Conversion Rate Optimization: The Key to a Sustainable Growth of your Dream E-Business:
E-businesses are always challenging. Though it makes reaching the audience easier, it becomes harder to attract audiences among the vast amount of competitors working for the same goal. Marketing your business to your target audience is an absolute necessity to gain the attention of the crowd, but that’s not nearly enough. Gaining the attention of the audience can be beneficial, but it does not ensure whether they will purchase from your company. And that’s where the strategy of conversion rate optimization comes.
In this article, you will get to know about what conversion rate is, and how it’s implemented in businesses in the most effective way possible. As a result, you can optimize the performance of your business to compete with modern competition.
Conversion rate is a simple analytic measure of your customers compared with the total number of visitors to your company website. In any business, selling off products or services is the key. So, no matter how many visitors you get on your website, if they don’t do what you want them to do, your efforts go in vain. So, it depends on your business goal.
Calling your company, engaging with your online chat service, registering or signing up on the website, having an in-app purchase from your software, submitting a form; these can be considered to calculate the rate to. Basically, it bridges the gap of just being a visitor to start contributing to your business.
Conversion Rate Optimization: A Definition
What is conversion rate optimization and why it’s important? The reason why the conversion rate is so important is that it can reflect customer behavior towards your business. And how customers think about your service determines how well your business does. It also is an indicator of how well you are competing in the market.
Customers are always searching for better alternatives, so whoever gives them the best platform, that ‘Wow factor’, will gain the buyer. Suppose they visit your website to search for better alternatives, and they found your service to be somewhat not satisfactory. This may lose you that customer, you wont be able to sell online confidently.
That’s where the strategies of Conversion Rate Optimization (CRO) come in. CRO is a systematic process of identifying key factors, which hinders visitors from being customers, and it then builds a new model and tests it. It has helped thousands of businesses worldwide and is considered to be essential in digital marketing and ecommerce.
Conversion Rate Optimization: Benefits
No matter how well your business is growing, Conversion Rate Optimization can always help you do better. Betterment has no end. The optimization process is more or less free of cost in the initial stage, as it only takes good calculations to measure what you need to do and where you’re lacking. Changing online business models are not as costly as much as they benefit the business.
It is absolutely necessary for effective marketing, so you can start saving money on digital marketing and utilize the money in other crucial sectors. While it cuts the costs of marketing, it can save you a huge amount of money while needing fewer visitors attend. When you have more website visitors who are not giving you benefits, you still need to spend money or time on handling them. Not needing to worry about that can be crucial to a stable business.
By doing effective marketing and giving better user experience, you can target more profitable customers too, who will contribute more to your business. And, most importantly, it can maximize your profits and keep you high in the chain of extreme competition in the online world. Online, everyone can deliver a good user experience, so it comes down to the unique strategies which will make you win this race. There are numerous businesses that fail because of untracked campaigns. In this era of fierce competition, knowing your customers and giving them the best value should be the highest priority. If you want efficiency, you need to put your best efforts in.
Conversion Rate Optimization: Implementation
The implementation strategy is divided into simple concepts for you to clearly understand. Let us overview the strategy first:
Finding out Areas of Improvement:
To start, Think about where the scope of improvements are. Use careful analytics of your marketing sector and your website statistics to answer some of the questions. The questions should be specific like: How many visitors leave without making any purchase? How much time are the visitors spending on the website? What does the company reviews reflect?
Also how many ads are getting responses and creating transactions? On which page of the website do the visitors leave? How much are they exploring on the website? What are the complaints about your website? How optimistic is your marketing strategy? etc.
Asking questions like these will make you come clear about the scenario, and thus will enable you to adopt the strategies below.
Customize the website to create the best value proposition:
Thousands of websites are designed to convert visitors into customers and make money online. A website is a combination of many details, each having a unique impression on your visitor. Necessary changes are:
Start by editing your primary subject, which is your homepage. You must make sure that the homepage is visually attractive. It needs to be simple, yet elegant. A visitor should feel comfortable with your website and must have a good user experience. It is also an opportunity to retain your visitors.
Most transactions and orders get canceled on the pricing page and the final page. So, add information that will convince your customer into buying your product or service. Add previous customer reviews, show price discounts (if any) and show real and attractive features together. Customizing these pages well is crucial.
Reduce additional steps while buying. Most visitors have a small attention span for buying products, so a long procedure of buying things will not help. Cut down steps and make them attentive enough to execute the transaction within the shortest time.
Try out the feature of blogging on your website. Your visitors want to know more about the products they buy, so inviting them to read in-depth about the products will create inherent trust, which will obviously enable you to earn more loyal customers rather than visitors.
Most of your digital marketing ads will redirect visitors to landing pages of specific things shown in the ads. Design your landing pages to be as attractive as it can be. You should make it easy for them to buy from the page, to watch the reviews and descriptions, and to be convinced to buy.
Bringing your targeted customers in your designed website (Marketing):
Your website is now customized, and now it is time to bring in people through effective advertising. For effective marketing, you need to understand customer behavior and utilize it in your favor. The techniques in this stage are:
Today we see too many ads all the time. In order to stay focused, we develop a habit called ‘Banner Blindness’, which means that we avoid anything we conceive of as ads. Many of the marketing ads get avoided by the customer, thus we need to renovate the idea of marketing.
CTA (Call to actions) are small text links that direct your customers to your website. If you incorporate CTA in blogs and reviews of your company, it will be getting attention to your potential customers. And you will be able to make money easily. It will also increase your conversion rate.
Blog posts give readers good reviews and insights about products, so among thousands of ads, they prefer blog reviews more. So, promoting good blogs can help your customers get the best out of ads.
Show targeted ads to visitors catered to their choice. Tailor-made advertisements will surely increase visitors wanting to buy the products, not just to wander around on your website. An effective website from the previous point can now do its job.
Work with existing customers and visitors, as the existing customers can turn into visitors too. Show them tailored ads too with good offers and products of their choice.
Calculating the result after implementation and make necessary changes:
Your job is to now use careful analytics and calculate how the changes affected your conversion rate. Did the changes in the website work? If it reflects your work fully, then you’ve succeeded. If not, just start the procedure from step one and refigure your strategies again.
Buyers are the heart of your business, and thus measuring the ratio of your buyers and website visitors is as important as running your business. You pour out your dreams and hard work into building this business, and so you need to keep a careful eye about the conversion rate too.
Luckily enough, adopting the strategies of conversion rate optimization will help in making you deliver the best value to the customers who will use your company. So to grow your business in the most effective ways, you should focus on the importance of your conversion rate optimization.