Conversion rate is one of the essential marketing terms that people need to understand. Moreover, it is its optimization that is even more critical.
Billions of dollars are spent each year on online marketing. However, everything successful marketing campaign does not only comes down to how much money is being spent.
We are specifically talking about conversion rate optimization here. It is an incredible little term that holds a lot of importance in scaling your business. You don’t always have to spend a ton on advertising your brand.
What is Conversion Rate Optimization (CRO)?
Conversion Rate Optimization is the method for increasing conversion rate by letting users perform the desired action. These desired actions can be purchasing a product, signing up for services, or adding something in “Add to cart.” It is a practice where experts increase the conversion rate without increasing the resources or expenses to generate more conversion rates.
Conversion percentage is the main focus here; however, averages and benchmarks also play a crucial role in CRO. However, looking at all the excel sheets of user data and conversions, it is hard to think about each individual and what was their thought process when they performed the desired action.
Here is another user-centric way of thinking about conversion rate optimization. CRO is a practice where you focus on what drives, persuades, and stops users from doing a desired action from the web owner. When you understand the mind of your customers, only then can you create systematic strategies and other practices to increase the conversion rate.
Although the main focus is on conversion, there are a lot of things that occur before the conversion. As a marketer or web owner, it is important to understand the whole process. For instance, what specific drivers are bringing the visitors to your site and what specific copy in your landing page or blogs persuades them to convert.
It is very hard to back each incident of conversion in numbers, and not all the time will you see a clear answer. However, you may find a massive issue in a certain scenario, and fixing it will drastically improve your website conversion rate. Yet, you will also experience when everything is working fine, and still, people are not converting.
What is Conversion Rate, and How Do You Calculate It?
Conversion rate is the amount of conversion divided by the total number of visitors. In other words, the conversion rate is determined from the total number of visitors to your website and how many from the total visitors actually performed an action. In this case, performing an action can mean purchasing a product, signing up for newsletters, providing email addresses, or becoming a member.
Here is an example to understand what conversion rate is and how do you calculate it. Suppose you have 400 visitors to your eCommerce website in a month, and out of those 400 visitors, 100 visitors actually purchased the products. That means that your conversion rate is 100 divided by 400 or 25%.
The conversion rate can be called a success when the visitors perform any desired action. It is as simple as clicking on a “call to action” button. Now the call to action can be anything from signing up to the website to adding products into the cart.
There are endless marketing techniques to improve conversion rates based on hypotheses and psychological studies on online behavior. It is crucial to understand what makes visitors convert into customers, and marketers brainstorm through the insights and hypotheses and come up with ideas on how to improve CRO.
We will talk more about how you can improve or double your conversion rate later in this article.
Why is Conversion Rate Optimization Important?
The main reason why conversion rate optimization is important is that it increases the website conversion rate. The main goal is to increase the conversion rate of the website. However, it is not as easy as it sounds; marketers have to implement multiple measures to increase their conversions, which do not work all the time.
In order to optimize the conversion rate, you have to do a lot of research and understanding beforehand. It is a long process that also requires money in many cases. With optimization of your conversion rate, you will get more visitors but, more importantly, a higher percentage of conversion. In addition, as you gradually try and test your techniques, you can spend less amount of money on ads while having the same or better conversion rate.
6 Proven Ways to Increase Your Conversion Rates
1. Add a pop-up to your site
The average conversion rate from pop-ups is 3.09 percent. However, you can increase the average rate to 9.28 percent if you execute your pop-ups correctly. Certain changes can work wonders for your website’s conversion rate. You can include attractive offers like premium content, PDF, and other products, for starters.
You can also put a 30 seconds delay for pop-ups to ensure that your visitors are not annoyed. In addition, you can also make the close button easy to click and set cookies. For high converting pop-ups, you can use OptinMonster, its alternatives are also available in the market.
2. Add testimonials and reviews
No one wants to be the first person to try out a product if the company is not well known. This is why adding testimonials and reviews can put the customers at ease. The satisfaction of other people who have to purchase the product in the past will make customers very likely to purchase the product.
3. Make the initial step really easy
Humans are bound to complete a task they have started. This psychological principle can be in favor of marketers if they make the initial steps very easy. You can ask something as simple as just an email address and gradually provide forms to get more information. Don’t give a long-form right at the start of the application process.
4. Add a third-party sign-up service
Filling up an entire form to sign-up seems like a daunting task. This is why using a third-party sign-up service can improve your conversion rate drastically. When there is an option for signing up using Google, Facebook, or other platforms, the whole sign-up process becomes easier.
5. Make a compelling CTA copy
Generic CTA will give you average results at best. You have to create an amazing eye-grabbing CTA copy. It would help if you had a fresh mind, and you could create a compelling CTA copy in a few minutes. To be more specific, you have to start your copy with “YES.” The word evokes a positive light in visitors. You can experiment with your copies and see which one generates the most clicks.
6. Offer a money-back guarantee
Consumers do not want to take a risk and put their money at stake, and they become more skeptical, especially when they are looking at what is not well-known. This is where companies offer a money-back guarantee. With this type of policy, consumers can overcome their fair risk because they can always take their money back if they don’t like the product.
Conclusion
These strategies will definitely work and optimize your conversion rate if you implement them properly.
It is always good to have a budget for marketing; however, with proper conversion rate optimization measures, you can expect the desired action from customers without having to spend more money.
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