Conversion rate optimization, or C-R-O, are practices, tools, and strategies designed to increase the business probability. They are designed to convert web visitors into paying customers. As consumers become more digital and mobile, the need for conversion rate optimization software increases as well.
Conversion rate optimization helps businesses find ways to help improve web visitors’ engagement. The more engaged web visitors are, the likelihood of them converting goes high too. Many people view conversions as visitors successfully making a purchase. However, it also includes other actions such as downloading an asset, filling up a form, and signing up for a free trial.
This is where conversion rate optimization tools come in and why businesses will continue to rely on them in the future.
1. Understand Your Visitors’ Behavior
Website visitors come and go for numerous reasons. But you want them to click that “Buy” button, download your latest eBook, or perform whatever desired action you want them to take. The main objective here is to maximize such conversions whenever they visit your store.
That said, conversions don’t happen whenever someone visits your site. Only 2% of web traffic successfully converts on their first visit. This is why you need tools to measure conversion rate – so you can effectively target and convert the remaining 98%, or most of them, anyway.
Data from your sales and marketing tools will help you create buyer personas and segment your target audience in groups using variables like location, age, gender, browser used, and previous purchases.
With a conversion rate optimization solution, you can record user sessions using heat maps to identify strong areas and pain points on your websites, and e-commerce stores. You have a picture of how they behave and navigate while on your site.
By incorporating data from your marketing tools, CRM, and CRO software, you will be able to recognize what’s attracting them to your site, which products get the most views, which items are getting completely ignored, and so on. You then get this understanding of your audience so you can make the necessary adjustments to your websites to improve engagement and sales.
CRM data is very helpful in gaining further understanding of your customers. According to a recent study by Finances online. It is better to leverage information from your CRM systems with your CRO software. This combination is ideal to get a detailed picture of your customers’ wants, needs, behavior, and tendencies.
2. Simplify Buyers’ Navigation
According to Oberlo, the global number of online shoppers is expected to go over 2 billion by the end of 2020. As online shopping becomes more convenient, safer, and easier for modern consumers, businesses must also strive to constantly improve visitor engagement on their websites, mobile e-commerce apps, and other channels.
One of the pressing problems of e-commerce stores is the very high cart abandonment rate among modern-day shoppers. Over 75% of retail buyers leave their cart (and the store) without successfully completing the purchase.
Further studies on car abandonment cited the lack of product photos, unprofessional website design, confusing/unfriendly checkout process, and the lack of compelling abandoned cart emails as major factors that drive customers to leave.
Many successful e-commerce stores implement conversion optimization for eCommerce. C-R-O can help you ensure shoppers immediately find what they are looking for. Leveraging conversion rate optimization software allows you to pinpoint what your site or app needs to further attract traffic. You make changes to the overall design of your site and apps. You add certain elements or change the positioning of your ads to give prominence to your content.
Simply put, by making it easy for your visitors to interact with your website, then they will more likely convert.
3. Increase Profitability
Assuming you allocated $1,000 to attract 10,000 visitors and only 10% or 1,000 visitors convert, your total customer acquisition cost amounts to $1 per customer.
Total Spend: $1,000
Total Visitors: 10,000
Conversion Rate: 10%
Visitors who converted: 1,000
Customer Acquisition Cost: $1 per customer
With the help of conversion optimization tools, you tweaked the design of your website, added photos, and placed some crucial design elements at strategic places. The website’s conversion rate improves to 15%. Even if you’re spending the same amount of money to drive the same amount of visitors, you are actually spending less per customer. Here’s how:
Total Spend: $1,000
Total Visitors: 10,000
Conversion Rate: 15% (+5% from previous rate)
Visitors who converted: 1,500
Customer Acquisition Cost: $0.66 per customer
More than just lowering your acquisition costs, conversion rate optimization solutions also increase your profitability.
4. Enhance SEO
While SEO and CRO each have a different set of ultimate goals, these two approaches have a number of overlapping and interdependent areas. To differentiate, SEO tactics are designed to give your website more visibility as a result of ranking at the top of search engine result pages, or SERPs. Meanwhile, CRO strategies are more concerned with getting visitors to perform specific actions when they come to your website.
All that said, effective SEO strategies can do wonders for your CRO tactics and vice versa. Here’s how.
CRO helps you identify and publish the best, high-quality content for your website. It aims to help make your sites and stores friendlier to your visitor. These tactics are also core in any SEO strategy. Great content, fast and responsive websites, and mobile-friendly pages are critical in improving your sites’ ranking in search pages.
If your web pages are optimized to enhance conversation rates, visitors will likely enjoy engaging with them as well. As visitor engagement increases, the likelihood of gaining more backlinks improves too. Quite evidently, well-implemented CRO strategies can boost your SEO efforts and vice versa.
5. Improve Brand Perception
A significant bulk of any conversion rate optimization effort is ensuring your websites, online stores, and apps look legitimate and trustworthy. You have to understand that online shoppers don’t look for your store. They are searching for a product or a service that you happen to sell. And when people don’t feel that your site is credible, they leave almost as quickly as they came.
According to Crazy Egg, you have less than 15 seconds to showcase your website to visitors and grab their attention before they decide to either continue navigating or look elsewhere. If your site doesn’t look trustworthy to them right off the bat, they will definitely move on to the next one, even if you offer the best deals and amazing promos.
Trust is a big deal among online shoppers and much of it has to do with the website’s visuals, especially among first-time visitors. Visual elements like colors, placement of content, size of ads, font types and sizes all come into play. Other components such as security badges also help customers discern if a site is legitimate or not.
Conversion rate optimization helps you create a website your visitors can trust right from the start. Bear in mind that trust always comes before sale.
Watch out for CRO Trends
Conversion rate optimization software has secured its place in the future of almost every business. The demands of modern consumers call for businesses to keep things interesting, fresh, attractive, and easy. Having a conversion rate optimization solution enables businesses to do all that.
As business dynamics shift and change, new trends emerge and the CRO landscape is not an exception. Developments like voice-based search, AI-powered automation, and consumer interaction via virtual and augmented reality improve personalization and end-user experience. Both are crucial in building CRO.
Businesses must watch out for these C-R-O trends.
The challenges they bring, and how to further improve conversions with effective conversion rate optimization best practices.