Generating a buzz over your brand or making your brand known to a large audience is an essential step towards increasing profit. But, the real success is when that buzz and interest turn into sales and visitors turn into qualified customers.
A high conversion rate is a must across industries, be it SaaS, eComm, IT services/products, or any other product and services. So you want your business website to have active users who will communicate with you and buy your product and services. A higher conversion rate can be achieved with conversion rate optimisation (CRO).
By the end of this blog post, you will get to know everything about CRO’s, and it’s importance in your business.
- What is a conversion rate?
- What is Conversion Rate Optimization?
- Why do you need CRO?
- Steps involved in CRO process
- Collect data - Collect the data on how your website is performing. Data can be collected from your customer feedback, session replay, google analytics and other qualitative and quantitative methods.
- Create Hypotheses - Using the collected data, analyse and write down the possible happenings and changes you expect from your users and customers.
- Run tests - Make the changes you want and test your hypotheses. When running the test measure the changes in conversion rate regularly. Test all the possible changes you want to make.
- Analyse the outcome - With every test and hypothesis, comes the result. Analyse which hypothesis whet as you predicted and gives you a higher conversion rate.
- Repeat - With CRO, the process is never-ending. Keep repeating the same process again and again. It is the only way that helps you check on your own biased perspective and decisions and gives you a clearer idea of what worlds and what isn’t.
What is a conversion rate?
The Conversion refers to any desired action you want your visitor or user to perform on your website. It can be Call-To-Action (CTA) elements like click to sign up, download, subscribe to service, make a purchase, become a customer and many more.
Each website, landing page or app will have varied sets of conversion goals that relatively helps to advance their business. The Conversion rate is the percentage of users who take the desired action.
For example, An webinar landing page is visited by 10,000 people during August 2021, and out of that, 300 people sign up for the webinar. Thus the landing page’s conversion rate is 300/10000*100 = 3%.
Across industries, the average conversion rate is said to be 2.35%. If your conversion rate is above 5%, it implies that your website is performing well. It means that your website is well built, effectively formatted, and provides a high customer experience.
But if not, you need to give attention to it, understand the setbacks and make necessary changes. There can be many reasons for a low conversion rate, such as a confusing site design, slow website, broken links, and many more. A lower conversion rate means that your potential sales prospect is going out of your business.
What is Conversion Rate Optimization?
CRO - Conversion Rate Optimization is the process of increasing your conversion rate by persuading the users on your website to do the desired action that you want them to perform. The process involves enhancing and optimizing your website and its elements to increase the potential leads and prospects, which ultimately hikes the conversion rate.
Conversion will happen only if the users have a hassle-free experience with your website. Your website should provide value to the users. It should also speak on your behalf and let the users know who you are, what your business, brand, product, or service is all about.
Conversion can happen at any part of your website - on your home page, landing page, FAQs, sales page, contact page, and many more. So, your website needs to be optimized at every location.
Why do you need CRO?
CRO helps you understand what drives, stops, or compels your users to interact with your website and the process through which users become customers. The three essential benefits you can gain with CRO are listed below.
#1 - It increases your profits
As your conversion rate increases, it increases your profits and business growth. The higher conversion rate means that your users are persuaded by your website and its content to do the desired option. By optimizing your website with CRO tools and tips, you can give your users an enhanced experience.
#2 - It increases your brand equity
A higher conversion rate means your customers have an enjoyable and seamless experience with your brand. It creates a sense of trust and woos to come back to your business again and again. It generates loyal customers to your brand. These loyal customers will promote your brand to others. This word of mouth promotion by customers is crucial for your success, and it increases your brand equity.
#3 - It helps you understand your users’ interests
CRO lets you understand users and how they communicate with your website. With this understanding, you can easily optimize your site to give users what they want. CRO lets you find quality conversions that increase your credibility.
Steps involved in CRO process
Conclusion
From understanding the users’ interests to strategising the ways to optimize the website, CRO has become a crucial effort. CRO will help you with uplifting your business’s success in a systematic scientific way. Among your competitors, CRO will result in you stand tall among your customers.
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With product analytics feature, you can get deeper insights into how users are interacting with your product and identify opportunities to improve. Drive understanding, action, and trust, leading to improved customer experiences and driving business revenue growth.
