What is Conversion Rate Optimization?
Let me give you a few definitions:
If we consider growth hacking as a chain of data-driven experiments,
Then, conversion rate optimization is one of the most efficient analytical methods to improve your website’s performance to attract, and engage more customers.
In other words,
CRO refers to the most essential rules of running a successful online business; Your customers.
It’s is all about understanding what your users are interested in when they visit your site,
and give it to them right away.
Conversion rate optimization best practices will increase your organic traffic when for example you focus on offering SEO service in Sydney, or your improve branding.
It certainly has nothing to do with guess-work, or luck.
CRO refers to a set of data-driven digital marketing experiments that help you identify
which part of your landing page, website, and online business should you optimize certain Keywords, Call to actions, UI, UUX, and customer journey to get more customers,
and begin having high quality engagement with your visitors.
You may come across these questions when you think about CRO. In this 4 chapters I will walk you through all of them , Be a bit patient.
- Why are ecommerce conversion rates so low?
- What is the average checkout conversion rate?
- How does website speed optimization influence conversions?
- What are the best conversion rates?
- What are some tips to increase the website’s conversion rate?
- What are the best ways to increase ecommerce conversion rates?
- How much has AMP increased your websites conversion rate?
- What’s a good conversion rate for an e-commerce fashion store?
- What is a good Google AdWords conversion rate?
- How did you become a conversion rate optimizer?
- Why is conversion rate optimization so important?
- What is a good lead conversion rate?
- Who are the best conversion rate optimization agencies in Sydney Australia?
- How to charge for conversion optimization?
- How did you land a career in conversion Rate Optimisation?
What is so special about CRO?
In other words,
whether you are running an e-commerce business,
Writing a blog,
or even if you are in service industry, and offering consulting services,
you can easily use the conversion optimization techniques right away and
Boost your opt-in rate,
Increase your conversion rate,
Acquire more customers, every day.
Get more leads, and customers to buy from you or try your product.
When it comes to growth hacking strategies in different digital channels, the rule of thumb is that all of your digital marketing strategies, including CRO must ultimately help you grow your business faster, and this rule applies to almost every single niche.
“The good news is that in this conversion optimization guide I have outlined a set of actionable strategies that you can use for your website, and achieve higher conversion rates.”
Why should conversion optimization matter to you?
If you plan to reduce marketing costs,
and increasing the percentage of your revenue and ROI in different product pages,
while lowering your cost of customer acquisition (CAC),
Then you must very much pay attention to CRO,
And here is why?
For every visitor that and visit your website, you have a chance to make money and generate revenue
but that does not happen just like that!
You must find out what makes your customer happier, and what could intrigue them to spend more time on your website
You can try different combinations of
types of visuals (Animated, or solid)
Different Lead Magnets
Specific tone of message,
and button color,
and figure out which combination appeals to majority of your visitors.
What is conversion rate optimization and what terminologies are important in CRO?
How to set CRO Goals?
Let’s have a closer look at a few scenarios and see how can you optimize your conversion rates.
Scenario #1: Increase Revenue:
If your goal is to increase your revenue,
then the conversion rate you must look into should be
the number of customers who bought your products, packages, or solutions VS the total number of people who showed interest in it.
What Is a Good Conversion Rate that I should expect? What E-commerce Conversion Rate Optimization Tactics should I use on my business? The questions that you need to ask yourself and your team are here:
(Obviously conversion rate varies from industry to industry, butt it is necessary to know where you are heading>.
- What is a realistic conversion rate for a new website?
- What is Conversion rate optimisation?
- What is the average conversion rate for online retailers?
- What is website conversion rate?
- What is the growth of conversion rate optimization?
- What is the conversion rate in SEO?
- What is the best SEO agency in sydney that focuses on CRO?
- What are some top strategies for conversion optimization?
- How to increase the conversion rate on a mobile website?
- What is website conversion rate in digital marketing?
- What is conversion optimization?
- Which tools do you use for conversion rate optimization?
Scenario #2: Get more Leads
In case you are trying to get more leads and engage them in your sales funnel,
you should monitor your conversion rate base on
the number of people who are approached (or they might approach you) against the number of qualified leads.
Scenario #3: Brand Awareness
In the event that you are looking for better brand awareness,
then you should not be looking for tangible results in short term.
However, if you implement re-targeting strategies (I’ll get to this soon), you can monitor your ROI conversion rate.
<span “=”” rgb(27,=”” 3,=”” 3);=”” font-weight:=”” bold;=”” font-size:=”” 20px;”=””>Conversion Funnel Vs Sales Funnel
When it comes to advanced growth hacking, and scaling your business
Your sales funnel should look like this.
You must define your source of traffic,
And drive each customer segment to the right landing page.
In many businesses, their sales funnel looks like this:
The first step is acquiring leads.
It normally happens by getting in touch with customers,
either through cold calls, email campaigns or face to face meeting, etc.
As soon as you have the lead’s attention
you’ll focus on proving your value proposition
and convert the lead to opportunity. (It means the lead is interested in knowing more about your offer)
Then, once you anticipate that the success rate and probability of closing the deal
you’d go ahead and pitch the customer and sell your product or service.
(There are a lot more to it but since this article is not about sales strategy, I simplified it as much as possible)
The conversion funnel is somehow different
In general, conversion funnel has 4 phases:
In the early stages, the customers will get to know about your offer, and your business
If they are interested, they will research about your product, your promise, and indeed your business conduct
If you manage to build a good reputation, and they hear good things from others, they will most probably try your Offer
Once your service is proven to be worthy of what you charge for, and can address their pains and gains, they will then make a payment and buy your core offer.
Now if you are here for a long haul and take care of your customers, and if they really like your product, they will recommend it to others or tell others about it, which leads to referrals and new customers.
Implementing conversion optimization strategy and aligning it with your sales funnel help you supersize your packages, and increase your revenue.
But it all goes back to your your business model, type of product, and nature of your business.
Let me walk you through one example.
Let’s say you run an online business, have built your web page with good load time and included social proof, and you have also implemented the Bait & Hook business model THat I spoke about in Business model patterns.
The first thing that you’ve setup to get your customer’s contact information is your lead magnet,
And your lead magnet is a free report, or a free download, or a free trial, etc.
Something that does not cost you much to create,
And customers can get it instantly, for free.