In digital marketing, there are two ways you can increase your sales online – increase your website traffic or convert more visitors into customers. If you are already investing in search engine optimization (SEO) and pay-per-click (PPC) advertising, you have previously covered it.
However, web traffic is not in itself valuable. If your visitors never make a purchase, their clicks may increase your digital marketing metrics, but they do not increase your bottom line.
So how can you convert more of those hard earned visitors into visitors to paying customers? The process of optimizing the conversion rate (CRO) can help.
Below we define CRO marketing and break down the many benefits of a CRO campaign.
The ABCs from CRO
Before we jump into the benefits of CRO efforts, let’s define the following terms: conversion, conversion rate, and conversion rate optimization.
What is a conversion?
In short, a conversion is simply an action you want your visitors to take. There are two main types of conversions:
Macro Conversions – A macro conversion is when a website visitor makes a purchase on your site, whether they are buying your product or signing up for your service. Macro conversions are the most valuable type of conversions as they directly generate revenue for your business. Microconversions – Microconversions are minor actions that visitors take on a website that happen before they make a purchase. Some examples of micro-conversions include: Filling out and submitting a form Contact your company by phone or email Downloading an offer (such as an e-book, white paper or free trial period) Subscribing to your newsletter Subscribing to your blog Adding an item to their cart Interacts with your online chatbot
While these actions do not bring in money right away, they do show that potential customers are taking meaningful steps on their customer journey to become paying customers in the near future.
An uptick in both types of conversion is a good sign.
What is a conversion rate?
A conversion rate is simply the percentage of the total number of visitors who convert to your site. By increasing your conversion rate, you can maximize the value of the web traffic you have already earned through SEO and PPC.
How to calculate your conversion rate
To calculate your conversion rate, all you have to do is divide the number of conversions you receive by your total number of website visitors in a given time frame. Then multiply the resulting number by 100% to give a percentage.
Conversion rate = (conversions / total visitors) * 100%
As an example, let’s say that your site receives an average of 1,000 visitors per page. Month. Of these visitors, about 20 end up buying. This will mean that your site has a conversion rate of 2%.
Fortunately, you do not have to calculate your conversion rate manually every time. Many useful analytics platforms can do this automatically for you. For example, Google Analytics can help you track your conversion rate for:
Your entire site Specific pages on your site Your PPC landing pages Certain keywords Site visitors from various traffic sources (organic search, paid ads, social media, etc.)
What is a “good” conversion rate?
In an ideal world, 100% of your visitors would visit right away. However, the average conversion rate across all industries is just over 2% .1
A “good” conversion rate for your business depends on your:
Industrial products or services Website traffic quality Desired conversion (macro conversions vs. micro conversions)
Instead of comparing your current conversion rate to another company’s or 2% average, simply aim to increase your conversion rate over time through Website Optimizer.
What is conversion rate optimization?
So what is CRO? A CRO strategy is the ongoing process of optimizing your site to increase its conversion rate. In other words, it includes every step you take to proactively turn multiple web browsers into buyers.
Some popular CRO techniques include:
Using heat mapping to see where your visitors are clicking Find out what your visitors think about your site through surveys and user tests Improving your site’s functionality and navigation Speed up your site’s loading time Adjusting the copy of your headline, subheader and a Call to Action Converting Shortening Your Forms Customizing Your Website’s Layout and Design Creating Confidence Through Opinions, Reviews, and Money-Back Guarantees Using A / B Testing to Find Out What Changes Are Really Effective
The overall goal of the CRO is to identify and remove any barriers that prevent your visitors from converting, whether it’s a poorly designed web page, a lack of trust in your business or a bad message about your offers. By using a combination of these CRO strategies, you can achieve this goal over time.
The benefits of CRO
After SEO and PPC, CRO is without a doubt the most powerful tool you can use to increase your online sales. Here are a few reasons why:
# 1 CRO maximizes your return on investment
When you invest in SEO and PPC, your site should see a gradual increase in traffic. However, this traffic may be plateau at some point. This is because the target audience for your product or service is not infinite, and for that matter, neither is your marketing budget.
Fortunately, CRO has the potential to multiply your conversions without increasing your traffic. It allows you to get the most value out of the traffic you already have. Even better, CRO is often cheaper and easier than increasing your web traffic, especially if you have already invested in SEO and PPC for a long time.
CRO is a lot like shopping from your own closet instead of rushing out to the store to buy new things. There is often a lot of untapped value in what you already have – you just have to find creative ways to use it.
# 2 CRO gives fast results
While SEO often takes months to yield results, CRO can start working in a matter of weeks.
Since you already have a foundation for website traffic, any changes you make to improve your CRO will be seen by your visitors in real time. Based on their reactions, you can find out how well your CRO efforts are working.
As long as you move in the right direction and follow the data, your conversion rate should start to increase as soon as you make the right changes.
# 3 CRO can reveal valuable customer insights
Effective marketing requires an understanding of your customers’ needs, pain points and preferences. The CRO process allows you to develop a deeper understanding of your website visitors, including:
How they interact with your site What type of information and promotions capture their attention What type of messages do they respond to best What type of content do they find most engaging How do they move through your sales funnel What subgroups of your site visit are most likely to convert
These insights can help you improve the conversion rate and all areas of your marketing campaign, even outside the digital sphere.
For example, you may find that a particular demographic of site visitors never converts, no matter how much you optimize. This may lead you to conclude that this group no longer belongs to your target audience. When you adjust your targeting accordingly, you have more resources to pull towards the audience that is actually converting.
# 4 CRO can increase your SEO
The process of SEO focuses on optimizing your online presence to impress Google’s algorithms.
Google’s primary goal is to offer its users search results that satisfy their search queries. As a result, Google rewards sites that successfully meet users’ needs.
A high conversion rate shows Google that you are effectively delivering what your visitors are looking for.2 CRO can thus work with other SEO techniques to help you rank higher on Google search results pages.
# 5 CRO makes the buying process easier for your customers
Effective CRO aims to remove obstacles that make it harder or less appealing for your potential customers to complete a conversion. In other words, it makes it easier and more convenient for your customers to do business with you.
For example, you can set up PayPal in your mobile checkout process to save your customers the hassle of filling in their payment information manually on their phone.
By using conversion rate optimization tools like this, you can give your customers a more enjoyable buying experience and increase your conversion rate, making it a win-win for both of you.
# 6 CRO makes your sales funnel more efficient
Often a potential customer visits your site a few times before making a purchase. Maybe they are not sure if your business is credible. Or maybe they are not yet sold on your offers.
You can speed up their journey through your sales funnel using CRO. Since CRO techniques focus on building trust, clearly communicating your company’s value proposition, and encouraging action, it can reduce the number of interactions it takes to make a sale.
You also avoid missing out on sales from people who were on the fence but left your site never to return. Do not let these potential customers become the ones who got away.
Take advantage of your current web traffic with CRO
CRO is a powerful process that can help you gain more customers and get the most out of the web traffic you already have.
Hiring CRO does not mean you have to give up increasing your web traffic. When used in combination, SEO, PPC and CRO can do wonders for your bottom line.
Now that you know what CRO is all about, you can start launching it in your marketing campaign. Contact us anytime for more strategy, advice, guidance and effective promotions. Here at Marketing-Ideas, we ensure that your brand gets the traction it deserves.
Business Insider. What you need to know about conversion rates for e-commerce. https://www.businessinsider.com/understanding-which-website-conversion-rate-to-use-2010-8 Business Insider. How Google’s Algorithm Has Changed And The Top 25 SEO Companies That Can Customize Your SEO Strategy In 2019. https://markets.businessinsider.com/news/stocks/how-google-s-algorithm-has-changed- the-top-25-seo-companies-that-can-customize-your-seo-strategy-in-2019-1027908182