Talking about conversion rate optimization brings back memories of when digital marketing experts used to focus more on the generation of website traffic without bothering if it will convert or not. Fortunately, CRO application in SEO marketing has taken its rightful place in the website sales equation so much that site owners are now concerned about when it’s the best time to start CRO.
Today, it’s not possible to talk about topics like the 7 most important SEO services for small businesses without adding the functions of the CRO formula in the balance. It’s frustrating to check your analytic account only to discover that despite traffic spike, visitor’s views haven’t impacted your bottom-line in any way. Wining customers visiting your website is key. We should always be ready for returning customers and also understand their needs; this is the major principle of using conversion rate optimization strategy. Large businesses like Wall-mart have taken their conversion rate optimization techniques seriously and that is why they were able to experience a 20% boost in their bottom-line.
SEO or search engine optimization is about generating free and organic traffic through search engines. Google search engine accounts for over 70% desktop visitors making it the most well-known search engine. Also, over 97% of online users start their search with a search engine. What does this mean? The answer will be provided later, but before that, what is conversion rate optimization?
Check out this scenario, you successfully posted the content that has gone viral and bringing you search engine visitors, but later you decide to check your analytic only to discover that the visitors weren’t taking any expected action(s) on your website. Why? Newsflash; you’ve got no conversion. Why? CRO is a way of boosting the percentage of your site visitors that take action on your website.
For example, a 25% conversion rate (CR) connotes the percentage of visitors that didn’t only access your website but converted as well. Also, it can be likened to operating a retail outlet where any customers can check the products without buying anything.
CRO provides information about the percentage of website clients that will take action or convert. Calculating the conversion rate marketing formula is simple.
For example, if 200,000 people visited a website in the previous month, out f these visitors, 6,000 purchased a product.
The CRO will be (6000/200000*100), the answer is 3% which is the conversion rate. Also, if 20,000 people converted, the rate of conversion will be 10%.
A better understanding of your clients or site visitors:
As an online business owner, the ability to comprehend your prospects/clients is very vital in business success. You are expected to find out about their request to enable you to stock the product/services they need or want, in other to sell to them.
Internet marketing experts advise that if you want to kick-start some conversion rate optimization plan in your company, begin with various conversion research to enable you to understand how site visitors interact with your websites and the type of conflict causing issues in your sales to funnel.
One of the significant benefits of CRO to businesses is the part of conversion that leads to actual sales. The ultimate of all business is to make a profit, and without sales, profit cannot be achieved.
When you constantly optimize your website, it will ultimately lead to improved user experience and sales; the better the user experience of your visitors, the higher your sales conversion.
Apart from the benefit of getting more buyers, the next major benefit of CRO is increased website profits. A simple boost in your site conversion rate optimization process could lead to a significant profit spike. The reason is that compared to advertising, it offers instant and real profit that gets directly into your wallet and not your marketer's pocket.
If you have to say 300 visitors to your product webpage and just 5% ordered at $20 and the production cost is $5.
The total sale profit is $150
Cost is: $75
Profit is: $75Imagine if the conversion was increased from 20% to 30%, what happens to your profit. The answer is obvious; there will be a visible increase in profit. So, obviously, by just boosting your rate of conversion, you have increased your bottom-line.
Implementing the conversion rate optimization best practices metrics to boot rate of conversion can positively affect your advertising cost which is the amount of money spent in advertising campaigns. So, how does this happen?
It happens by implementing some conversion rate techniques that can actually help in reducing advertising cost and further increase your site profit, example, A/B split testing, etc.
Find out in our upcoming articles where we will discuss more about CRO techniques...
CRO strategy is that it functions with your present website traffic through means like SEO marketing, social media marketing, etc. While there are the time investment and initial monetary investment in having a page optimized, as soon the SEO campaign and other traffic sources start working, you start benefiting from the traffic
Constantly implementing conversion rate optimization strategies, your site will experience advantage over other competitors. Most times, a simple change in your marketing strategy is all that is required to win a client.
So, macro conversions are the initial objectives of a website.
On the other hand, the micro-conversion is the insignificant steps that a site visitor takes in performing the conversion objectives, examples are: viewing distinct pages, social media shares, downloading PDF, adding sites to the shopping cart, viewing videos, and so on.
When discussing the overall primary objective of CRO, the focus is usually on the macro conversion of the website.
Both (macro and micro conversion) are important because they both lead to conversion and sales if perfectly executed. However, it’s believed that conversion rate could be challenged if a steady clear path toward the major website conversion is not maintained. This is why experts prefer to focus on micro and the macro conversion rate since we need to win in competition prior to conversion. This line of reasoning is confirmed by a piece written by Bryan Eisenberg in 2001.According to Bryan, conversion rate may endure problems when website unsuccessfully tries to implement micro-action through sustainable sales path. He submits that establishing a successful micro cr is important as it will lead to a successfully work on the most effectual call to action n each step. A properly executed conversion rate optimization job will boost micro-cr and cause customers to take major action on website (macro-conversion rate) which can lead to an increase in sales.
The number of times a website visitors takes macro action divided by the number of traffic your site receives is the conversion rate; and the conversion rate formula is:
Conversion / traffic*100or
Visitors / Number of order X 100
Assuming website X receive 10,000 visitors daily and 500 orders was completed, the cr will be worked out as below:500 order x 100 = 10,000
traffic/visitors = 5%
The cr for website X is 5%
What are the metrics that big companies enjoying excellent conversion rates are using? In many cases, digital marketing experts are excessively reliant on boosting their rate of conversion disregarding other advertising pertinent points. Even as advertising site rate of conversion is a priority, it’s a fraction of the overall site analytics riddle.
Below are therefore some cr metrics that should be considered during the conversion rate implementation process:
The website sessions are very popular and vital of all the metrics as it measures the number of site visitors. With Google, traffic trends can be monitored.
The user metric is somewhat similar to the website session metric, but the dissimilarity here is the users accessing your website. When your site is visited by someone many times, only that user is counted. This is critical info as it shows the number of visitors that returns to your site indicating your most loyal customers or prospects.
This metric is also called the average page depth, which indicates the number of times a website page is visited per person during a session. Remember that a single visit can lead to many page views.
The click-through-rate metric shows the percentage of individuals who have clicked your link (ad link) on your website. It is calculated by splitting the number of links clicked by impression; it’s an excellent way to measure how your audience takes action on your ad.
With the constant increase in mobile visitors, it’s pertinent that you focus on the number of individuals accessing your website from mobile devices. Therefore, should a good number of your visitors originate from mobile devices, a mobile site that loads fast is relevant more than ever before as long as they stick around and not bounce.
Where is your traffic coming from? Ascertaining the devices visitors are using to access your site and identifying the sources is also important.
A declaration designed to attract instant response from the session of site visitors is called a “call-to-action.” It is a marketing strategy used in business to induce action from your target market by clicking an ad link, watching a video, placing orders, filling a form, etc. A responsive call-to-action will induce clicks and boost conversion rates.