The Lowdown on Conversion Rate Optimization
Do you want to convert website visitors into customers? Then you need to prompt them to take the actions that you want them to take.
There is a lot of emphasis placed on savvy marketing practices that generate traffic to your website, but if that traffic isn’t prompted to take some sort of action after landing on your website, then those visitors are as good as gone.
That’s where conversion rate optimization comes in to the save the day!
What is conversion rate optimization?
Basically, it is the process of prompting people to take an action when they visit a website. By increasing the percentage of website visitors who take an action, you are essentially creating more opportunity to drive conversions.
What is a conversion?
A conversion may sound like a lofty goal, but it is simply a blanketed term for getting a website visitor to complete a goal that you’ve designed for them, which can be big or small. The larger conversions, also known as macro-conversions, take place when the primary goal is to get a visitor to make a purchase or become a customer. Smaller conversions, or micro-conversions, are less commitment-heavy, like getting a user to sign up for a newsletter, create an account, or put an item in their cart.
These conversions can and should happen all over your website. Here are a few places that you can optimize for them:
Homepage. Your home page is the best place to make a first impression, but it also is a prime opportunity to retain visitors and guide them through your website. This can be done through sign up buttons, links to other pages on your site, or even adding a chatbot that allows visitors to ask questions at any point during their stay.
Blog. A blog is a preverbal gold mine for businesses. Not only is it an excellent place to position yourself as a thought leader through original industry content, but also a hotbed for potential conversions. Opportunities for conversions on a blog page include clear calls-to-actions (CTA’s), and can invite readers to submit their email address to gain access to a white paper or eBook.
Landing page. People find themselves on landing pages when they are close to making some sort of final decision. You can guide them toward conversion through strong visual content, like videos, and preview text of downloadable resources.
What is a conversion rate?
A conversion rate is generally defined as the number of times a website visitor completes a goal divided by your site traffic. That said, it’s also important to define your company’s specific goals. Here are a few to consider:
Goal: New customers
Formula: Revenue goal divided by average sales price = new customer goal
Goal: New leads
Formula: # of new customers divided by lead-to-customer close rate percent = new lead goal
Goal: Conversion rate
Formula: Leads generated divided by website traffic X 100 = percent conversion rate
Why do you need CRO?
If you are spending money for digital marketing, like SEO or PPC, and if you like to get bang for your buck (who doesn’t), then you need to invest time in conversion optimization. Why? Because this is what will help turn that traffic into conversions and revenue.
In short, CRO allows you to lower your customer acquisition costs and increase revenue per visitor by getting the most value out of the users you already have.
In addition to conversions, CRO can also help to enhance the overall user experience. By providing accessible ways to learn more, removing navigational barriers, simplifying forms, and helping to guide your website visitors to a natural conclusion, you are improving their journey and making your site a nicer place to be.
When you remove the trickery associated with progressing through your site, customers will come back when future needs arise, and they are more likely to recommend you to others.
What is the key to CRO success?
If you are going to optimize your site for conversion, it is important to know what to optimize, where to optimize, and who to optimize for. Making these decisions without gathering data will leave you to rely on theory and your gut instinct, and while that may be the right call in some scenarios, it won’t take you very far here.
Every decision associated with your CRO strategy needs to be based in a data-driven approach, otherwise, your time and money will be wasted. That said, educate yourself on analytics methods and CRO strategies before getting started.
CRO is not about making quick fixes or enhancements to your website. Although even small changes can help to impact conversions, they should be a part of a larger master plan. By integrating a research-oriented and data-driven CRO strategy with your other marketing efforts, you will successfully close the loop and bring your website visitors to an easy and natural conclusion.