what is conversion rate

Whatever your goal is for your business- asking a customer to subscribe to your emails, download an ebook or purchase a product or service- these actions can all be defined as a ‘conversion’. It’s essentially a term that describes when a visitor to your website completes that desired goal. So to get a little more specific, a ‘conversion rate’ is defined by how often a customer completes a goal, divided by your total web traffic. It goes without saying the higher the conversion rate, the more business leads you will generate.

 

Yet, gaining business leads isn’t the only reason you should care (and monitor) your web conversion rates. An optimized conversion rate also allows you to grow your business by reducing your acquisition costs. Essentially by generating more value from the visitors you have, increasing revenue per visitor and acquiring more customers. It’s also a win-win for your customers too. Providing a better user experience and increased credibility for your brand.

 

Sounds good right? But what are the conversion rate optimization tactics you should be using to achieve this? Let’s look a little deeper.

 

So just to be clear: Conversion rate optimization (CRO) is about optimizing your landing page/ website to produce conversions from your web traffic.

 

Do you want your customers to:

  • Make a purchase?
  • Submit a form?
  • Engage online?
  • Sign up for a subscription?
  • Register on your site?
  • Download a PDF?
  • Utilze something like an app upgrade?
  • Upgrade their services?

 

Your overall goal will vary depending on your business objectives, but all these actions are measurable step’s that could lead to a potential customer becoming a paying one.

So let’s look at some changes you can make today to optimise your conversion rate (CRO) and achieve these goals.

what is conversion rate

 

Make sure your landing page has a clear CTA/is dedicated to sell

 

This one is especially important if you have invested money in paid advertising such as Google Ads. Why? Because you want to be directing traffic to a page that is dedicated to selling. Most sites direct leads to the homepage, but doing this is missing out on a golden opportunity to personalise the experience. At Webrenovator we can help you build a custom landing page, or even better, a conversion-based website designed to get more visitors, generate more leads and get you more sales. This helps you stand out from the crowd and blow your competition away.

what is conversion rate

Consider A/B testing

 

Conducting an A/B test can be a great way to test different versions of your website/webpage to see which version has the best conversion rate. It’s fairly simple to achieve. All you need to do is set up two variants of a page and split your traffic between them. Various software offers the opportunity to do this, although if you are just starting out don’t overlook the free or cheaper options. You could try Google Optimize or Unbounce to get started.

 

 

Research your target audience/competitors

 

In marketing before making any decisions- especially in terms of web copy, CTA’s etc.- you need to put in the groundwork! By that, we mean knowing exactly who your target audience is and what they want. This is always the basis for any marketing strategy and will help with any web-based decisions you make. Make sure you consider:

 

  • Is this a new target market? If not, what have you done previously that works well? If yes, identify some key figures to run ideas past. Feedback is a great way to establish that you and your target market are on the same page.
  • Competitor analysis- Is there a brand out there that is similar to yours and absolutely killing it? What do they do well? What could they do better? How do they communicate with their audience? Take a bit of time to research and audit the key players. This can really help define your own marketing objectives.
  • Keyword research- Is especially important when considering web copy. What intent-based keywords will work well on your audience? What platforms are they using? Is social media presence essential? Do they have preferences or interests you can target?

 

Now reconsider your web copy/design

 

Once you have conducted your research, you will be in a much stronger position to implement copy, imagery and multimedia that draws in your target audience. Sure, there will be an element of guesswork at the beginning- and that’s where A/B testing and monitoring conversions plays its part! But by making educated guesses on what your audience wants to see, you stand a much greater chance on converting those leads. And hey, once the data rolls in, you will have proof of what works and what doesn’t.

 

Webpage factors to consider:

  • Headline- This is the first thing your audience will read- in fact, 80% of your target audience won’t even make it past this! So guess what? It needs to sell hard! This is a good place to start with your A/B testing.
  • Test landing pages- This allows you to try different descriptions and layouts to see what works best with your prospective client- we can help with this at Webrenovator
  • CTA- Your Call-to-Actions need to be on point! This is another great one to test. This allows you to see if your audience responds better to more descriptive text or more short and sharp buttons. Also what type of language works best- formal or informal?
  • Media- We know the power of imagery, especially on websites. And are you utilizing video? Sometimes this can be a more efficient and effective way to get a message across when compared to tons of web copy.

 

what is conversion rate

Track the journey visitors take through your site

 

Tracking your customer’s journey can also help add to this beneficial data we mentioned earlier. Oh and it provides an overview of what your customers are spending time on. Do they scroll down the page? What are they clicking on? Are they engaging in blog posts or following you on social media? Google Analytics is a great tool for monitoring this. Gathering data in this way will also help shape your picture on your target audience/ customer image.

How do I track Conversion Rate?

 

So I just mentioned Google Analytics above- which is a great tool for tracking your conversion rate. In fact, most conversions can be tracked using most advertising and analytics platforms.

Platforms like:
– Google Analytics
– Google Ads

And for Social Media
Facebook/Twitter/LinkedIn/ Instagram Ads
– Social Media scheduling tools like Hootsuite

In terms of website optimisation, setting up conversion tracking is definitely easier if you have a good developer around (we can help with this!) And it is so worth the effort. Let’s face it, you can only improve what you understand and tracking conversion rates is a big part of this!

what is conversion rate

The good news is, there are plenty of people out there who aren’t utilizing this tool. Simply because they don’t know how, or don’t have time to do so. But like we said earlier, making the time is so worth it. This puts you at a competitive advantage. Not only for your website but also in terms of targeted web campaigns. Tracking conversion rates ensures you have the opportunity to maximise profitability and stand out from competitors. Simply put- if you’re tracking conversions and using this data to make your user experience better… who do you think customers will come back to time and time again?

 

Final thoughts

 

Conversion rate is one of the most important marketing metrics you can utilize for your business. Not only will it help it to grow, but it can provide a valuable insight into the way your customers interact with your brand. It’s a bit more specific than a click-through rate in this way. This is because the conversion rate actually tells you what percentage of your traffic is doing what you want them to do. This is compared to a click-through rate which doesn’t always signify conversions.

Now you hopefully understand what conversion rates are and why they are important for your business, now is the time to put a strategy in place. Start by doing your research, make educated guesses and then track to make use of this key data. Once the data starts rolling in, you will have a clearer picture of what converts and what doesn’t. In other words: make the conversion rate data work for your business needs!

All sound a bit complicated or time-consuming? Remember we can help set up conversion tracking. We specialise in building websites that get more visitors, generate more leads and get you more sales. Just get in touch to find out more and get started.

How do you track conversion rates? Do you find it useful for your business?
Let us know your thoughts below.