring and retaining customers has become a challenge. In this case, if your website speed is not optimized, there is a fair chance that you will lose half of your potential customers.

Best CRO Tools

CRO Tools

The best tools for optimizing your conversion rate includes,

Google Analytics

The most commonly used and free tool to analyze website performance is Google Analytics. The data collection and analysis is made easy and convenient to manage and compare own business performance. Google also provides a more enhanced paid version, Google Analytics 360, for large ECommerce businesses.

Google Search Console

All business efforts are in vain if your business is not creating relevant content and reaching the right audience. Therefore, Google Search Console helps you plan relevant keywords and create related Search Engine Optimized content that improves your organic traffic.

HubSpot, Marketo, and HeatMaps

All these applications and tools are used to nurture leads and analyze performance. These tools help businesses collect information about the most effective marketing channels, analyze engaging content, and automate email campaigns.

Conclusion

The final goal of marketing is not only conversions but sales. In simple words, all sales are conversions, but all modifications are not sales.

For example, some businesses measure conversions based on subscriptions, but these subscriptions will not always buy the product from your website. Therefore even if the conversion rate is not the final success for the businesses, it is an excellent way of calculating overall business online performance. Once you know your website’s detailed performance that is positive and negative, you can improve and manage it. Therefore, businesses need to focus on their website conversion goals and performance to survive the increasing competition.

Leave a Reply