What is Conversion Rate Optimization (CRO)?

Getting qualified leads remains at the focus of every digital business platform to improve their online business. A lot of business owners hire digital marketers or an agency to drive traffic on their website. These online marketers not only work to get traffic but also to convert them into a fruitful business. To be successful in the online business community, 

it is highly important to understand the value of existing leads and take the best out of them. This is where conversion rate optimization comes in. Let us dig some more about this methodology.

We are going to have a glance at the following:

What is a Conversion rate

The percentage of visitors who complete desired action, for instance, sign up for a service or complete a web form, or purchase a product, is known as conversion rate. It is quite easy to calculate the conversion rate. All it takes is dividing the number of conversions by the number of website visitors and then multiplying the result by 100 to get the percentage.

Conversion rate optimization

Conversion rate optimization or CRO is the process of increasing the percentage of visitors to your business website. These visitors get converted into customers, or they may at least take some desired action on your webpage. If a particular website is enjoying a high conversion rate, this means that the site seems to be appealing to the target audience as well as it is well designed and effectively formatted.

Conversion rate optimization leads to lower acquisition costs, highly qualified leads, an increase in the revenue acquiring greater value from present leads and customers, and so on. Conversion rate optimization can be done to an entire website. A perfect site should be designed in such a manner that it successfully converts visitors into customers.

The Right Time for Conversion Rate optimization

If your business is getting even a little bit of traffic, then you need to think of conversion rate optimization. CRO will help you acquire some monetary benefits even from your limited traffic. It is useless to run after new traffic and leads, until and unless you are using up your existing traffic and leads. Any delay in opting for CRO will for sure delay the boost in your ROI.

Advantages of Conversion Rate optimization

You must be wondering what you will gain from the conversion rate optimization of your business website. Have a look at the below-given points to clear all your doubts:

  • With CRO, you can take advantage of the existing traffic without having to spend cash on advertisements.
  • CRO motivates repeat business. This, in turn, increases your customer retention rate.
  • The conversion optimization rate helps in building up trust among your audience.
  • CRO enables you to steal customers from your rival companies.
  • By choosing conversion rate optimization, you can improve your brand perception.
  • It makes you capable of understanding the needs and wants of your customers.
  • CRO helps you to generate more revenue as compared to the amount you can inject back into the business.
  • It helps in the reduction of customer acquisition costs.

Click here to know What does conversion rate of your business tell you?

Effective conversion rate optimization strategies

Conversion rate optimization can be exceedingly beneficial for your company. If you want to know why then have a look:

Adding up lead flows: Lead flow can be quite a successful element of conversion rate optimization for your site. Lead flows include all those high-converting pop-ups which are specially designed for attracting attention and offering value.

Creation of text-based CTAs: Text-based CTAs prove to be quite handy when it comes to converting more traffic into leads.

Running tests on landing pages: You must be knowing that landing pages are highly significant for conversion rate optimization. It is the page where a visitor gets converted into a lead, or an existing lead may get involved with your brand. It, therefore, can be helpful to run A/B tests for identifying the best design and content features for audience members.

Building up of workflows: Automated workflows can be created to enable your team by using marketing automation software. For instance, it becomes easy to send automatic emails with workflows. This enables the leads to book meetings with representatives with just a single click.

Turning leads into marketing qualified leads: Some visitors may insist upon skipping all the parts of a buyer's journey and move directly to speak with the representative. In such a situation, you need to motivate such high intent visitors so that they get converted into marketing qualified leads.

Significance of conversion rate optimization

Conversion rate optimization can be exceedingly beneficial for your company. If you want to know why then have a look:

Surviving online competition: There is too much competition in the online retailing world. Conversion rate optimization techniques help you to funnel your visitors towards taking the desired actions suitable for your business. CRO is necessary for you to survive the reckless competition in the market.

PPC costs: You must be aware of the fact that PPC prices are increasing rapidly. But shelling out more money is not simply the solution. Conversion rate optimization helps in making the most of the clicks that you achieve. Hence, CRO is useful in terms of PPC.

Social media: Social media has undoubtedly been a great platform for marketing. But at the same time, it has led to a shorter consumer attention span. Listing products on social media is not enough. So taking the help of CRO becomes helpful in this situation too.

Digital marketing expenses: Expenditures related to digital marketing is on an all-time high. To make sure that your money is not going waste, it is necessary that all the traffic you are getting converts into successful leads. CRO plays a significant role here. It is possible to cope up with the increased price of digital marketing by enhancing the conversion rate.

Reduction in consumer attention span: It is true that if your visitor cannot find out quickly what he is seeking, then he will not spend more time on your page. Rather they will check out another page. CRO helps in fighting this mentality. You can acquire the attention of your visitors by using conversion rate optimization tactics.

Legitimizing and streamlining the business: A site that has undertaken conversion rate optimization looks more legitimized than the one which has not yet. A visitor always wants to have an inventory that he can search easily. He is happy to go through clear categories. All these are possible by utilizing CRO techniques.

Final thoughts

Conversion rate optimization is highly significant if you want to survive the competitive world of online retailing. It helps in enhancing your marketing campaigns. It’s like the base on which all your efforts lie. It enables you to earn from even the small amount of traffic that you may be getting. So without any delay, get your business website conversion rate optimized.

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Thirumalesh Prasad C G

Written by Thirumalesh Prasad C G

Thirumalesh Prasad C G (Thiru) is an entrepreneur, Founder, and CEO of Inboundsys, India's No.1 Hubspot partner agency, and an IT services company. Before starting Inboundsys, Thiru has had 12 years of experience working for various multinational IT products and services companies in India and abroad. He has been a significant member and worked as a user interface architect in designing the user interface for many web applications and products. In addition to running Inboundsys, he is also an advisory board member in a couple of other design studios and digital marketing agencies. He is a passionate blogger and a writer who loves writing on digital marketing, inbound marketing, lifestyle, philosophy, positive thinking, and motivation.

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