Conversion rate optimization is one of the most efficient and effective methods for converting existing website visitors into paying customers.
Conversion rate optimization, or CRO, might include a variety of tools and tactics, but they’re all aimed at the same goal: increasing conversions.
Getting visitors to become leads and leads to become customers.
According to one study, adopting long-form landing pages resulted in a 220% boost in conversions.
Short-form landing pages, on the other hand, are preferred by some businesses.
Similarly, 75% of firms responding to another survey said they had trouble finding professionals to help them optimise their landing pages.
Furthermore, while studies suggest that eliminating navigation can increase conversions by up to 100%, 84% of landing pages have navigation bars.
These figures demonstrate why, if we want our businesses to prosper, we must focus on CRO.
Let’s take a look at some of the most crucial details concerning CRO. We’ll go over the definition of CRO, tool and the strategies used by businesses to improve their conversion rates.
What is Conversion Rate Optimization?
Conversion rate optimization (CRO) is the act of improving the conversion rate of your sponsored search advertising, landing pages, and overall website design. To put it another way, the goal is for the maximum percentage of visitors to your site to convert, or do the required action. CRO is swiftly gaining traction because it’s considered as a strategy to boost sales profitability without increasing advertising spend.
For example, if your conversion rate is 25%, it means that 25% of visitors who visit your website actually convert.
It’s similar to managing a retail store. Many individuals may come in to look around, yet some will depart without purchasing anything.
The process of conversion optimization focuses on two things:
1. Reducing the amount of friction in your funnel
2. Increasing the value of your offer
How to Calculate Website Conversion Rate?
The conversion rate is calculated in percentage. It shows you what proportion of your website’s visits gets converted.
The formula is straightforward:
Conversion Rate = (Total Puchase / Total Webiste Visits) X 100
Let’s imagine you had 100,000 visitors to your website last month. 4,000 of the visitors made a purchase.
4% (4,000/100,000*100) would be your conversion rate.
Your conversion rate would increase to 10% if 10,000 people converted.
You’ll normally have one of these conversion steps as your primary goal, depending on your site:
- Request for a demonstration
- Sign up for a trial or a free account.
- Completing a lead form
- Subscribing to an email newsletter
Macro conversions are another term for key conversion goals. They are the primary objective of your entire website.
Micro conversions, or little steps taken by a visitor toward a bigger conversion goal, may exist on your site. Social media sharing, accessing specific pages, putting products to a shopping cart, downloading PDFs, watching movies, and other similar activities are examples of micro conversions.
When we talk about the overall conversion rate, we focus on the site’s principal goal i.e. the macro conversion.
Process of Conversion Optimization
There are a lot of ways to do conversion optimization. Here’s what each one means:
CTA: Tell your visitors what they should do next with a strong call to action (CTA).
Conversion Funnel: A conversion funnel is a series of processes that someone must go through on your website in order to achieve your site’s primary purpose.
A/B Testing: It is a typical approach for determining whether or not conversion improvements have been made. Visitors are shown two (or more) versions of your website or landing page. The conversion rates of each variant are compared to find which is the most effective.
Multivariate Testing (MVT): It is a type of A/B testing in which numerous variables are tested at the same time.
Usability: It is a set of best practises and techniques for improving the usability or flow of your website. This often boosts conversions by reducing friction on your website.
Know Your Customer(KYC): Tools and practises that help you better understand your customers. It’s a lot easier to develop websites that convert a higher percentage of your visitors when you know your clients well.
User Monitoring: It is a type of tool that records users while they navigate your website. Provides extensive input on where people become stopped and where they truly want to go. It’s a fantastic resource for conversion-boosting suggestions.
Analytics: Thease are methods for calculating the number of visitors and users on a website. Improving conversion rates necessitates the use of measurement.
Heatmaps: Thease are a form of report that uses “hot” and “cold” colours to show where visitors click on a page. It’s a fantastic tool for coming up with conversion-boosting ideas.
Thease were some methods or strategies that you can use to get an actual picture of conversion rate on your website and analyse the areas to improve upon.
Conversion Rate Optimization(CRO) Tools
More than best practises, opinions, and design guessing are required for a high-converting website. To find possible conversion killers, employ one of these five tried-and-true CRO tools:
1. Google Analytics - CRO Testing Tool
Google Analytics is the most widely used online analytics tool, with over 29 million sites using it. It’s free to use, but if your website has more than 10 million visitors per month and you need more data, you can upgrade to Google Analytics 360.
In real-time, Google Analytics allows you to track traffic patterns, traffic sources, and goal conversion rates. You may also track typical metrics like sessions and session duration to see where visitors leave and which web pages have the highest bounce rates.
Google Analytics Alternative: Adobe Analytics
Adobe Analytics collects and analyses multichannel analytical data in real time from a variety of sources (your website, email marketing, kiosks, apps, and more).
Analyze user flow, track key performance indicators (KPIs), and track conversion rates using Adobe Analytics. Adobe Analytics users love the aesthetically appealing and easy-to-understand information.
2. Hotjar - Uunderstanding User Behavior
Hotjar is a behaviour analytics tool that allows you to track and measure user behaviour. Hotjar is used by over 900,000 websites to help them improve their user experience and increase conversions.
Heatmaps and session recordings are behaviour analytics tools that can help you uncover client pain areas on your site, such as website issues, a confusing design, or broken links and elements. On-site surveys and Incoming Feedback, for example, provide the voice of the customer (VoC) feedback, allowing you to learn what real customers like and dislike about your site.
Hotjar Alternative: Crazy Egg
Crazy Egg is a heatmap and testing application that aids in the collection and evaluation of visual data as well as the testing of site updates.
Crazy Egg may be used to test various variables and changes to your website, as well as to analyse how users interact with it. For a more in-depth look at what our tools have in common—and how we differ—read our Hotjar versus Crazy Egg comparison.
Google Optimize is a platform for doing experiments and testing that is integrated with Google Analytics.
To measure how each page performs, use Google Optimize for A/B testing, split testing, and multivariate testing (MVT) multiple versions of web pages.
Google Optimize Alternative: VWO
VWO Testing is a website visual editor and A/B testing tool.
You can observe how your website visitors will react to prospective changes on your site using real-time A/B testing, and which changes are most likely to lead to conversions.
THE BOTTOM LINE
Regardless of the product or service you provide, losing even one potential customer can cost you hundreds of thousands of dollars. Using the best tools in the industry can help find where you are losing money on your site.