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WHAT IS CONVERSION RATE OPTIMISATION?
Conversion Rate Optimisation, or CRO, is all about getting the best out of your website traffic by increasing the percentage of visitors who complete a valuable interaction. This could be anything from making a phone call, submitting a form or making a purchase, right through to downloading an ebook, registering for a free trial or even loading their credit card details to complete a sales transaction. What your business defines as valuable is totally up to you, and could even be different to businesses in the same industry as you.
A lot of foresight goes into making CRO work for your website. The process involves understanding how visitors navigate your website, their behaviour, the actions they take and what frictions might be preventing them from completing the desired outcome. It’s 100% data-based so you need to know your data sources are reliable.
When assessing CRO outcomes, we focus on two types of conversions – micro and macro.
A micro conversion is when a prospective customer has engaged with your website in some meaningful way. For example, they may have signed up to a subscription, connected with you via social media, added a product to their cart, visited the contact page or watched a service or product video.
Macro conversions are the juicy ones! This is when a measurable lead or sale occurs. These come in the form of a call to the business, an online submission, a purchase, or a store location page visit (if your goal is to drive in-store customers).
For example, if your current website conversion rate is 5%, then for every 1,000 visitors 50 of them will perform a positive action. Even if this only increases by one percentage point, the result is an additional 10 conversions from the same traffic volume. The same is true if your conversation rate goes down though; if it drops by one percentage point, you’ll lose 10 customers.
It’s obvious, then, that CRO can have a huge impact on the profitability of a business. It lets businesses extra more value from existing traffic without spending cash on ads, resulting in more visitors to your site (and hopefully more actual customers) in exchange for less advertising spend. The more people who visit your website, the more you’ll build trust among both potential and repeat customers, encouraging repeat business and by extension customer retention. You’ll generate more revenue that can be invested back into the business and improve your overall return on advertising investment. And you’ll learn how to better-understand your customer, accurately cater to their wants and needs, and offer better service for future visitors to your website.
CRO can have a huge impact on the profitability of a business, especially when the following are considered:
- Extract more value from existing traffic without spending cash on ads
- Build more trust among potential and repeat customers
- Encourage repeat business and, by extension, customer retention
- Generate more revenue that can be reinvested back into the business
- Attract more customers from direct competition
- Better understand your customer; accurately cater to their wants and needs
- Improve overall return on advertising investment
- Improve brand perception
Your business website is likely your biggest promoter; however, if it’s built like a leaky hose, then it can very quickly become your biggest detractor; the more traffic you throw at it, the worse your reputation becomes. CRO ensures that your website constantly provides the best user experience to its target market. Sprocket Digital provides conversion rate optimisation services for Auckland businesses to increase conversion rates & optimise user experience.
CRO IN A NUTSHELL...
Same traffic more conversions bigger profits
Your business website is probably your biggest promoter, however if it’s built like a leaky hose, it can very quickly become your biggest detractor. If your website doesn’t function well, the more traffic you throw at it the worse your online reputation will become.
CRO is essential for evolving your website to provide the best user experience and become as frictionless as possible along the way. Partnering with a digital marketing company like Sprocket Digital will help you get one step closer to a better website that converts more often. Not sure how you’re tracking? Ask us to carry out a website review today.
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