What Is Conversion Rate Optimization?
The definition of conversion rate optimization can be put as the procedure of enhancing the proportion of visitors that engages with your site by filling out forms, purchasing your product or service or otherwise. Conversion rate optimization aims at modifying or optimizing your website to encourage visitors to convert into customers or potential customers.
What Is Conversion In Marketing?
Conversion in marketing can be defined as the transformation of a visitor into a customer or a potential customer through the completion of certain conversion goals. A conversion goal might differ from website to website. For Example, if your website is an unoptimized NGO,
the conversion for you would be a visitor filling out forms or subscribing to your mails. These are particularly called micro-conversions.
And if your website mainly focuses on the sale and purchase of goods or services, then conversion for you would be a visitor making sales or purchases or donation of various items. This type of conversion is named macro conversion.
Examples Of Conversion
- Signing up for emails or newsletters
- Creating an account/ or surrender of emails
- Small Donations
- Purchase of a product or service from the site
- Requesting for a quote
- Paid Subscriptions
What is a Conversion Rate?
The definition of conversion rate can be put as the rate of the proportion of customers or potential customers to the total of general traffic or visitors. Conversion rate determines the success of your business or at least its campaigns. A high conversion rate means that you’re on the right track and need a few improvements while a low conversion rate is a signal of impending bankruptcy which can be avoided through conversion rate optimization.
A thing to note: “Conversion rate optimization” is different from “conversion optimization”, where the latter focuses on the conversion rate calculation and enhancement after the visitor reaches the site, the former concentrates upon the increment in the conversion for SEO or Paid ads
outside the main site.
What Is A Good Conversion Rate?
Normally, a small online business can consider 2-5% of conversion rate as a good conversion rate. But that is not so. It is at least with 11% of conversion rate that a business can be expected to be working properly.
How To Calculate Conversion Rate?
Conversion rate can be calculated through conversion rate calculator. A conversion rate calculator is widely available on the internet. All you need to feed the number of conversions against the number of total traffic and you’ll get the results in percentage.
However, you can do some hard work by using conversion rate formula to calculate the conversion rate on your own. The conversation rate formula is:
No. of conversions
Total No. traffic
No. of conversions
Total No. of users
For example, consider that 7 people out of 19 bought your product. So the total conversion rate would be:
= 2.71% of conversion rate
SEO Best Practices
Conversion rate optimization benefits SEO in distinct ways which include:
- Understanding Customers: The conversion rate optimization helps in providing an improved consumer insight. The customers’ likings and dislikings, as well as their preferences, are advocated while performing the optimization. This helps in improving your target audience list.
Higher Return On Investment: By consistent optimization, you’ll learn what features help in increasing ROI as well as decreases it. You’ll have better control over your investments.
Enhanced User-Experience:Conversion rate optimization makes for an increment in the quality of the website to increase conversion thereby enhancing the user experience in the process.
Better Trust: Through frequent conversion rate optimization, customers become confident in the website and share private information such as credit card, email, or such sort in good faith.
Conversion Rate Optimization Best Practises
Let’s take a look at the key features on how to successfully optimize conversion rates:
Quantitative Data Analysis
This analytic method revolves around working hard numbers and facts in order to design an optimum platform for enhanced conversion. You get to use web analytics services such as Google Analytics
and Adobe Analytics to track organic traffic on your site. These web analytics services help you keep an organized record of every activity of the visitors such as:
- The source of their entrance to your site
- Their page time i.e. time spent on each page
- Their clicks and the features they use the most on your website
- Their age, locality and interest
- The devices they use
With this information, you’ll gather enough data about what needs improving on your website and what requires to be added.
Qualitative Data Analysis
This method focuses on subject suggestions of all the visitors to your site on how to optimize it.
You cannot follow the demands of every visitor, that is why you should opt for fulfilling what your ideal or loyal customers want in order to keep the satisfaction level afloat.
Qualitative data analysis can be done in the following ways:
- On-site Tests
- Suggestion boxes
The qualitative data analysis provides the following information about conversions:
The reason for their conversion and the appellation of a certain page (if any).
- The reason for their visitation to your website.
- Your features that mark you out of your competitors.
- The total user experience.
- Review of the product or services
With this information in your hand, you’ll have feedback for your conversion rate optimization that will enhance not only user-experience but will encourage constant visitations.
The Last Method
This method is mainly driven by the policy of rule of thumb, where you only make amendments to your website when you think without any factual data to supplement it.
This method uses:
- Guesses and gut feelings
- Following the competitors’ path
- Following the commands of the top hierarchy in the company.
This not a bad method but it is not always a good one. When visitors visit your site, they expect something unique that can be delivered and if you fail to impart that to them, they remain disappointed or unsatisfied. Avoid this method unless absolutely necessary.