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How To Do Conversion Rate Optimization In 5 Easy Steps?

Posted on May 13th, 2022
by Editorial Team

It is extremely important for marketers to achieve high rankings on search engines and to grow their websites' traffic. Most companies and bloggers want it, and it's a fantastic idea. The traffic may be great, but is it worth it without converting into leads or sales?

Most likely, you were not even thinking about conversion rate optimization when you considered creating your website. The world has changed since then. It takes specific activities to convert traffic to sales, not just by chance.

While conversion rate optimization (CRO) can achieve a lot, firms that use website customization and testing as a team effort often see significant growth and better results. You'll need a complete CRO strategy to launch customized content at scale.

One of the most critical components of any marketing strategy is optimizing your website to achieve good conversion rates. It's also one of the most difficult issues to deal with.

A solid CRO approach involves numerous contributors from marketing, product, user experience, and development teams. Everyone can offer their knowledge and skills to the program's success.

What is conversion?

When the person who receives a marketing message takes the intended action, it is called a successful conversion. Although conversion is a crucial indicator in the marketing funnel, it does not automatically imply a sale. Conversions can occur before a sale and indicate that a prospect has progressed down the sales funnel.

What is conversion rate optimization?

The practice of raising the percentage of conversions from a website or mobile app is known as conversion rate optimization (CRO). CRO usually entails coming up with ideas for how to improve components of your site or app and then evaluating those hypotheses with A/B and multivariate testing.

Why is conversion rate optimization important?

Conversion rates are a good tool to compare and contrast the results of different advertising platforms. Conversion rates are especially significant when executing mobile user acquisition campaigns because they help measure the performance of each campaign, as shown in the example above. When scaling a campaign, they can also be utilized to set ROI (Return On Investment) expectations.

Conversion rate analysis, when performed appropriately, can disclose which channels are most successful for advertising a specific app, allowing advertisers to assess the performance of their material and utilize it to inform strategic decisions. If your data indicates that a conversion rate is lower than intended, you can utilize it to identify problems with an app's UX and other areas for development.

How to calculate conversion rate?

To determine the conversion rate, divide the number of conversions by the number of visitors and multiply by 100 to get a percentage.

conversion rate optimization

This technique can be repeated for each conversion opportunity on your site. Simply keep track of the number of visitors to the web pages where the deal is advertised.

Alternatively, divide the total number of conversions for each conversion opportunity on your site by the total number of visits.

Where to implement CRO strategy?

Here are facets of your website where conversion rate improvement can make a big difference.

  1. Home page
  2. Pricing page
  3. Blog
  4. Landing pages

Home Page:

CRO is a good option for homepages. Your homepage not only makes an impression on visitors, but it gives you the opportunity to retain them and guide them further into your site.  

Pricing page:

Many website visitors base their buying decisions on the pricing page of the company's website. If a pricing page is optimized for conversions, the intervals for pricing can be shortened, product features associated with each price can be detailed, and a phone number can be included for a price quote for visitors, or a simple pop-up form can be added

Blog:

A blog can greatly increase a website's conversion rate. CRO can help a blog turn readers into leads besides publishing thoughtful and useful articles about your industry.  

Landing pages:

  As landing pages are primarily designed to encourage people to take a particular action, it's no wonder they tend to have the highest conversion rate at 23% among all signup forms. Visitors to a landing page that offers a free resource can be encouraged to download that resource by showing preview content.

Conversion rate optimization for e-commerce sites

Conversion rate optimization is the process of raising the percentage of website visitors who become customers or, more broadly, complete any desired action on the site.

A conversion is the term used to describe the action they do. Let's define conversion rate properly so that we can better understand how to improve it.

The percentage of visitors who become actual clients on your site is referred to as the conversion rate. A conversion is defined as the accomplishment of a specific aim.

In your analytics program, you can specify what counts as a goal, such as sharing a piece of content, visiting a specific page, opting into a pop-up, and so on.

We commonly refer to a purchase made on your store's website when we talk about conversions in eCommerce.

An eCommerce conversion funnel is a visual representation of a customer's journey through an eCommerce site or app as it leads them to desired conversions. The funnel's purpose is to properly educate visitors, qualify them as buyers, and convert leads into customers.

Conversion rate optimization formulas

There are three commonly-used formulas that any organization may use to assess, analyze, and improve their conversion rate at any given time.

Conversion Rate :

Conversion Rate % = (Leads Generated / Website Traffic) x 100

To determine the conversion rate, divide the number of conversions (or leads generated) by the number of visitors (or web traffic) and multiply by 100 to get the percentage.

Number of Net New Customers :

Number of New Customers = New Revenue Goal / Average Sales Price

Divide your net revenue objective by your average sales price to calculate the number of net new clients you need.

Lead Goal :

Lead Goal = Number of New Customers / Lead-to-Customer Close Rate %

Key elements of conversion rate optimization

CRO aspects vary by businesses, and marketers frequently experiment with different elements to improve conversion rates. However, these are the four most prevalent and important elements to enhance conversion rates.

  1. Persuasion on the Web: Once you've developed your website, you can't rely on visitors to convert. Maintain up with the latest trends, apply proper writing standards, strive to incorporate social proof, and keep developing compelling content.
  2. Conversion Research: Because your website is continually busy, you may obtain useful information and conversion data. To gain improved suggestions, look at the heat maps, survey responses, visitor recordings, web analytics, and so on.
  3. User Experience (UX): The user experience has a big impact on conversions. Visitors are more likely to convert if they can effortlessly navigate your website, access web pages, fill out forms, browse products, and so on. UX is the most important aspect in conversion, regardless of how attractive your website is.
  4. Personalization and A/B Testing: Visitors enjoy individualized experiences, and you may convert more visitors into customers by applying personalization tactics. This is obviously beneficial, but it is not required. Different tips that fall under these four major aspects will be discussed. A/B testing will allow you to determine how effective an approach is with the visitors to your website.

Why is conversion rate optimization so crucial?

The most important advantage of conversion rate optimization is that it increases revenue from existing website traffic.

  • Generate more sales: More revenues can be generated from existing traffic, lowering the cost of customer acquisition.
  • Increase marketing/advertising budget: You can boost your marketing budget to outcompete and exceed the competition and you can save money on client acquisition.
  • Improve the user experience: CRO focuses on customer behavior, which allows you to learn more about your website users and improve the user experience.
  • Rank higher on search engines: Your website will likely rank higher on search engines if the content, keywords, and other features are optimized.
  • Data-driven decision: CRO guarantees that nothing is left to chance or speculation. It aids in data-driven decision-making for increased revenues.
  • More business leads: Getting more business leads is the best part of following website conversion improvement guidelines. This aids in the enhancement of email marketing strategies.
  • Building trust and credibility: CRO is a crucial step in establishing trust and credibility. CRO aids in the establishment of visitor trust through regular and targeted marketing.

How to do conversion rate optimization?

Setting and evaluating the proper hypothesis as part of your CRO strategy is critical, but there's more you can do to improve your conversion rate. There are various components that can assist you to attract your customer's attention at the page level.

Research and analyze 

  • Put yourself in the shoes of the customer:
    It's easy to forget that you don't know as much as the customer about your website and product. That's why it's crucial to put yourself in the shoes of the buyer and acquire the goods or service, taking screenshots or recording the process. Use it as if you were a real consumer.
  • Set up Google Analytics goals and funnels:
    Setting them up correctly can reveal where you're losing traffic and where you have the most opportunities. This article may be of assistance.
  • To examine your website, use more tools:
    View heatmaps of your website with tools like Crazy Egg to see which regions generate the most clicks. You can also utilize ClickTale, which combines multiple technologies into one, to check how far your visitors are scrolling, view logged user sessions, and figure out why they leave the page.
  • Conduct usability tests:
    Usability testers such as UserTesting.com are inexpensive, rapid, and provide detailed information on your website's usability.
  • Survey customers:
    Customers can be surveyed in a variety of ways, including by email, phone calls, or directly on the website. Remember not to provide them a choice of responses; their responses must be original and written in their own words. Finally, survey results should correspond to the usability difficulties or objections you gathered in the previous phases of this procedure, either confirming existing issues or finding new ones you may have overlooked.

Find solutions

  • Make a spreadsheet with the concerns and objections you've gathered:
    Organize all of the usability concerns and objections from stage 1 into two tabs in a single spreadsheet. Highlight the ones you believe are having the most impact on your conversion rate.
  • With all of your departments, brainstorm solutions:
    Find solutions to the usability difficulties and objections that are slowing down your conversion rate. In the second column, write them down.
  • Prioritize the problems:
    Think about which solutions will yield the best results. Consult the programmers to determine how simple and quick your solutions will be to implement. Prioritize the items at the top of your and the developers' lists.

Develop and test variations

  • Develop test variations:
    Don't test too many items at once; you need to be able to keep track of what is increasing or decreasing conversions. Remember to keep track of each aspect you test as well as the findings in your spreadsheet.
  • Analyze the variations:
    A/B test your variations using the analytics tools from the first part of the strategy section.

Review the results

  • Keep track of the outcomes with screenshots and recordings:
    This is the major stage that will help you build a database of things that work and don't work for you as you repeat the procedure.
  • Examine the outcomes:
    Make a list of all the important wins and losses. Check out the heatmaps and other data, as well as the lists of objections and difficulties, if you're wondering what prompted an increase in conversions on a page.
  • Extend winning strategies: 
    If you discover that adding one element to a page increases conversions, try adding many elements. Take all winning methods to their logical conclusion to see if you can improve them even further.
  • Consider applying it to additional funnel sections:
    In other stages of the funnel, try using the principles behind a strategy that enhanced conversions.

Repeat

The process of improving conversion rates is ongoing. The initial line of testing will provide you with more CRO suggestions.

Strategies for conversion rate optimization

When developing your CRO strategy, it is vital to establish and validate the correct hypothesis. There are, however, techniques to increase your conversion rate and attract clients' attention. Following are seven tried and true methods for developing a good conversion rate optimization strategy.

Improve the site's search-ability.

A search bar is an important part of website accessibility and navigation since it allows customers to locate what they need more quickly, boosting the odds of conversion because shoppers can get the information they need more easily. When compared to most sites' typical conversion rate of around 2%, optimizing your search bar enhances conversion by up to 4.63 percent.

Offer visitors discounts and special offers.

To design appealing advertising for a successful marketing campaign, marketers normally use tried, proven, and safe approaches. A great conversion rate optimization approach includes implementing new, distinctive, and amazing discounts and offers. If you're a software seller, offering a free trial to potential customers is an example of a safe marketing strategy for increasing conversion. Furthermore, it enables you to take a proactive approach by providing visitors with what they require, boosting the likelihood of them becoming leads.

Make Your E-Commerce Website Mobile-Friendly.

Because most consumers now use tablets and mobile phones, optimizing your e-commerce website for mobile allows mobile shoppers to make more transactions using their devices. It also makes it easier for mobile and desktop buyers to view your products, make purchasing decisions, and complete transactions.

E-commerce Checkout Process Optimization and Testing.

It's a vital step in the funnel where you may tweak your e-commerce checkout experience using A/B tests and personalization tactics. For example, you may develop an efficient checkout on a single page right out of the box. There should be a few dropdown choices on the website, as well as a constant display of the products in the cart.

Make use of an AI-driven sales assistant.

To convert more visits into leads on their websites, digital firms need excellent conversion rate optimization tactics. An AI-powered sales assistant assists customers throughout the buying process and at all funnel stages, including product selection, navigation, and checkout. It can also provide social proof by informing visitors about the number of reviews each product has.

Use social proof to persuade and influence users.

Customer testimonials, reviews, and statements that impact visitors and convince them to take action are examples of social proofing. It makes customers more likely to progress through the funnel since they trust your brand and products. In addition, if you have any awards or distinctions, include them on your website to demonstrate your superiority in your field.

Offer Customized Shopping Experiences.

If your online business caters to a large audience or serves people of all ages and genders, a personalized buying experience is essential. E-commerce personalization is essential for raising conversion rates on your online store.

Conclusion

In order to grow a business, conversion rate optimization should be one of your top priorities. It improves every aspect of your product, service, marketing, and sales, and tenfolds your conversion rates with even the smallest changes.

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