Conversion rate optimization (CRO) has created a storm in the digital marketing world. It’s aim is to optimize the customer journey to maximize sales. The process involves engaging an audience to take the desired action.
Effective CRO should be a core element of every digital marketing campaign because it brings with it a ton of benefits. It can be effective in increasing revenue and profits because it is used to strategize the customer journey.
Conversion rate is one of the key metrics in e-commerce websites and lead generation sites. It is a metric that reveals the percentage of website traffic that completes a company’s defined goals including purchasing a product.
Having a higher conversion rate means that you are successful in achieving your defined marketing goals.
CRO is one of the fastest and most effective strategies to help you turn your existing web traffic into paying customers. This article focuses on why you need to focus on CRO if you want your business to succeed.
What is CRO?
Conversion Rate Optimization is a thorough and methodical approach to improving how well your website achieves specific goals or one defined goal, such as eCommerce purchases to contact form completions for a lead generation website.
CRO informs recommended changes to make to your website with insights, analytical data, user feedback, and many more metric variations.
This is basically making the most of the traffic that your website is gaining, rather than increasing it, as seen in most common digital marketing activities.
CRO / Conversion Rate Optimization is not based on guesses because all changes should be backed up with real data.
This is why CRO is such an important benefit to any digital marketing strategy. Basing your changes on real data will make sure every change you make is positive.
Why is CRO Important?
The essence of CRO is often seen as quality over quantity, when in fact it’s both in equal measure. Firstly, it allows you to make the most of the visitors and users you already have to lower your lead and customer acquisition costs.
Secondly, you can apply the learning and experience to your future marketing efforts. If increasing the volume of customers is something your business needs, there are elements of CRO, such as online search, that can help you out.
No matter which elements of CRO your business needs the most, implementing this strategy will ultimately help to grow your business. You will see great changes in your business with effective CRO like:
- Decreased acquisition cost per customer. This happens when effective CRO results in getting more customers. So, while your marketing budget stays the same, each customer will cost less to acquire.
- Increased profit per customer
- As your profit increases every month, you can invest more to grow your business faster or take more profit out of your business.
Get More For Your Business With CRO
You most likely already have a working website that you use for your marketing efforts. However, if it is not optimized to make your business presence known in the industry and to convert your visitors to become paying customers, your website will be invaluable.
CRO allows you to generate the most valuable opportunities from your visitors. It helps you make meaningful conversations with your customers and enhances your efforts to give the best to your visitors when they are at your website.
The main goal of CRO is to get the maximum percentage of visitors to your website to act on your chosen goal.
When you do CRO effectively, you make it easier for your customers to do business with you. You are helping them move through a sales funnel that will greatly increase your bottom line.
How to Improve Your Conversion Rate Through CRO
We will help you get a basic understanding of CRO fundamentals so that you will know how CRO can help your business grow its audience and profit.
Here’s how you can begin:
This age-old strategy involves making adjustments to your strategy to see where you are succeeding and what isn’t quite working for you right now. Use A/B testing to find out which elements of your current strategy are not helping you reach your marketing goals.
You change certain aspects of your strategy e to see what has the most impact on your sales conversions and resonates with the needs of your target audience.
You can make changes in your different CTAs and check which would be most effective.
Be patient as you assess which strategies are working and which are not. You can also use available tools like HubSpot to implement an A/B test function that allows simultaneous testing on CTAs so that you can save time.
Heat mapping is an excellent way to analyze the strengths and weaknesses of your existing website. This strategy creates a visual tool that shows where users click and hover on the pages of your website. You will know which aspects are capturing the attention of customers, whether that be the content or layout of the webpage.
If one particular webpage is performing well and users are following the desired flow of the pages, then this structure could be implemented across the whole site to increase sales conversions.
It will also show you how far users scroll — they may be missing out on your strongest content by only sticking around the above-the-fold.
There is no way of knowing if the changes you have made are working if you have no tangible way of measuring their impact. Using analytics will allow you to look at how users reach your site and what they do while they are there.
Everything from bounce rates to Google ranking is important in determining what tactics you should use.
If you know where your traffic is coming from and what they are interested in, you can target your marketing to reflect this and reduce associated costs.
More importantly, you can set up lead tracking and source. This is the key as it takes away from vanity metrics and puts the focus on tangible results.
It will highlight what changes not only get more clicks but drive more leads — this is the core of CRO.
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