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What Is Conversion Rate Optimization?


Conversion rate optimization is one of the most critical buzzword in ecommerce.

It is a science about convincing visitors to a site to fulfill a certain pre-decided action.

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It is a powerful marketing tool that analyses customer behavior.

Also, it persuades visitors to a website to engage in a specific action.

This desired action can differ from website to website and product to product.

Essentially, this is the catalyst that motivates visitors to fulfill an action.

So, this is also the technique that converts passive visitors to active users.

But this optimization strategy can differ from product to product.

As an entrepreneur, it is necessary to have your own optimization plan for improving the conversion rate.

There is no uniform law for maximizing the conversion rate.

Every business or website has its own special set of features that attracts visitors.

As an entrepreneur, you will have to analyze the key business points and create your own plan.

Moreover, conversion rate optimization is all about a continuous change process.

Conversion Rate OptimizationYou have to keep tracking the smallest changes and then adopt the necessary course correction.

Creating value-based models of operation is crucial for sustainable results.

You already understand the basics of marketing via driving traffic to a website.

Conversion rate optimization is all about taking it to the next level.

It is bringing about science to the trend and gaining a mathematical edge on it.

The primary idea is enhance the overall acceptance of the brand and drive revenue through it.

It is not just about gaining new traffic.

Often this is also about optimizing the existing traffic in the best possible way.

So it is a multi-pronged approach in enhancing the overall revenue base.

It has now become the backbone of effective online marketing strategy.

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Why Undertake Conversion Rate Optimization

One of the most commons myths about conversion rate is you optimize when sales are lower.

But conversion rate optimization is never just about higher sales.

Broadly speaking, it is about improving the entire package for the customers.

The idea is not just about a great product or good business.

It is about creating a comprehensive solution for every website campaign.

Every page on the e-commerce ambit comes with a definitive purpose.

Whether it is about enhancing the user experience or attracting new eyeballs, the conversion rate is primarily about targeting the appropriate objective and ensuring its proper execution.

The dynamics in the ecommerce space is very different.

Perhaps what is particularly interesting is the pace of the change.

Practically nothing stays for too long.

Change is the name of the game, and it is fast-paced change.

The broad outlines of what right today has no bearing on what will be right tomorrow.

Ecommerce and online marketing are all about keeping your eye on the ball every moment.

There is no scope for any lapse in attention or execution.

Just more visitors to your website cannot guarantee better revenue inflow.

Bringing in more traffic to your website is only part of the story.

It is no doubt one of the key stepping stones for better gains.

But maintaining a similar quality of traffic is also important.

Moreover, you will also have to look at sustaining traffic inflow over long-term.

Once the initial euphoria disappears, creating a superlative user experience is what matters.

It is this exercise alone that will ensure longer-term efficiency in operation.

Conversion of traffic is all about taking your marketing exercise to the next level.

A holistic growth in business is dependent on the kind of sustainability you can acquire through these steps.

Purpose of Conversion Rate Optimization

When we discuss conversion rate optimization, it may not always indicate buying conversion.

Though that is also an important conversion but there are many other types of conversion too.

It can be a conversion for completing a survey or creating a user base.

Also, it can be a conversion to generate the greater mass opinion.

It can be something like conversion to download an app.

The maximum number of users is encouraged to download a specific app.

So it is essentially related to any action that is completed as per pre-designed plans.

So, in very simple terms, you can look at conversion rate as a percentage indicator for a specific cause.

This can be a sales goal, an ad campaign or even an introduction to an innovation.

Therefore it is needless to mention that a higher conversion rate is always welcome.

For any type of ecommerce, this is one of the biggest indicators of steady improvement.

It covers any initiative that attracts more visitors to a website and helps in enhancing the brand.

Whatever may be the target action; this is one uniform approach to make sure it is completed with success.

As an ecommerce operator, there are many areas that you may want to optimize.

Each, in its own way, is created towards enhancing the business model in a unique way.

The different alternatives may include

  • Optimizing the navigation through the website
  • Customer feedback
  • Overall business approach
  • Testing a variety of initiatives
  • Abandoning cart, checkout trends
  • Use of special offers and discount
  • Segmenting sales
  • Search optimization

If you pay close attention, these are all varied action.

But there is one basic goal or outcome expectation.

The idea is to further the business in the best possible manner.

Increasing revenues and sustainability is the core motive.

A/B Split Testing

The A/B Split testing is one of the basic media for conversion rate optimization.

This is also called the multivariate tests.

Most successful ecommerce businesses conduct this test for at least once a month.

It is a basic test to introduce innovation on a website.

The final idea is to enhance the overall conversion rate of the business.

The most basic format is to create two landing pages, with a few different elements.

Maybe the color scheme in one is extremely garish, and the other one is comparatively sober.

The traffic to your website is split into these two pages.

One half is exposed to the garish one while the rest access the sober half.

This is an ideal way to register the smallest changes that you undertake.

You can take note of the variance in response to your call to action.

The most common tweaking can be even changing the color of a button on the page.

But that is not the only innovation to improve conversion rate.

From the image of the product to the background color to your product layout, there are myriad changes.

You can bring in variation in the text size and font also.

Any element that indicates a potential improvement in conversion rate needs to be explored.

All of these will then be a part of the multivariate test.

As the name indicates, it means splitting your visitors to multiple versions of the same page.

The larger the number of combinations you test, the bigger is the audience base.

However, something unique about this testing methodology is there is never any end to it.

This is one of the continuous processes to enhance revenue generation.

Even small changes can improve conversion rate significantly.

There can never be enough of innovation here.

Analyzing Customer Experience

The customer experience is one of the most popular platforms for CRO.

In fact, customer satisfaction and conversion rate optimization go hand in hand.

A satisfied customer automatically translates into better sales.

Studies indicate that close to 60% users take advantage of these customer journeys or experiences.

It will not be wrong to say that this is decidedly one of the most reliable tools to optimize conversion rates.

As technology advances and trends improve, customer response is increasingly becoming unpredictable.

As options and opportunities are increasing, gauging customer behavior is becoming difficult.

It is not just complex but also varied depending on geographies and local trends.

As a result, the whole journey from visiting a website to buying, getting delivery and seeking customer support is a complex labyrinth.

It takes into consideration a massive amount of resource mobilization.

This includes both offline and online resources and channels of operation.

It is now even more complicated for businesses to gauge the trends.

This is exactly why recognizing and responding to the overall trend is complicated.

Marked improvement in their profitability is the primary motive for this exercise.

Reducing bottlenecks for customers is one of the most significant advantages of this exercise.

Improved conversion rate is directly proportional to ease of customer navigation.

This is why a wide gamut of data points are collected for appropriate analysis.

A comprehensive customer behavior analysis is seen as the backbone of better conversion rate optimization.

Often organizations also collate data and also user experiences from varied call centers.

In fact, the call centers are treasure troves for crucial customer feedback.

From the most common customer complaints to their top expectation, it is a minefield of information.

Needless to mention, all of them can go a long way in enhancing the conversion rate.

Addressing Customer Need Better

Perhaps one reason why improving the conversion rate is better is because of the long-term impact.

Unlike gaining new customers, conversion rate optimizations need continuous introspection.

It does not allow an entrepreneur or a business to rest on their laurels.

There is a continuous exercise to upgrade and better services.

Whether you sell a service or a product or an experience, conversion rate optimization always gives an edge.

It trains businesses and entrepreneurs to gauge customer needs better.

The idea is never about just doing what they think is important.

This is a unique model that gives customers an undeniable prominence.

It is never just about satisfying customers but more about how to make it better.

Customer experiences and requirements are both extremely dynamic.

No two customers have the same type of need.

Neither can you satisfy two customers the same way.

Each one visits a website with a different set of expectation.

Each customer is using the website and the business as a platform to address certain aspects.

As a result, just making customers happy will never solve the problem for them.

The challenge is always about how to enhance the service.

The idea is about creating a concept that is indispensable.

Most times return customers come because they have got something additional.

For example, every apparel website will offer trendy outfits with a long range of sizes.

However, what can set you apart through better conversion rate is introducing simple innovation.

Supposing, website X started introducing hand-written thank you note, and a care manual with every package can do the trick.

You can introduce these through effective conversion rate optimization and analyze results.

If users give thumbs up to this, and this results in better conversion, it becomes a positive outcome of the effort.

Better Brand Positioning

Effective conversion rate optimization is also about furthering a brand.

The dynamics in the ecommerce space makes it necessary to establish a brand.

Competition is extremely stiff in this space.

You practically have a new player making a foray every day.

In this context, staying relevant is all about how you present your brand.

Presentation and positioning your brand makes all the difference.

Conversion rate optimization provides you with key inputs in this context.

They are not just indicators about better sales.

They provide you a necessary peek into what exactly  drives a brand.

Businesses develop understanding about what and how works to maintain the brand image.

The profile of the customer who visit the website is crucial.

It gives you key information about those who are accepting the brand.

Also, it helps you to narrow down the segment that is not accepting the brand still.

It is not possible to go and satisfy every customer’s needs separately.

But the brand can surely introduce measures that create a distinct and strategic position for it.

Customers will get attracted to the brand essentially for these features.

This is what will then help create a meaningful image of the brand.

So, in short, conversion rate optimization helps entrepreneurs develop a better perspective.

They don’t just create avenues of increasing eyeballs.

But at the same time, they can make meaningful inroads in long-term customer relationships.

For most successful brands, these relationships are often the fine-line between success and failure.

Better conversion rate, therefore, undoubtedly improves success prospects.

It makes potential avenues for long-standing customer appeal.

It also helps the business expand through word of mouth.

That is always a very big step in a business growth chart.

Often word of mouth is what creates a distinct level of credibility.

Successful Strategies for Conversion Rate Optimization

Certain strategies are very effective for long-term conversion rate optimization.

1. Call To Action

A call to action that is included in the text is traditionally seen as a more effective option.

It undeniably works more effectively in improving the conversion rate.

When you have a blog spot or an e-commerce site, text-based call to action brings forth much greater impact.

2. Pop-ups Attracting Attention

On an average, there are certain pop-ups that attract more attention amongst users.

One of the most effective ways to improve conversion rate is identified these.

An intelligent placement of these will automatically generate way more customers.

3. Regular tests of Landing Page

Conversion rate optimization is a continuous process.

In fact, regular tweaking can undeniably improve business to a much greater extent.

The A/B split test invariably highlights meaningful channels of improvement.

4. Compelling Copy

This is an old-fashioned concept but always an effective one for better conversion.

There is nothing quite as compelling as a copy that attracts a customer’s attention.

Whether it is a description of an outfit or a blog about motherhood, it can drive users to complete the call to action quite effectively.

5. Auto-generated emails

When it comes to conversion rate optimization, you can use technology to your advantage.

It is now possible to track the visitors to your site.

Maybe they left an unfinished cart on your website.

Connect with them through auto-generated emails for long0standing gains.

6. Re-engage with users

In many ways, this is why re-engaging with users on a website helps.

It helps establish that human connect with them for better gains.

Conclusion

Therefore, effective online marketing is also a lot about efficient conversion rate optimization.

It is not just about improving sales but create a long-standing strategy to engage with customers.

That is exactly what enables a meaningful conversion rate.

So if you want an edge over peers online, the primary key to it is effective conversion rate optimization.

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