Conversion Rate Optimization (CRO) is the system by which you increase the percentage of your website visitors who take a desired action on your website. It means optimizing your website so that a greater proportion of your traffic finds it useful and informative and does what you want them to do. Conversion rate is the single most important metric to determine digital marketing success in today’s world. Let us now take a closer look at the finer points of Conversion Rate Optimization.
What is a Conversion?
A conversion is any particular action or task that you want your website visitor to perform when he/she is on your website. A conversion can be of various kinds, such as making a purchase, downloading an eBook, signing up, opting-in, subscribing to your blog etc. Conversion can be major as well as minor. Major conversions are the primary conversion point for a website, for example, making a purchase for an eCommerce website, signups for a SaaS provider etc.
Minor conversions are those conversions which indicate an expression of interest on the part of the visitor. These conversions show that the visitor is moving towards a major conversion. Examples would be, downloading an eBook, subscribing for a newsletter etc. At VWO, we have a variety of conversion goals that our customer can track on their tests. Check out the complete list here.
Why is Conversion Rate Optimization important?
Some of the reasons why CRO is such a buzzword on the internet today are as follows:
- It gives great ROI – While acquiring paid traffic can be quite expensive, the expenditure of increasing conversions is miniscule. To compare, a Small Business Plan with VWO is equivalent to the cost of around 5 Google Adwords clicks. The returns generated from CRO can be massive, as even small tweaks on the website can result in significant increase in sales and leads generated.
- It helps you in getting more of the “right” kind of customers – CRO gets you customers/leads who have evaluated your products/services and want to engage with you. They are much more likely to turn into loyal customers/promoters for your business.
- It helps to make your website more focused – As you keep doing CRO and tweaking your website, you discover that you gradually start eliminating all unnecessary elements from your webpages. Your website becomes more focused on the primary value proposition your customers are looking for. Thus, CRO helps your business become better.
How to Improve Conversion Rate for your Website
There are various tools out there you can use to improve conversion rate for your website. Some of these tools are as described below.
Analytics software packages like Google Analytics and KISSMetrics track and report your daily website activities down to the smallest detail. You can use this data in a variety of ways such as creating customer personas, finding out customer engagement metrics for your webpages etc. This information will prove to be extremely useful in identifying the problem areas on your website and creating an effective CRO strategy.
Surveys and Usability Testing
Just by relying on quantitative data, you can sometimes miss the entire picture. For example, your analytics tool tells you that a major chunk of your potential customers are exiting the conversion funnel at the second stage. Without qualitative insights from customers, though, you may struggle to find out the exact reason for this high leakage. Surveys and usability testing give you the opportunity to get CRO insights from the “horse’s mouth”, which you can then use to generate the CRO roadmap for your website.
Split and Multivariate Testing
So you’ve got all the qualitative and quantitative data at your disposal. You’ve created a CRO roadmap as well as a list of changes you would like to make to the website. Do you straightway implement these changes on your website? Or would you like to test these changes first, before making a final decision? The answer is obvious. User testing is of paramount importance when it comes to CRO, if only because it facilitates the comparison of various options. Done right, testing can also help you find out the impact each change makes on the overall conversion rate, thus paving the way for better and more optimized webpages.
Now that you have understood CRO and its need in the modern business world, you might be interested in trying out VWO, the world’s No.1 A/B Testing Software, which focuses on an easier approach to improve conversion rates through split and multivariate testing.