Conversion Rate Optimization – What, Why & How?

conversion-rate-optimizationConversion rate optimization comes with many different steps and tools. When you understand the benefits that come with conversion rate optimization, you may be more motivated to adopt these practices. It can build your audience base, improve purchase amounts, among many other advantages.

What is Conversion Rate Optimization?

Conversion rate optimization (CRO) is a process that improves your business by increasing the conversion percentage of a website or the amount of web application visitors.

What is a Conversion Rate?

The conversion rate is the percentage of website visitors who interact or take desired actions on a website. These engagements or interactions play a part in turning website visitors into customers. These desired actions may be anything from completing purchases or downloads to signing up for a monthly newsletter or email subscription.

Conversion rate optimization is an essential element for finding all possible ways to analyze your website via CRO tools. These elements project the required suggestions and what actions you might need to try so that you may improve the website conversion rate. It also points out the probabilities that are not maximizing your goals. Better yet, it makes suggestions on how to improve so that you may grow your business. We will discuss these CRO tools later in this blog.

How to Calculate the Conversion Rate of a Website?

The conversion rate involves a simple calculation. First, divide the number of conversions with the total number of visitors on your websites. Next, multiply this number 100%.

Here is the formula to find your conversion rate:

  • Conversion rate = [ Conversions / Total Visitors ] * 100%

The following is an example of how to use the conversion rate.

          Total Visitors                    2,00,000
          Conversions                     4000
                    Conversion Rate = [ 4000 / 200,000 ] * 100 = 2%

What Tools Should You Use for Conversion Rate Optimization?

There are multiple CRO tools available to help you with your data analysis and its optimization for your website. Following list includes descriptions regarding the most-used CRO tools.

Conversion rate optimization Tools

(1) Google Analytics 360 Suite

Google Analytics 360 Suite is a paid tool provides by Google is an enterprise-level tool to get insights from your website data.

It is used to visualize your customer journey on the website with custom funnels. It provides a complete analyzed report of website visitors with the tools such as Unsampled Reports, BigQuery Export, and Data-Driven Attribution. It allows us to track events like clicks on CTA Buttons. The website owner can find and remove the complexity of the website and allows for smarter and better conversion optimization.

Google Analytics 360 update the website data quickly at every 10 minutes. It becomes very popular over the world because of its highly accurate data and ability to provide leads.

(2) Amplitude

Amplitude is used worldwide for its enhanced tracking ability over visitor’s actions on the website.

This CRO tool is specifically designed for website optimization purposes and product analysis. To increase the customer base, this tool has launched the Conversion Drivers. This is used to analyze client activity on your website. With its funneling analysis feature, you may also receive a score of the frequency regarding performed actions, This tool is helpful in that it allocates more time to understand the customer experience and conversion rate ratios.

(3) Lucky Orange

Lucky Orange is the cheapest CRO tool with 7+ products and converts your visitors into sales.

This is a great CRO tool that tracks your visitors’ activities on your website. Lucky Orange uses a video recording facility to track these visitors’ activities which is a benefit regarding visual evidence. This feature analyzes the mouse movements, clicks, time spent on the website, and browser information. In addition, it has a live chat facility, real-time analysis of viewers, and many other useful tracking features.

(4) Unbounce

Unbounce is World’s top landing page platform claiming over half a billion conversions worldwide.

It is used to create landing pages, pop-ups, and sticky bars without the need of a developer. With the use of an Unbounce landing page analyzer, you can analyze the effectiveness of your web pages. For example, this tool can analyze if the use of images or video visuals are causing the web page to slow down the website. It also provides accurate reports and statistics to increase conversion.

(5) Mixpanel

Mixpanel analytics platform is used to trace visitor’s interactions with websites and applications.

It is an event-based analytics tool that allows you to analyze a user’s activities and interactions. This tool is used to analyze the real-time activities of users. It provides information like the time and location of where a user interacts on your web application. This will help you to understand which visitors made purchases and those who did not. You can identify the barriers which clients are experiencing on your website as well.

How to Improve the Conversion Rate of Your Website?

Improve-Conversion rate optimization Tools

(1) A/B test for Your Headlines

Use A/B testing for your headlines to get the best title variations. This technique finds the keywords that are essential and most relevant regarding SEO content. With this testing, it is used to find the proper headlines which have an effective number of shares, a higher average of reading time, and an attractive title. This is because headlines are important for page views and conversion rates. Customers can use CRO tools such as Unbounce to run A/B testing for these headlines.

(2) Remove Distractions and Unnecessary Fields

Distractions and irrelevant information will negatively impact your website and overall business. Your website visitors should be focusing on their possible purchases or reviewing products. When irrelevant information attracts attention, these visitors may lose sight of what they came to your site in the first place. To minimize distractions, identify pages separately by topic or a labeling system that is relevant to your business. Remove unnecessary fields, links, unneeded images, and other information that may not be used or beneficial. Minimizing distractions will improve the conversion rate.

(3) Add Live Chat on Your Website

Live chat is an important element that helps to improve the conversion rate. This is because many users will be much more satisfied regarding their purchases if they are clear about their queries and receiving those answers in real-time. If live chat modules can be enabled on your web application, it is easy for visitors to ask their questions and improve your conversions most efficiently.

(4) Testimonials, Reviews, and Logos

Testimonials help your client make their own decisions quicker than those without. This is an effective marketing strategy since testimonials can include information about your existing client and their views regarding their purchases or use of your website. Reviews build trust and credibility for your visitors. Trust often brings both loyal customers and new potential customers.

On the Home page, you are required to add the logos of the companies with whom you have successfully worked. That can build instant trust for new visitors. Therefore, testimonials, reviews, and logos are the best brand value investments for your business.

(5) Try Promotional Offers

Many customers will be more willing to buy your product or service if you also offer them a discount, free gift, or reward. If your product has excellent promotional offers and discounts, then the customer may be more inclined to make a purchase. You may also offer promo codes with email marketing and newsletters. Additional offers will create opportunities to gain more customers in almost any company.

(6) Offer Money-Back Guarantees

A money-back guarantee is important for marketing and conversion rate improvement. For newer customers, a money-back guarantee can build satisfaction and confidence to purchase service from your website. This can be explained by making sure those new customers can trust your company. If, in fact, the customer is not satisfied, he will not be penalized for returning the product or rejecting the service. This simple element can easily improve your conversion rate.

(7) Make the Buying Process Simple

This phase is much important to grow your conversion rate. Your customers need to be able to easily understand your website pages to make decisions and buy from you. Make the buying process simple for your customers by using simple, attractive, and easy purchasing processes. You can also use e-commerce marketing tips and designing tools to help with this.

What are the Benefits of Conversion Rate Optimization?

Before getting started with conversion rate optimization, you will need to know and understand the benefits that come with it. This way, you will understand the overall reasoning behind using optimization. You may then use conversion rate optimization to the greatest potential for your website.

Benefits of Conversion rate optimization

(1) Increase Your Website Profits

Increasing your website profits is a major benefit of conversion rate optimization. You don’t need to pay for advertisements for your website because CRO gives immediate profits. This benefit will help you save money without even having to invest in further payments. The more that you can save money means more profits for your business.

(2) Receive More Customers Compared to Your Competitors

When you use conversion rate optimization accurately, you can get to your audience before your competitors do. This benefit is valuable in that you are practicing proactive skills which also attracts customers to your website.

Simply put in the additional effort by using CRO so that you will attract your customers faster and more efficiently compared to other contenders in your business’s field. More customers also mean moving forward to future achievements within the given business.

(3) Large Budgets are not Required

Conversion rate optimization does not require large sums of money. In fact, it is even affordable. When using CRO, you are offering discounts and adding testimonials and logos to your website. These practices are affordable compared to paid advertisements.

(4) Increase Brand Reputation

It is essential to establish trust and credibility among your website visitors. When using CRO, this tool will take the aesthetics of your website into account which will give it an authentic look.

The overall look of a website makes a positive impact on website visitors. Not only does pleasing aesthetics assist in building credibility with future customers, but it will also improve your brand reputation.

(5) Effective Impact with Search Engines like Google

Google draws the traffic to the website that provides the proper products or services of what people search for. It will help you to boost your SEO as well. Thankfully, CRO help regarding this issue, which makes SEO practices less time consuming while also maximizing this service to its best ability.

 

Jason-Pat
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