Conversion rate optimization (or CRO) incorporates the various steps taken to uplift the number of successful online conversions from a website. As 94% of buyer journeys start online, your website provides the best opportunity to entice prospects and convert them into sales leads. Optimizing your online journey to ensure maximum conversion success can revolutionize your business results and fuel your pipeline with exciting new business opportunities fully in tune with your product value and benefits. Discover the power of conversion rate, and when properly optimized, what it means for your business.
What is CRO?
Conversion rate optimization is the process of optimizing your website in many different ways, to improve the likelihood that visitors will complete specific actions asked of them. Every website is different, and many juggle a mixture of macro and micro conversion goals meaning the definition of CRO is always unique to your business. You’re ultimately asking, “What can we do to our website to ensure our ideal buyers take action?”
Macro and micro conversions
Before understanding how to optimize your conversion rate, asking what conversions you’re aiming to achieve is key. The term “conversion” signifies a progressive change of state, an evolution that moves your ideal buyer closer to that all-important sale. Though depending upon your pipeline and marketing processes, there are hundreds of conversions your buyers could move through, so the better understand these important changes, they are split into macro and micro.
Macro conversions are the big, impactful changes that heavily affect the buyer pipeline, moving prospects onto the next significant stage of their purchasing progression.
- Requesting a quote/inquiring (prospect to lead)
- Sitting a product demo or completing a trial period (lead to qualified lead)
- Making a purchase (qualified lead to sale)
Micro conversions are smaller successes, more intricately relating to prospect nurture and product value. They tend to be channel specific and increase the likelihood of sale without moving the prospect distinctively forward.
- Subscribing to regular content distribution
- Signing up to receive email communications
- Adding a product to an online cart
- Creating an online account
When looking to evolve your CRO results, the macro conversion in questions is usually the inquiry, evolving from a prospect to a genuine sales lead opportunity. Though many websites additional aim to achieve a collection of micro conversions, such as content downloads. A highly effective CRO strategy boosts all desired conversions, improving the numbers of website visitors successfully perusing the desired action.
Calculating conversion rates
A conversion rate is depicted as a percentage, asking how many website visitors out of a possible 100% successfully converted. This can be easily calculated by taking the number of successful conversions and dividing it by the amount of overall website visitors, then multiplying the result by 100 to gain a percentage. For example, if your homepage has successfully converted 462 visitors to inquire out of a total 10,000 visitors viewing your homepage, your conversion would be 4.62%.
This approach can be used to understand the conversion rate for any call to action, both macro and micro. Be sure to only total up the number of visitors who have managed to view a specific conversion opportunity; when aiming to calculate conversion rate for a blog subscription, only total the number of visitors to viewed blogposts featuring this CTA, and not include those who visit your content page, where no blog CTA is featured. Many website analytics tools can offer your team the metrics needed to properly calculate CRO, and some tools can even do it for you!
CRO and your business
So why is optimizing your conversion rate so important? What can a CRO offer your strategy, your team and your business results?
Make more of your audience
Of course, a CRO strategy will undoubtedly provide your team with more new business opportunities and a boost in warm leads generated, thanks to more website visitors enacting desired tasks; however, CRO doesn’t work in the same way as a campaign. You expect to see these results when increasing website traffic with a social media post, email or PPC campaign, but CRO doesn’t rely on traffic increases. This strategy is built around improving the results from visitors already gained. Instead of increasing the number of visitors, you increased the number of engaged visitors, so compelled by your product they convert!
Once fluidly adopted into daily processes, a CRO strategy helps your business increases results from the same pool of visitors, maximizing your current audience potential. Similar to fishing, instead of moving to a bigger lake (increasing website traffic), you’re improving the bait (CRO strategy), to make additional catches. This produces a highly cost-effective strategy with longevity – once implemented, a CRO strategy is easily maintained and continues to offer heightened conversion success, so your team continue to gain exceptional results, without the need to run so many expensive campaigns.
Improve lead quality
When looking to drive new business opportunities, many techniques used can improve the numbers of opportunities gained, but lessen their quality, meaning in the long-run they bring little benefit to your sales team and business success. As so many buyer journey’s start online, a CRO strategy offers your team an exceptional opportunity to gain higher-quality conversions, using your website to increase product understanding in relation to daily processes, heightening product value.
It’s very likely that your website attracts some visitors you don’t want to convert, as they are bad fits for your product, and have no chance of successfully emerging from your pipeline as clients. Using a CRO strategy to gain conversions from members of your target audience and lose low-quality, ill-fitting prospects can drastically improve the overall quality of your sales pipeline.
Gain audience understanding
When looking to conduct a CRO strategy, your team will need to intricately research your ideal audience, asking what they need from your product, and how they wish to encounter your brand online. This research is hugely beneficial, boosting your team’s understanding of ideal buyers so they can properly optimize your website (and additional marketing ventures) to the process needs of your audience.
The website analytics measured also benefit your team’s knowledge, offering insight into visitor behaviour and query, so they can start to see your product and brand from a visitor perspective and easily pinpoint specific website features they can evolve for increased results. As your website is such a hub of online brand activity and audience attraction, delving into the detail a CRO strategy requires benefits your entire marketing insight for across the board improvements.
There are many different ways to evolve your website to increase CRO success, and contrary to popular belief, they don’t have to be expensive. With detailed website analysis, strategic planning and continued A/B testing, you can produce a highly improved and optimized online journey, to improve conversion success.
The improved numbers of new business opportunities gained, blending with their heightened product understanding drives an increased amount of revenue, far outweighing the costs needed to produce an effective CRO strategy. The average ROI gained from this approach is a staggering 223%, proving that this strategy offers a cost-effective, inexpensive solution to providing an exciting, individual and ultimately powerful website experience.
Employ effective CRO
If you’re keen to create an exceptional conversion rate optimization strategy, consider embracing website personalization, dynamically changing website content to instantly match the needs of visiting businesses. Proven to increase conversion rate by 93%, personalized website pages deliver instantly relevant content such as testimonials and assets, alongside visitor specific images and messaging, allowing you to offer a highly targeted and instantly engaging website experience.
To deliver such intricate and effective experiences, you could use Webeo – the industry-leading website personalization software. Create thousands of bespoke website experiences, dynamically customizing all areas of your website, from content to images and links, all through one innovative software.