What is Conversion Rate Optimization?
The landscape of internet marketing keeps changing. Today, a lot of the attention is shifting to conversion optimization. There is a lot of talk about conversion rate optimization and how to ensure that you get the best results from it, however not many people really understand what it is all about.
If there is one thing you ought to walk away from this article with it is this:
According to different conversion rate experts, conversion rate optimization is about:
• Improving the performance of a website by applying a systematic and structured approach
• Using insights such as user feedback and analytics to better user experience and increase conversions
• Defining objectives and performance indicators that are unique to your website
• Making the most of the traffic that you already have.
Many people fail to understand this view of conversion rate optimization and instead think it is about:
• Basing your decisions on hunches, guesses and what other people are doing
• Basing your approach on the opinions of those making the most revenue
• Obtaining a greater number of users
Why you should care about CRO
If you run a business that has a website or any other online element, CRO should be one of your greatest concerns. This is because:
• Improved conversion rates will mean greater profit
If you have more visitors making purchases, your profits will increase. This means that conversion rate optimization has a direct impact on your bottom line.
2. CRO can make your business more robust
With increase profits from increased conversion rates, you can invest in other advertising strategies including PPC and other forms of digital media. This will further grow brand awareness and profitability.
• CRO can help you increase your share of the market
With the high competition on the Internet, it can be difficult to make your mark. However, even the slightest advantage can mean taking a lion’s share of the market. You can have this competitive edge with CRO. You can get and stay ahead of the completion with proper CRO.
All about the numbers
As a website owner, you may be familiar with a lot of the numbers that are generated from website analytics. However, you may not be sure which numbers you ought to be striving to improve as part of your conversion optimization strategy. The following are some of the most important figures to keep your eyes on as you work on your CRO strategy. Many of these figures can be obtained using free website analytics tools such as Google Analytics.
1. Total conversions
This figure represents the total number of people who have done what you define as converting. Converting can take any form including purchasing an item, placing an order, signing up for a newsletter or downloading a digital product.
2. Conversion rate
This figure is obtained by dividing the total number of conversions obtained over the number of people who visited your site in a given period. For example, if you had 5000 visitors on your website in a month and only 50 of the visitors signed up for your newsletter, you would have a conversion rate of 1%.
3. Bounce rate
This figure represents the percentage of people who leave your website after viewing only a single page. Having a high bounce rate is not good. It means that people are leaving your website almost immediately they get on it.
4. Exit rate
This is the percentage of people leaving after viewing a page. This figure can be obtained for each page. It shows the percentage of people that left the website and shows the last page they viewed. High exit rates for a specific page should be taken as a red flag. You should take time to try and improve the page to reduce the number of people exiting from that page.
We are conversion rate experts and can help you maximize your websites conversion rates.
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Positronic Design, Holyoke, Massachusetts