What is Conversion Rate Optimization (CRO) and Why Is It Important?
What is Online Conversion Rate?
Conversion rate is the percentage of visitors who complete a desired action on a website, during a time period. Any valuable engagement your visitors make may count as a desired action, as long as it fulfills your webpage’s goal. Remember, every page should have a primary goal.
You can choose to measure the number of visitors who:
-purchase a product
-sign up for a newsletter
-subscribe to a software
-hire a service
-download a free e-book
fill out a ‘contact’ us form
-answer a survey
-give a feedback
-take any action a page is designed to encourage.
By measuring conversion rates, you find out if your pages are persuading visitors to take the action you want them to take on the page. The higher the conversion rates, the better your design and copy are reaching out to qualified prospects.
What is Conversion Rate Optimization?
Conversion rate optimization is a marketing optimization process that follows a framework to increase the percentage of visitors who complete a websites goal. Conversion optimization analyzes the behavior of visitors and focuses on what motivates a particular market segment to engage in a certain way with specific marketing elements.
Conversion Rate Optimization is focused on persuading more of your website visitors to take the desired action you want them to take on a webpage, website or within a campaign.
At a very high level, the CRO process involves:
Conducting hubristic evaluation to collect data about broken areas on your website
Conducting qualitative research to collect data about broken areas on your website
Conducting quantitative research to collect data about broken areas on your website
Conducting competitive analysis to gain insights of what is working on competitors’ websites
Creating a conversion roadmap for your website (what pages need to be fixed)
Determining problem areas on a webpage
Prioritizing problem areas on a webpage
Creating a testing hypothesis
Creating new design based on the testing hypothesis
Conducting AB testing (or multivariate testing)
Analyzing the testing results
As you read through the different chapters in this guide, you will learn about each of these steps in depth.
What is More Important: Increasing Website Traffic or Converting Its Existing Traffic?
So, you are looking for ways to improve the revenue your website brings in every month. It sounds all too familiar: limited budget, limited resources and a website that does not generate enough revenue. What marketing budgeting meeting hasn’t suffered through figuring it all out? But where does all that place CRO in the hierarchy?