Conversion rate optimization is the process of improving the percentage of visitors who positively engage with your brand on your website/app and fulfill desired actions. The visitor can take part in any positive action like filling a form, buying a product, downloading a document, etc. Analysis of conversion rate helps marketers and product managers understand how visitors who become leads behave on your website/app. If you are having trouble with selling your product, it also helps you identify the obstacles
Micro and Macro Conversions
There are two types of conversions:
#1: Macro-Conversion
As the name suggests it is a larger conversion, a primary goal of sorts. When a lead purchases your product, you can call that a macro-conversion.
#2: Micro-Conversion
A micro-conversion is something that is smaller, like signing up for email updates. But that does not mean micro-conversions are less important. Micro-conversions are the stepping stones that lead the way for the macro-conversion ultimately.
How to Measure Conversion Rate?
It’s really easy to measure your conversion rate. Just divide the number of times a user completes a conversion goal by the site traffic. Let’s say out of 100 visitors, 10 fill-up the contact form, then you have a conversion rate of 10%.
Why Should Conversion Rate Optimization Be Your Priority?
As a marketer, I urge you to make conversion rate optimization the first task of your to-do list. The end result will ultimately benefit you and make the customer’s experience on your website much more pleasant.
#1: Pay-Per-Click (PPC) Costs are on the Rise
As demand keeps on increasing, PPC prices keep rising. Earlier on it was perhaps one of the best ways to launch a new business or help an existing business get more customers. But now, it cannot be a viable option when you have to shell out more money. But if you optimize your website based on your conversion rate, you can make sure that the clicks can pay for themselves.
#2: Competition
If you have been in your industry for some time, you can agree with the fact that competition is at an all-time high right now. You want to generate as many leads as possible to edge over your competition. In order to do that, you need to optimize your conversion rates.
#3: Digital Marketing is Becoming Expensive
Even digital marketing costs are rising like anything. With so many digital marketing channels out there, you have to make sure to maintain a presence on all of them. And, the entire point of advertising on these channels is to improve footfall on your website.
Conversion rate optimization can help you to make sure that more visitors make a purchase. This will help improve your conversion rate as well as combat the rising costs of marketing.
#4: Attention Spans Are Decreasing
People are busier nowadays. That means you have to work doubly hard to make sure a consumer notices your brand. If a visitor cannot find something they need on your website quickly, they will go to your competitor instead. But, if you optimize your website properly, keeping your conversion rate in mind, it can help combat this problem.
#5: Website Looks Good
If you are constantly optimizing your website, it will keep on improving. Visitors and customers will see that you are a brand that values them. They will see you as someone who is trying their best to improve their experience on your website. Moreover, it will actually be a blessing in disguise as more people will start flocking in to experience your website.
#6: Improves Your Affiliate Marketing Efforts
If you work with affiliate marketers, your improved website will prove to be a great platform for them. The better your conversion rate optimization the more people will notice your website. Your affiliate marketers make more because you are making more.
#7: Instant Results
Conversion rate improvement exhibits instant results. Unlike search engine optimization which takes some time to show progress, optimizing your conversion rate will grant you instant gratification. You will see a higher number of visitors getting converted. More leads will start buying your products.
Quality, Not Quantity
Ultimately, conversion rate improvement is a long-term process. You need to continuously optimize it, test it and tweak it. It helps you acquire more customers in a short time, though. But you also need to make sure that you attracting the right audience. It is always better to attract 100 visitors out of which 10 qualify than having 1000 visitors with 10 leads. So, what are you waiting for?