The conversion rate is a key indicator to measure the success of a website, online store or any other type of online business. Refers to the number of visitors who take a specific action, such as buying a product, signing up for a newsletter, or downloading a file, compared to the total number of site visitors.
In this blog, we will explore how businesses can optimize their conversion rate. We'll talk about the key strategies that need to be put in place to attract potential customers, engage them, and convert them into loyal customers. All this will help you boost your business and take it to the next level.
Conversion Rate Optimization, or CRO, is the process of optimizing certain elements that are involved in a marketing campaign in order to optimize its conversion rate. In other words, the procedures followed by the CRO are established with the objective of being able to maximize the volume of conversions of the campaign or, what is the same, to maximize the number of users who carry out the action we want (registration, request for information, buys…).
When a client hires a CRO project, they do so hoping to improve their economic results. In other words, we are successful to the extent that a CRO process has the capacity to produce better economic results and profitability for the client, maximizing efficiency.
The key lies in being able to find the link between all the components of a web project, since in each project the area to work to improve its conversion will be different. To find that connection, the analysis is the key piece: the process must be delved into detail, understanding the elements that make up the campaign (landing page, user experience, product...), as well as the user's behavior in relation to each one. of these elements.
Let's see some CRO advantages that knowing the conversion rate on our online sales platform means:
Conversion rates can be calculated by following a simple formula. To determine the conversion rate, divide your total conversions by the total conversion action (such as clicks or visitors).
You can then multiply the result by 100 to get the conversion rate percentage. For example, if your web page had 50 conversions last month and 500 visitors, you would divide 50 by 500 to get a conversion rate of 0.1 or 10%.
So now that we've answered "what is CRO" and how to calculate conversion rates, you might be wondering if there's an ideal conversion rate you should aim for. However, there is no “ideal” conversion rate. The conversion rate you should aim for will vary for each business and will depend on the industry, goals, and other factors that are very specific.
That being said, you can set goals based on your own historical data. It's important to have an idea of what you should be aiming for with conversion rates, but don't compare yours to companies in completely different industries. Set a realistic goal based on the specific needs of your company.
CRO optimization focuses on the website, or landing page, where the user “lands” from another channel (banner, another website, social networks…) and the path that the user follows to become or not a buyer. We must take into account a number of important factors: User Experience (UX) and User Interface (UI)
These two factors will influence the user positively or negatively once he arrives at our site. Is the charging time correct? Is navigation easy? Is it an intuitive site? Are the different blocks of information well structured and follow the logical reading order? Is the design attractive and functional? The first impression counts, a lot.
Information
The information about the product or service that we want the user to acquire, as well as other additional information about the company, must be clear, sufficient, credible, and must invite them to carry out the action that we have set as an objective.
Product
The product or service that we offer in exchange for the action that we want must be attractive and be displayed correctly (photographs, demonstrative videos...). Another important factor will be the price, possible offers and how we transmit them (showing the old and the new price, for example).
Call To Action (CTA)
The call to action must be clear and attractive. You have to pick up what you want to achieve in a way that suits the public and that is differential. A piece of advice: also include what the user is going to get, for example "Sign up in 1 minute and start improving your English".
After seeing the fundamental points that must be analyzed and improved to increase CRO, we list various strategies that, if applied properly, can help you to optimize the conversion rate on your website:
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Common mistakes made during a CRO process include:
Thinking that all your customers think or interact like you
It is very common for the webmaster or owner or worker of a site to think that everyone navigates in the same way as him. It is very easy to think like this, therefore, if you like something, do not think that all your clients or users will like it.
For this reason, one of the fundamental requirements when it comes to improving the CRO of a website is to have an open mind and be willing to try and test everything to always achieve a higher conversion rate. The fact of not settling for anything helps a lot to avoid this type of error.
Evidence instead of corroboration
Like the previous error, it is very common to have an empirical hypothesis about the changes that would improve the conversion rate. The fact of convincing oneself that what is being done is the right thing to do, is a serious mistake, and it is worth relying on real analytical data (KPI's and metrics) and based on them, make the appropriate decisions and not drift.
Pay only attention to the opinions of friends and/or relatives
It is very easy and common to ask friends or relatives to give their opinion about the web and their user experience, and thus draw conclusions. But it is a serious mistake to take them seriously, since it is very likely that the sample is not the same as your user profile or target audience to which your website is directed. Contrast the opinions of friends and family with those of a more objective sample, whose characteristics are more similar to the profile of your potential customers.
Obsessing over conversions and not big revenue
We cannot blind ourselves to getting only conversions without taking into account the conversions that bring more business. In other words, if we have a website that offers different service packs, we should not focus our efforts only on achieving conversions from the cheapest pack, since the most expensive pack, being more difficult to close the sale due to the price, is the What more effort we have to make to achieve conversion. Therefore, it is recommended that everything work together, and that a well-defined CRO strategy be followed, which will bring more income, and not just more conversions.
Using a very small sample in experiments or tests
When doing A/B tests, you should have as large a sample size as possible, since it is not the same for 10 people to perform the test than 50. The difference is very noticeable, and if we evaluate the results of different samples, it can be verified that the result is not the same.
The main advantage of conversion rate optimization is, of course, getting the customer to take a certain action on our site instead of leaving it, usually the visitor making a purchase. But an improved website to optimize the conversion rate can have other benefits.
Conversion rate optimization is important for a multitude of reasons. A high conversion rate can help reduce your customer acquisition costs because you're getting more value from existing users, instead of spending money on acquiring new users.
With customer rate optimization, you can also get to know your customers better, which can help increase brand loyalty. By better understanding your customers, you can also improve your sales funnel and invest in the right marketing channels that reach your target audience.
The CRO can help you better understand how website visitors interact with your page so that you can make necessary improvements based on their needs and complaints. It's important that potential customers have a positive experience with your brand, so be sure to keep them in mind.
The CRO can also increase the current long-term value of the customer. For example, with CRO analytics, you can identify your most loyal customers and make an effort to reach them every time they interact with your brand. This will help them feel connected to your brand, thus increasing its value in the long run.
In short, conversion rate optimization is an ongoing process that requires constant data analysis and implementation of new strategies to improve performance. It is important to perform A/B tests to evaluate different changes to the web page and determine which elements have the greatest impact on the conversion rate.
Simplifying the purchase process and reducing steps in the conversion funnel are effective strategies to increase the conversion rate. The personalization of the content and the offer of special promotions can help to encourage purchases and increase the conversion rate. User experience is key to successful conversion rate optimization, so you need to make sure your website is easy to navigate and offers a good shopping experience.
Remember, conversion rate optimization is a complex process that requires time and dedication, but can have a significant impact on the success of an online business. By focusing on simplifying the purchase process, personalizing content, and offering a great user experience, it is possible to increase the conversion rate and generate more revenue.
