Increase your Revenue Using Conversion Rate Optimization
The sole objective of any website, commercial or otherwise, is conversion. Conversion for a website can take many forms such as making a purchase, signing up for a newsletter, downloading the app, creating an account, or something entirely different. Conversion is important to get the business running, as it is associated with revenue generation for […]
The sole objective of any website, commercial or otherwise, is conversion. Conversion for a website can take many forms such as making a purchase, signing up for a newsletter, downloading the app, creating an account, or something entirely different. Conversion is important to get the business running, as it is associated with revenue generation for the website. With each step in the conversion process, the funnel gets narrower with the final conversion rate standing at a meager average of 2-3% on average. Thus, organizations should be wary about Conversion Rate Optimization (CRO) to increase revenues from additional conversion.
The increasing acceptance of digital marketing and e-commerce platform has shifted the market from traditional to the digital medium, shifting the marketer’s focus from sales to conversion. Here are some of the essentials to look out for to achieve conversion rate optimization.
The Appearance of Website and Landing Page
Marketers are increasing their advertising spend in digital marketing using tools such as SEO, affiliate marketing, e-mail marketing, social media marketing, and SEM. Since the cost of acquisition is ever increasing, it becomes essential to convert visitors to take desired action when they get to the landing page. To ensure lower bounce rate and encourage users to take action, they should be able to seamlessly navigate through the website, get desired information, and click on CTAs for conversion. Negligible changes in copy, layout, and design can influence the conversion rate. For example, changing a single word in a call-to-action button could increase the click through rate (CTR) for a website.
Never Stop Testing
Various testing tools are available to measure and optimize the conversion rates. The most popular testing tool is A/B testing, where two different versions of a page with changes in text, copy, and layout can be shown to various users. The results are then measured using metrics such as bounce rate, CTR, CTA, conversion funnel. Conversion rate optimization provides the analysis on the best performing page to the publisher. To test multiple variables at the same time, an advanced version of A/B testing and Multivariate Testing (MVT) can be used. As a marketer, one may feel that they have a perfect combination after a lot of testing. But it is essential to realize that the digital market is very dynamic and trends are ever-changing, making it a necessity to carry out testing at all times.
Data is Power
An ocean of data is available in the digital medium to run analytical tools such as Google Analytics, KISSMetrics, Clicky, IBM Analytics, and Social Bakers. Analytics tools can point out hiccups in the conversion funnel with the help of proper segmentation, cohort analysis, and conversion tracking. Conversion rate optimization can be taken to the next level by implementing automation and machine learning, which can exponentially increase conversions.
Conversion rate optimization is an essential tool to monitor and increase conversions and can add to the company’s revenue. We offer various business intelligence services such as predictive analytics, big data analytics, customer analytics and market analytics to help organizations gain actionable insights and implement winning marketing strategies.
To gain more insights on the trends in the web and social media analytics
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