What is conversion rate optimization (CRO)?
Conversion rate optimization (CRO) can be described as the method to increase the number of visitors who take an action they want to do on a site. These actions may include buying the product, clicking the ‘add the cart’ button, registering for services, filling out the form, or clicking on the link.
Why conversion rate optimization is important
- Rising pay-per-click costs
- The rise in online competition
- The cost of marketing via digital channels
- Shortening consumer attention span
- Enhances the design and layout for your store online
- The social media effects
What’s a Good Conversion Rate for My Website?
Before you make any changes to increase your conversion rates, it is important to know your current rates. They could be excellent, poor, or simply average. Your website’s conversion rates can differ significantly according to your business, product, or service, and their intended market, which means there isn’t a single number to refer to as a valid benchmarking reference.
However, typically, the rate of conversion for businesses in logistics and shipping heavy equipment, shipping and logistics, and medical equipment manufacturers ranges from 2.5 to 3 %. In other words, for every 100 visits, about two to three visitors perform a qualifying act like downloading an informational report, asking for information, signing up for an emailing list, or asking for an appointment with a sales representative. However, financial services companies perform at about 10%, while manufacturing tech-related hardware is at 5 %.
Of course, you don’t wish to be considered average. So what is considered to be a great conversion rate?
According to WordStream reports, the top quartile of landing page pages convert at 5.31 percent or more, and the best 10% can reach a conversion rate of 11.45 % or higher.
Conversion Rate Optimization Process in 5 simple steps
Step 1: Research & Data Gathering
Marketers are often tempted to imitate the most popular CRO methods that have proved successful for other companies. However, they are not successful. Why? Because what worked for them may not be the best for you!
Instead of optimizing solely based on your gut or copying CRO strategies, you should make the data-driven route. This means you must be able to track and study your micro-conversions before doing anything else.
How do you accomplish this? Let’s go over two important methods!
Analysis of quantitative data
Quantitative data analysis helps you determine how visitors react to your website and landing pages. Tools like Google Analytics, , etc. can help you collect qualitative data, such as:
1. Traffic source
3. Click-through rate (CTR)
4. Time on site
5. Bounce rate
6. User’s device and information about the browser
Qualitative analysis of data
The qualitative analysis process is a subjective method that reveals why your customers are acting in a certain manner.
How do you collect this information? Perform tests such as:
2. On-site surveys
3. User interviews
4. Focus groups
5. Satisfaction surveys
Step 2: Hypothesis
Based on the qualitative and quantitative information you’ve collected, it’s time to develop your hypothesis. What exactly is a hypothesis from the CRO viewpoint? This is an illustration:
If we add urgency messages like ‘ Only a few left in stock!‘ and ‘ Sold out!‘ just above the ‘ Add To Cart buttons on our product page, we can have a 3% growth in cart additions.
Step 3: Prioritization
Prioritizing your hypotheses and ideas can help you concentrate on the most crucial and pressing issues you face on your website first. There are many Prioritization frameworks; however, to cut the story short, Let’s take a short look at the most effective:
The PIE framework was developed in the work of Chris Goward of WiderFunnel. The framework considers three aspects: Importance, Potential, and ease.
The PXL framework was created by Peep Laja, the founder of ConversionXL. However, in contrast to the PIE framework, it is a more objective framework. PXL framework is more of an objective method of evaluation. It can be challenging to evaluate your pages on a scale of 10, as it is (in the PIE framework). PIE framework). This is why the PXL framework has a yes/no question and rates ease and value objectively. If the answer to a particular query (mentioned beneath) is yes, then the answer will be 2 or 0. This makes it simpler to scale.
Step 4: Implementation and Testing
This is among the most critical steps in optimizing conversion rates. When you have your data, hypothesis, and prioritization, it’s time to test and apply. Testing your hypothesis is typically done using three different methods:
A/B Testing is a method used to evaluate the user experience in two ways: A and B. First, it can be utilized to test basic improvements like minor design or adjustments to the layout.
Practical conversion rate optimization strategies
1. Create Text-based CTAs on blog articles.
It’s good to incorporate CTAs in blog posts; however, they may not be enough to get readers to follow your preferred course of action. Why?
The inability to see banners is an extremely serious issue caused by people becoming accustomed to ignoring ads that resemble banners on websites. This lack of concentration is exacerbated by the fact that people don’t always read until the end of a blog post (rather, instead, “snack” on content). This implies that a new method is required.
This is the reason why a text-based CTA is a great option. At HubSpot, we tested with text-based CTAs that is a single line of text linked to a landing web page and created using the H3 design style or even anH4 to see the effectiveness of these leads over conventional CTAs that are placed at the bottom of the webpage.
2. Making adjustments based on the opinion that is based on statistical data
The fact that your website’s style appears more stylish and modern and has better content than the prior version doesn’t mean it’ll produce more effective results. In the same way, you’re gaining inspiration from other businesses that ran an identical A/B test to yours on their website and noticed an increase in conversion rates, but it does not mean you’ll experience similar results on your website as well. It’s because there’s no one-size-fits-all strategy for optimizing conversions. Whatever works for one firm may not necessarily be effective for the others.
3. Include lead flow lines in your site.
Lead flow is an additional factor that can improve your conversion rate. It is a feature you could incorporate into your site. Lead flow pop-ups perform well and are designed to draw the attention of your visitors and provide them with the value they require.
You can select either a slide-in or drop-down pop-up window based on the type of content you’re offering. We tried the slideshow box on HubSpot’s Blog in 2016 and found it to get 192% more click-through rates with 27 % more entries than the standard CTA at the end of the blog post.
4. Convince Users with Social Proof to Improve Conversion Rates
The concept of social proof, referred to as informational social influence, is an incredible psychological phenomenon where people accept other people’s actions in the hope that the actions of others are a reflection of acceptable behavior.
5. Help leads to immediately become marketing-qualified leads.
At times, buyers would like to start working immediately and skip some of the steps common to buying and then instantly reach out to the sales representative (rather than being told to do this).
There are specific actions that you can urge these intent users to follow to enable them to quickly become leads qualified to market (MQLs) -which will then create a positive impact with the help of attractive websites, well-designed sites as well as concise and clear text as well as efficient CTAs.
6. Develop workflows that will aid your team.
There are a variety of automated workflows that you can design for your team to perform more effectively by using Marketing Automation Software.
For example, with marketing automation, it’s possible to send automated emails that workflows can accompany. As a result, leads can arrange meetings with reps in only one click. Reps are also informed when leads engage in high-intent actions like looking up prices on the website.
7. Add messages to web pages that convert well.
Use Live chat applications to communicate with users on your website in real-time and provide assistance and guidance when needed. To improve conversions by incorporating these functions on your most efficient web pages, for instance, your pricing and product pages, so visitors can access the information they need in real-time.
You can also make your chatbots and messaging apps more focused on actions. For example, the case where a user spent more than an hour on a website, and you want to provide assistance and answer any issues they might have (again, using an online Live chat program like HubSpot lets this be accomplished easily).
8. Optimize high-performing blog posts.
Additionally, posting blog posts gives you the chance to make visitors convert. Particularly, if there are already blog posts posted on your site and, in real life at HubSpot, we have found most of the blog leads and visitors come from blog posts written within one month.
To optimize your blog’s content, you need to determine the blog posts that have the most visitors on the internet. However, they have low conversion rates.
In one instance, HubSpot included the template of an outbound press announcement to a blog article that discussed press releases. It turned out that we observed the conversion rate for this blog post increase by 240 percent.
Also, look at the blog posts with the highest conversion rates. Your goal is to draw more relevant internet visitors to your blog posts. You can accomplish it by optimizing the blog content for the search results page (SERP) and modifying it as needed to make sure it’s relevant and relevant.
9. Retargeting is the method of re-engaging site users.
It doesn’t matter which your primary measure of conversion is; the cold, hard truth is that most users who visit your website don’t do what you’d like them to. Retargeting through Facebook or other platforms makes it possible to reconnect with users who have left your website.
Retargeting is tracking the users who visit your website and then showing ads on the web when they visit other sites across the internet. This is especially useful when you target visitors who have visited your site with the highest conversion rate.
The typical rules for inbound marketing have been established. You need to write well-crafted copywriting, appealing images, and a compelling concept to allow targeting to be successful.
Best conversion rate optimization tools
This tool will gain greater insight into the habits of people who are in your database, as also prospective customers. Additionally, a simple display lets you determine how your marketing efforts are performing and which ones could be better off with optimization.
Instapage is a tool for creating landing pages that can assist you in making page designs that can be converted. Its page builders make it simple to design professional and user-friendly landing pages. After pages have been built, you can utilize Instapage’s other CRO tools, like its analysis tools and tools for heat mapping, to improve the pages further in accordance with your visitors.
3. Google page speed
Nobody likes waiting, particularly your site visitors, which is why Google’s core Web Vitals update makes your website’s response speed as well as speed more vital than ever before. Google Page Speed Insights examines the speed of your website’s loading and gives suggestions for making your site faster on mobile and desktop devices.
4. Google Analytics
Google is the most prominent of search engines, so it is one of the most effective analytics tools for analyzing what keywords people are searching. It also provides useful information for CROs, such as the devices users use and their characteristics and how long it takes visitors to leave your website, backlink sources, and much more. What it cannot do is send specific emails or contact information to the users. However, it’s free!
Tars is a chatbot development tool that helps to increase conversion rates by making every page more conversational. As per tars’ data, chatbots can increase conversion rates by 50 to 80 percent and are quickly becoming the norm on modern websites.
SurveyMonkey has been the most popular platform for designing online surveys over the past few years due to its easy-to-use and easily-customizable survey designs. You can pick from over 200 templates for surveys and 13 different types of questions, which include image-based questions.
It’s a specific toolkit for optimizing conversion rates that offer an array of amazing tools to boost conversions. By using Plerdy, you’ll be able to create an extensive picture of how users interact with various elements on your website and figure out the factors boosting conversions and what can be improved.
Optimizely is an enterprise-level experimentation platform that tests marketing theories. For instance, if you hypothesize that you can boost conversions by switching the color of your CTA button from red to black, you can test this through Optimizely.
The main benefit of optimizing conversions is that it sets the ball moving. It can help you gain many more clients in less time. It enhances other marketing strategies. It’s more than just the highlight of your ice cream sundae; it’s the ice cream, the base that all the other initiatives are built. Even if you’re only receiving a tiny amount of traffic, you could be earning more money from this traffic, and it will increase your fame, which means you receive more visitors.
When CRO is set up, It is a huge benefit to both your business and you. It is now the time to ensure that your website’s conversion rate is optimized.
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