Next to closing sales, having an effective conversion rate optimization (CRO) strategy is one of the most surefire ways to increase revenue for your business and gain valuable audience insights to level up your marketing efforts.
In this blog, we’re giving you everything you need to know about CRO and why it matters for your business.
- What is CRO?
- How to measure conversion rates?
- How to improve my conversion rates?
Let’s jump in!
1. What is CRO?
Conversion rate optimization involves making continuous and data-backed improvements to increase your website’s conversion rates.
A “conversion” is any action taken by a consumer that offers value to your business. Some of the most common website conversions are:
- Filling out a form
- Making a purchase
- Signing up for an email list
- Downloading media
- Adding a product to their cart
When a consumer takes any of these actions on your site, or any other action of value, it’s called a conversion. When a user converts on your site, even if it’s not a sale, the action offers your business valuable information about your customers and how they interact with your brand that you can then use to make improvements.
CRO is a strategy that every digital marketer and business owner should have implemented into their campaigns. Routinely optimizing your conversion rate results can lead to an increase in sales and overall growth for your business.
2. How Do I Measure My Conversion Rate?
In order to improve your conversion rates, you need to have a gauge on your current conversion rate.
Tools like Google Analytics, Facebook Ads Manager and heat maps can show you what actions users are taking most frequently and reveal any bottlenecks in your sales funnels.
To find your current conversion rate, simply divide the number of conversions for a set time period by the total number of website visitors then multiply the quotient by 100 to get a percentage.
The standard, global average for a good conversion rate is anywhere between 1%-4%.
Once you have your site’s current conversion rate, compare new conversion rates against your base conversion rate to measure the efficiency of conversion rate optimizations. Ideally, that percentage should increase over time!
3. How Do I Improve My Conversion Rate?
The foundation of improving any digital marketing strategy is always understanding your target audience. For CROs, understanding your audience is no less important!
Knowing your audience can improve your conversion rates because you can speak their language with compelling calls-to-action, effectively cater to their needs with personalized products, and find creative ways to gather their data.
The tried-and-true best practices for CROs include:
- Routinely A/B testing headlines
- Strategically placing CTAs
- Showcasing glowing reviews and customer testimonials
- Promoting discounts
- Experimenting with new website designs and colors
Once you have a good rhythm of testing those elements, you can expand into higher-tech CRO solutions like:
- Keyword research tools
- AI CROs
- Personalized product suggestions
- Gamification
- Heat maps and mouse tracking
- Enhanced UX
Remember to make sure your website’s copy is compelling and that your site is mobile-friendly, secure, and loads quickly. Also be sure to check that all other elements of your digital marketing strategies present a professional and accessible brand.
Testing and consistency is the name of the game with CROs. Keep in mind that what might have worked for one website may not work for yours. It’s important to continuously test and tweak for best results and optimal growth!
Final thoughts…
CROs are a great next step in investing in your business. Many of these strategies are free and easy to self-implement. However, if you’re short on time or know-how, hiring a digital marketing partner can be a big help.
RevLocal specializes in personalized digital marketing strategies for small businesses and multi location brands. To learn more about what it’s like to have RevLocal handle your business’s digital marketing, check out our resources or contact us for a free consultation.