What is Conversion Rate Optimization?
Conversion rate optimization (CRO) is a process that involves the increase of conversions from a mobile app or website. This is achieved by generating site or app elements that can be used to improve the (CRO).
Why is CRO Important?
CRO is important because it enables low customer acquisition. It does this by getting the most from the users and visitors that your business already has. By making sure you optimize your conversion rate you will acquire more customers and your rate per visitor will increase. Eventually leading to significant business growth.
To get a deeper understanding let’s do an example. Let’s say the landing page of a site has a conversion rate of 10%. If it receives 2000 visitors a month, then the page is generating only 200 conversions in a month. If improvement of elements on the page bumps it up by 15%, it means it jumps to 300 conversions per month. Hence making CRO a helpful tool.
Establishing the metrics
First of all, there should be a goal of the CRO process on any web page or application screen. You should take note that the success rate of this CRO depends on the type of business you run and your goals too. These metrics include Traffic sources, return visitor conversion rate, interactions per visit, value per visit, cost per conversation, and bounce rate.
Common Conversion goals include :
- B2B – this will be leads generated and deals closed
- Travel – doing ancillary purchases and booking conversions
- Ecommerce – shopping completion rate and email newsletter signups
Areas to optimize
After the metrics are done, it will be time to identify the conversion funnel to optimize. The greater part of your conversion that receives the most traffic is the one to start. Remember it can always be better. Thus seeing your business grow faster. After doing so also start improving your site of application’s highest value pages. These are pages that are more valuable to your business.
Most businesses optimize their Homepage, Pricing Page, Blog and Landing Page. The pricing page is essential because it is the main deciding factor for most visitors. Giving the site options like price ranges and similar products in the same price range. Optimizing landing pages to have encouraging elements like videos.
Benefits of Conversion Rate Optimization
When all these steps and measures are done there is definitely a reward. There are a lot of benefits you get from this. These benefits are as follows :
- Boosts website revenue
- Get to know your customers
- Lowering your customer acquisition costs
- Increases the customer’s lifetime value
- Increases the ranking of your website on a search engine
- Takes more calculated risks
- Enhance your website trust
Are There Any Other CRO Benefits?
Of course, there are other benefits of conversion rate optimization (CRO). One of the biggest advantages is that it allows you to be agile in every event of a new trend or marketing idea. You can test it immediately on your website against what you know already working and see if it really benefits you. CRO benefits everyone in various ways. It is best to try this for yourself and notice how it helps you. It allows everyone to make smarter decisions, boost revenue, or both. We hope that you will agree that CRO is the best way to improve your website and get more and more conversions.
In conclusion, Conversion Rate Optimization is essential to every business website. You have to know the website traffic that engages with your business. By knowing all this you will know where and how to improve. As said above there is always room for improvement. As you improve these CRO techniques, so do the benefits that come your way. For such services visit www.kabyteitsolutions.com