What is Conversion Rate?
Getting more traffic to your website is the first milestone that you must achieve, if you have done that-kudos to you- Now that you are done with the first part of the process, the second is making sure your visitors are engaged and do what you want them to do.
To put it simply, your conversion rate is the percentage of visitors to your landing page that convert (do what you want them to do). Depending on your business goal, a “conversion” can be many things from submitting a form, making a purchase, upgrading their service to calling your business and much more.
Conversion Rate Optimisation
Knowing what a conversion rate is one thing, but what do you actually do with your conversion rate data? and most importantly, how do you improve your conversion rate?
Conversion rate optimization (CRO) is the process of optimising your landing page and website to-you guessed it- produce more conversions from your traffic!
The great thing about CRO is that it helps you get most out of the traffic that you already have. For example, even without increasing traffic to your site, improving your conversion rate from 1% to 2% will double your conversions.
What are Conversion Rate Optimization Metrics?
There are thousands of conversion rate metrics, but the question is: which one are the most important for you to track if your site is not meeting its goals?
Here are some of the most important conversion rate metrics for you to pay attention to, in order to see an uptick in how well your site does.
Bounce Rate
For starters, you’ll want to minimise your visitor bounce rate.
The bounce rate is the rate at which a visitor immediately clicks away from your site without doing anything. Since they did not spend time on your site, it is a sign they are not going to convert.
A high bounce rate can mean several things, including weak or irrelevant sources of traffic or landing page that are not optimised for conversion. Common problems include poor design, low usability, high load times, or even the type of page that people land on.
In the case of e-commerce, bounce rate can be attributed to complicated checkout process or surprise cost or fees.
Page Load Time
Website optimization is a big part of any conversion rate optimization program. For many visitors, a slow-loading website is often the main reason they leave a site without purchasing.
In fact, every second delay after the first 2 seconds can lead to a higher bounce rate.
Traffic Sources
How visitors help you achieve your goal matters more when it comes to conversion rate metric than simply how many people visit your site.
And understanding where visitors are finding your site is the key. Primary sources of traffic include direct visitors, search visitors, and referral visitors.
It is important to have a diverse number of sources for incoming traffic. If you are getting all your visitors from one source, it can be risky.
Click Through Rate (CTR)
This conversion optimization metric shows how many of the people who saw your ads, organic listing or search results clicked on your site link. Click through rate is used to gauge your keyword performance and CRO marketing campaign relevance.
Return On Investment (ROI)
What is conversion optimization if not a growth-centric method to boost your revenue? Your business’s ROI allows you to gauge the impact of your conversion rate marketing efforts on your bottom line and re-assess your CRO marketing spending.
Leads Generated
Leads pertain to online users or site visitors who showed interest in your brand offerings and are ready to move along your conversion funnel.
Effective conversion rates marketing campaigns result in above-average lead conversion rate and sustainable revenue.
Exit Pages
You need to figure out which pages are causing people to leave. In many cases, your final call to action or conversion may be on page two or three of a process. If people are leaving before getting to the final step, you are losing out on potential customers.
To solve this problem, you need to dig deeper to figure out which stage of the process is causing visitors to abandon their carts or reverse their decision. By optimising for your exit pages, you’ll start to see your conversion rate metrics increase.
Cost Per Conversion (CPC)
It is one of the most important metrics you can calculate. It is also called cost per referral.
It does not matter if you have high conversions and high value per visit. If your costs are prohibitive, your net income might be zero or even negative.
For example, an e-commerce store that has a $3 value per visit might be great if their traffic is free. But if it costs them $150 per conversion, and each conversion only places a $100 order, the store will go broke quickly.
The CRO Services we Offer
At TexUS B2B, we ensure our sales funnel conversion optimization strategy aligns with your goals and values. Leave the technical work to our CRO company and get conversion rate digital marketing services that exceed your expectations.