What is Conversion Rate Optimization (CRO)?

What Is Conversion Rate Optimization (Cro)?

  • Nov 23, 2020
  • 1170 words
  • 5 minutes read
Photo by Jungwoo Hong on Unsplash 

If you are running a website, you should take CRO more seriously as it qualifies potential leads to real customers. There’s no point running a website but are not converting website visitors into loyal customers.

Conversion Rate Optimization is one of the fastest and most effective techniques for turning your web traffic into long-term paying customers.

Let’s take a look at the meaning of CRO, what it does to your business and some strategies that you can try to convert website visitors into customers successfully.

What is Conversion Rate Optimization

Conversion Rate Optimization (CRO) is the process of enhancing your website and your content to boost conversions. It is a strategy utilized by business owners to increase the percentage of website visitors that convert.

The conversion could be filling up a form, signing up for a service, or buying a product. A well-designed website with appealing content is an important factor in increasing the conversion rate.

Conversion Rate Optimization goals are to reduce friction in the funnel and enhance the value of the offer. The conversion rate is calculated by dividing the number of conversions by the number of visitors, then multiplying the result by 100 to get the percentage.

You can see the formula as:

Conversion Rate = (Number of conversions / Number of visitors ) x 100

For example, you had a total of 200,000 visitors last month, and of those visitors, you got 50,000 actual purchases. If you calculate it based on the formula, your conversion rate is 25%.

How Does Conversion Rate Optimization Work

Every time you can influence every site visitor, whether new or existing leads, to complete an action to your website or landing page, you increase conversions, which could mean your optimization process is effective.

Depending on how you optimize your site, conversions could happen all over your website, on your homepage, landing page, pricing page, our blog page.

As a business owner, you want to design your site in a way that converts every customer that visits long-term paying customers. Thus, you must optimize every page that would give you an opportunity for conversions.

Why Conversion Rate Optimization Is Important

Your website is just like a physical store, many people would visit, but if they don’t find what they need or find it so messy that they don’t know where to look for the product they need, they will eventually go out.

As a business owner, you want your website to attract all visitors and provide value to them. But if you don’t present your site in a way that would urge every visitor to complete an action, you are simply leaving money on the table. This is why it is important to optimize your site in every aspect.

With Conversion Rate Optimization, you can lower your customer acquisition costs by getting more value from new leads and existing customers. By enhancing your conversion rate, you acquire more customers and grow your business.

Conversion Rate Optimization Best Practices

While there are numerous tactics you can employ to optimize your site, there are proven conversion rate optimization techniques that allow business owners to lead prospects down the sales funnel successfully.

Following these tips will surely help you come up with the right optimization strategies to convert more customers.

1. Establish conversion metrics

Your conversion rate optimization should always begin with your goals. You should first define your conversion goals so you can determine what specific conversion metrics you are going to use in your website.

If you are into an eCommerce business, your conversion will surely be the purchases the customers make.

2. Identify areas to optimize

Once you have already determined your conversion metrics, it’s time to identify which part of your website you want to optimize. Which part of the funnel are you going to optimize for conversion?

Ideally, you would want to optimize the part of your site that receives the greatest amount of traffic. By focusing on these areas, you will be able to see results faster.

Here are the areas you can potentially optimize:

  • Homepage - Aside from your landing page, your homepage is basically what people usually first see. It is where site visitors make their first impressions. If they like your homepage design, they might stay longer and possibly scroll down to know more about your site.
  • Pricing Page - Your website’s pricing page is definitely important in converting customers. By providing clear descriptions of the price ranges and inclusions on what they would get, you are already giving them the information they need, which could urge them to hit the “buy” button.
  • Blog - A blog is proven to convert prospects into customers. By giving helpful information, you are positioning your business as an expert in your field. This allows you to convert readers into leads and leads into real customers. You can include a text-based call-to-action (CTA) in your blog posts to invite readers to take action, whether to input their email address for an ebook or to sign up for a membership.
  • Landing Page - Landing pages are meant to convert potential leads or site visitors into customers. They are ultimately designed to capture customers into making an action.

3. Optimize site speed

Your site’s loading page is crucial to the user experience. Your site’s loading time can make or break your conversion rate optimization goals. The faster your website loads, the higher chances your site visitor stays and converts.

You can optimize your site speed by working with a good hosting provider and optimizing your graphical content.

Learn more about technical SEO here.

4. Put a CTA

Your Call-To-Action (CTA) is what prompts your customers to take action. You can have your CTA through a button, a banner, or a text.

By putting CTA prompts everywhere on your website, you are leading prospects to the conversion funnel.

5. Run some A/B tests

While you can optimize your website directly with the steps above, some things work differently with different customers. Your CTA button color or font style may not be as effective as you thought they are. Thus, it is important to test which really works for your target audience.

You may know more about how to do A/B testing here.

6. Retarget site visitors

No matter how certain we are with our CRO techniques, there are just some site visitors who will not convert. Some are just not fully aware of your business, while some are just not ready to make a purchase. This is where retargeting comes in.

Retargeting allows you to reach those site visitors again even after they leave your website. Learn more about retargeting here and how it can benefit your business. 

Bottomline

Conversion Rate Optimization is definitely an effective strategy to get more customers and sales from new customers and existing ones.

Just follow the steps mentioned in this guide, and you’ll surely be able to develop powerful techniques that truly convert and increase your business revenue.

Related posts

What is FLoC: How Will Google Replace Third Party Cookies
  • Feb 03, 2021

Google, being the biggest web browser company, recently made an announcement about their new plan to replace cookies as a response to the privacy-first worldwide advocacy. They finally opened up to the public the use of a new mechanism that will provide user-privacy yet will still deliver the same effectiveness just like cookies in terms of ad targeting.

What is Fingerprinting in Online Marketing
  • Dec 07, 2020

Individual ad targeting has become the standard for online advertising, which heavily relied on web cookies. However, the effectiveness of web cookies had faced obstacles with more customers demanding information privacy. Over the years, online users have been deleting the web cookies, limiting their use, and even employing ad blockers.

What are Third Party Cookies?
  • Dec 02, 2020

Over the years, cookies have become an essential element of the internet. Even have become the most used method in identifying the users online, providing a personalized browsing experience.