People put up an e-commerce website to sell products, while a blogger guns for subscribers. While it is nice to have thousand or even millions of visitors, conversion offers more benefits. In this article, we will take a look at the practice of conversion rate optimization.
What Is Conversion Rate Optimization?
CRO is aimed at enhancing the effectiveness of a website to boost sales using the same amount of traffic you are currently generating. With this practice, you evaluate your website’s sales funnel so that you can determine how to improve your website in order to boost your website and get people to sign up for a product or service.
In CRO, you come up with a new landing page for testing a hypothesis. From there, you will implement the page that generated the highest number of conversions.
When optimizing conversion rate, user feedback and analytics will be examined in order to spot potential roadblocks to conversion on your website and remove them. In the traditional conversion funnel, your aim is to get the attention of your customers. When selling goods and services, you aim for conversion.
But what if there is an obstacle along that funnel? If a widget is not working, you could lose the chance to connect with your customers.
CRO lets you examine your website so you could fix any obstacles to conversion. Optimization of conversion can address issues such as filling out lead forms or abandoned shopping carts.
Factors That Affect Conversion Rate
The conversion rate of your website will depend on the following:
This refers to the percentage of people that leave your site after viewing just one page. A high bounce rate means visitors are not finding what they are looking for, so you need to fix it immediately.
This is the percentage of people who leave after viewing a page. A high exit rate is another red flag you should be aware of.
Average Time on Site
This refers to how long visitors are sticking around in your website. A high bounce rate translates to low average time, which means visitors are not staying long enough on your site.
Average Page Views
APV is another engagement metric that tells the number of pages the average visitor goes through before leaving. A high APV means engagement but could also mean lack of clarity in your conversion funnel.
These are the just some of the metrics that matter when it comes to conversion rate. A website with 5,000 visitors but only 50 conversions could either celebrate for those unique visitors or realize that they could still improve their conversion if they want to optimize. We at Victorious can help your website improve its conversion rate with our conversion analysis service.
Benefits of Conversion Rate Optimization
Conversion rate optimization offers a wide range benefits for websites:
In the past, website-related decisions would probably be based on gut feel or “I think” statements. CRO lets you test your theories and evaluate the results. It would be easier to revert back to what was working, should you prefer something different.
In CRO, you make decisions based on data and facts that you gathered instead of mere perception. You can do A/B tests and analyze the data. As a result, you can make smarter and more informed decisions in the future based on the data you have in hand.
Optimizing the conversion rate allows you to get significantly better results. For instance, if tests prove that changing the color of a button would give you 5% more visitors, chances are you can convert those visitors when you make the change.
Another benefit that can be derived from CRO is the additional money you can make. CRO will help you identify small windows of opportunity that will boost your conversion rate in a matter of months. Any changes that will be implemented, while seemingly small, can add up to the potential additional revenue you can get by optimizing.
Of course, you should not expect the additional revenue right away. It will come to you over time.
Beat the Competition
Conversion rate optimization can also help you improve your search ranking. Depending on what you test on your website, you may be able to identify elements that will improve the time visitors spend on your page.
This will help in decreasing bounce rate, which Google includes in its ranking factor. Lower bounce rates may give you a shot at outranking your competition.
In addition, an increased conversion rate could translate to an increase in website traffic, social media engagement, and overall online popularity. These factors can contribute to improving your search engine ranking as well. The more you test and optimize your conversion rate, the better will be your ranking in search engines.
Prior to CRO, testing something on your website would mean implementation, checking of the result, and then changing it back. Most of today’s A/B testing tools now provide opportunities for secured testing even without permanent implementation, as well as show different versions to visitors.
More Risk Taking
Sometimes, online marketing may involve taking risks. With CRO, you may take risks, test, and try new things.
Nowadays, A/B testing is secured and easily controlled, so it won’t have any damaging effect on your website. Therefore, test all you want without harming your visitor engagement and potential revenue.
Learn More About Visitors
As you implement CRO, you will get to know more about your visitors. No group of customers are alike, and so testing and experimenting what your visitors prefer. Through optimization, you may be able to realize that some customers will prefer to contact you right away or may not want to see the form until much later. In short, optimizing conversion rate allows you to know your visitors’ preferences.
Now that you know the importance of optimizing conversion rate, it is about time you take it into consideration. It will not only boost your search engine ranking but also give you additional revenue and make your site visitors happy.