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How can conversion rate optimization (CRO) increase your revenue?

Today, converting visitors into leads and leads into customers is a common goal for businesses in digital marketing. Indeed, this conversion is the source of revenue for your company. Do you want to have your place on the web and increase your turnover by optimizing your conversion rate? In this article, we offer you all the tips to achieve this.

What is conversion rate optimization?

All websites have a unique set of objectives. An industrial site attracts leads, an e-commerce store sells products, a blog converts visitors into customers. A conversion is the action of turning a site visitor into a lead, and the conversion rate is the percentage of visitors that convert.

Conversion rate optimization is a series of actions aimed at converting a visitor into a customer. It is also a competitive advantage. Why is this? Because it is about reducing the number of customers lost at each stage and maximizing traffic conversions. It also allows digital marketers to leverage the traffic and leads it generates. CROs use a combination of analytics, behavioral analysis and testing to make conversion funnels more effective and efficient. To be clear, at the beginning, your website visitors go through certain stages: they are visitors, then prospects, then leads. This can be referred to as the “customer journey”. During this journey, you may lose some of these potential customers. This is often referred to as the conversion funnel, the last step of which is being able to move through the funnel and ultimately become customers.

How does the conversion rate affect revenue and profitability?

Since digital marketing is data-driven, it’s easy to get stuck on measuring traffic and rankings. However, tracking and optimizing conversion rates is most effective when you’re generating the really important metrics like sales and revenue. 

That’s why conversion rate optimization, or CRO, is so important. With it, you can identify what is not working, why and how to fix it.

Let’s take a practical case. Your company’s revenue is the product of 3 variables: the conversion rate, the number of visitors and the lifetime value of the customer. If the conversion rate doubles, it will also double your revenue. On the other hand, the number of visitors can also increase, which will again increase your revenue. In this case, your costs will tend to increase relatively less. This would allow you to get maximum profit which leads to well profitable end results. 

In other words, with more visitors and a better conversion rate, a company’s revenue and profitability will increase, due to the fact that the conversion rate is an index that measures the profitability and revenue of a company.

How to calculate your conversion rate?

The conversion rate is the ratio between the number of customers and the number of visitors. On the other hand, if we talk about conversion rate into customers, the calculation is done by the ratio between the number of sales and the number of prospects

Here are 2 concrete examples:

  1. You can have 1,000 new prospects reaching your sales goals initially, only 20 contact you and possibly 5 customers pay for your product or service. That’s a 2% conversion rate, and a 0.5% customer conversion rate.
  2. A brand promoting its free e-books for contact information emailed 1,000 people. 53 provided details to access and download the e-books. The conversion rate for this campaign was 5.3%.

How to double your conversion rate?

Be a friend to CRO and SEO

Keyword optimization doesn’t just increase traffic to your site. You can use SEO and conversion rate optimization (CRO) together to increase traffic and conversions on your site. SEO optimizes content for search engines to rank websites correctly, and CRO optimizes content for users and customers to take action. However, SEO is not always easy. You’ve probably seen content that is almost unreadable because the owner wanted to over-optimize the site. The only goal of these sites is to forget about the user experience and generate traffic. To optimize both your SEO and CRO, you just need to alter the three factors that influence Google’s ranking algorithm: the keywords on each page, the quality of the content and the user data.

Be responsive

Responsive websites are compatible with the device your visitor is using. This greatly improves the user experience. The page loads immediately, and the visitor should be able to navigate freely from their cell phone on your website. It is important to adopt a mobile-focused website design strategy for your e-commerce site. And target the smartphone users.

Make sure your website loads very quickly

  • Test speed: use something like Google PageSpeed or Pingdom to determine the basic speed of your site. 
  • Hosting plan: if your host offers a different hosting level, make sure you use a better version. 
  • Optimized images: there are many free and paid tools you can use to optimize your images for the web and mobile devices.

Improve your text

The content of the text should educate visitors, encouraging them to take action and maintain relationships. 

Relevant information should be mentioned at the beginning of the text.

Improve the design of the site

The design and visuals of the site have a determining role in conversion rates.  Therefore, don’t forget to include high quality images of your product. These images give your visitors an idea of your product. Also, if you really want to influence your prospects, add videos. Don’t forget to touch up your website’s interface. Although, aesthetics alone are not enough to hold the customer’s attention. Test and repeat all versions of the design until you find the one that works best for your site.

Don't ignore your audience's reactions

When people are looking for a product, the first thing they want to know is what kind of website you are on. Can you trust or provide a good product… And testimonials from people who have already bought from you are very important in this case. But not only that. Therefore, when designing your website, do not forget the share button on social networks. The objective is to show people that your product has been reviewed and purchased.

Provide a great user experience

30% of visitors, on average, use the site’s search bar (source: Junto). It is therefore necessary to make it clearly visible. Normally, it should be at the top left. Also pay attention to the categories. For example, a prospect wants to find a particular product that does not fit into the right category.  They may leave the site and never return. Always check your site’s internal search data. This gives you valuable and relevant information about what your visitors are looking for the most, and you can improve your website accordingly.

Use a better call-to-action

A great call-to-action is noticeable and motivating. Make sure that users are redirected to your site when they click on your ad.

How can NEWAKEY, webmarketing agency, help you?

Do you need help implementing the right strategy to optimize your company’s conversion rate? We are here to help!

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