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Conversion Rate Optimization to Grow Revenue in Internet Marketing

Conversion Rate Optimization is like a magic wand if you are proficient with it.

Because it can help skyrocket your ROI within a short time.

So, learning about conversion rate optimization (CRO) is a wise decision.

In fact, it’s a high-yield investment.

Since it is an asset that’d benefit your business now and in the future.

But, most people who use the web, do not pay enough attention to how to optimize conversions.

Truth be told, some do not even know about conversion rate optimization.

They are fixated on how to generate more traffic.

“Let’s have more traffic.”

Is their Mantra.

Conversion Rate OptimizationThey assume that generating traffic automatically triggers more leads and more revenue.

Actually, that’s a simplistic assumption.

The reality is that generating more traffic, is just one of the key variables, in the leads and revenue equation.

It is necessary, but not sufficient.

Truth be told, having more traffic does not necessarily equate to more leads or more revenue.

So, it’s vital to know how to optimize conversion, if we want the best yield from the traffic being generated.

And from all our efforts online.

The fact is that applying Conversion Optimization Techniques (CRO) techniques would help you acquire more leads and more revenue without having to generate more traffic or creating additional content.

And CRO improves your brand’s equity.

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The Essence of Conversion Rate Optimization

Improving user experience and delivering what we promise, are the pillars of conversion rate optimization.

If you do that, prospects and clients would rave about your brand.

And, that would attract qualified leads to you in droves.

Working Smart By Leveraging Conversion Rate Optimization

In a nutshell, Conversion Rate Optimization is about working smart, not just hard.

Essentially, it’s about making the best use of our digital assets.

You have heard of the 80/20 rule and of the “tipping point.”

Both relate to how small changes can trigger massive effects!

That’s actually the kind of impact CRO can have on your business.

Did you know that according to Econsultancy, only 22 percent of companies are happy with their conversion rates?

That leaves 78 percent who needs to improve.

So, a lot of entrepreneurs still have their work cut out for them.

Well, let’s get to it, then.

The Facets of Conversion Rate Optimization We’d Explore

We’d find out what is meant by conversion and conversion rate optimization.

Afterwards, we’d look at specific ways to use it to grow your revenue.

Finally, we’d look at a few tools you need.

But, first things first.

What’s Conversion Rate Optimization?

It’s vital to remind ourselves that to optimize means to make the best use of something.

So, even if your business is doing relatively well.

There’s always room for improvement.

I’m positive that you’re keen on getting the best yield out of it.

And to do that, you need to know how to use conversion rate optimization like a pro.

Because its thrust is about discerning what our clients and prospects desire.

And orchestrating all aspects of our digital offerings to deliver it to them.

In an enjoyable, distraction-free, friction-free manner.

Imagine if you could increase your leads and revenue by 15% or 20%.

How might that change your bottom line?

Conversion Rate Optimization can help you achieve that (and more), with the current traffic you have.

But first, what does a conversion, mean?

Please, keep your sword!

Oh, no, we are not trying to convert anyone to our religion.

After all, we are not Jihadists or Crusaders!

Simply put, conversion refers to all the actions and processes used to encourage, guide, and persuade prospects and clients to take the desired actions, on our digital assets.

So, we are trying to get them to do what we like.

And, when they do, we say we have converted them.

From surfers to buyers,  or from visitors to leads.

Now, let’s look at a simple illustration of Conversion Rate Optimization.

A Tale of Two Stores

Imagine there are two identical stores, selling identical products, on the same busy street.

Both have a hundred potential buyers visiting them daily.

We know from experience that their revenue would differ.

Let’s say, on the average 30 people buy from Store A while 15 people buy from Store B.

It’s easy to know their conversion rates.

It’s 30 percent for Store A, and 15 percent from Store B.

The first store is obviously doing better at turning visitors into buyers.

Fortunately, for both, conversions rates are not cast in stone.

We can help improve both.

From the foregoing, we can deduce that:

The Conversion rate is the percentage of people who actually take the action we want.

Expressed as a percentage of the total number of people our offerings are exposed to.

In other words, the conversion rate is a simple fraction expressed as a percentage:

We can also say:

Its numerator is the number of those who performed the desired action while its denominator is the total number of people in the sample.

In some cases, the desired action we want may not be that they buy our product or service.

We might simply be interested in getting people to sign up for a newsletter on our landing page.

Or, we may want them to vote for us.

In some cases, we simply desire that they download a lead magnet, complete a survey, call our sales rep…

The reality is that there are a plethora of ways to grow our leads and revenue.

But, you’d agree that a scientific approach, like conversion rate optimization, is ideal.

A Scientific Approach to Increased ROI

What makes Conversion Rate Optimization unique is that it’s a scientific approach.

You won’t have to rely on your gut feeling or past experiences.

There’s no reliance on hope and prayers that your business improves.

And you may not have to rely on “best practices.”

Because what works for one business, may not work for you.

You’d be able to conduct your own unique CRO.

One that’s fitting for your type of business.

In truth, all you need is to grasp Conversion Rate Optimization’s principles and you’d be able to use it very well.

Essentially, you’d be making changes to your digital assets, and then you’d study the impact of the changes. And then, you’d tweak as appropriate.

You’d start with an audit, aided by the data from your analytics software.

So, that you can have a baseline, for comparisons.

And, you’d “conclude” the conversion optimization process with analytics.

In truth, there’s no end to improvements.

CRO is an ongoing work.

You would just have to decide whether you want it done monthly or quarterly as you deem fit.

In a nutshell, you’d be conducting experiments.

You’d start with certain assumptions (hypothesis), make certain changes (perform an experiment), and then, note their impact on leads and revenue.

Now, let’s explore a few actionable strategies that you can start implementing today.

7 Conversion Rate Optimization Strategies

In truth, you can use many strategies.

The first step is to do an audit of the digital assets you’d like to improve.

Specifically, you need data on how they are currently performing.

You need to employ this data-driven approach to conduct effective conversion rate optimization.

Since it’d enable you to see “before and after” scenarios.

And you’d also be able to discern the actual drivers of the improvement.

You can obtain the information needed via your analytics software.

If you don’t have analytics software installed, I’d suggest you do that, first.

And, then you can start optimizing, later.

So, start with an audit and have a report in place.

A baseline report, as it were.

Now, you have data on what to improve.

If you have a large number of visitors and customers, you can segment them.

Ideally, you should segment them, because what’s appropriate for casual browsers might be wrong for your loyal customers.

What’s fitting for price-sensitive buyers might turn off your premium customers.

Fortunately, there are tools that’d help you control what each segment sees and interacts with.

So,  for the best results, you should customise the CRO for each segment.

Now, let’s explore the next factor.

Many people tell us not to judge a book by its cover.

But, that’s what we do most of the time.

In reality, we don’t have much time.

We are very busy, and so are visitors to our site.

So, visitors judge our sites and digital assets by their first impressions.

First impressions are vital, and don’t forget that it’s true that we never get a second chance to make a first impression!

What strikes visitors when they come to your website or landing page for the first time?

The Power of Beauty

After the audit and segmenting, you can now focus on the “look and feel” of your digital assets.

You know that the digital space is largely a mix of pictures and text.

Both are what strikes us when we happen upon a page.

Thus, the design of our digital assets is a critical factor in the conversion equation.

And we have just about 8 seconds to “sell”  visitors, on staying on our sites.

Let’s not forget that the competitors are just a click away.

What a scary thought!

Interestingly, experts opine that we are largely visual when it comes to information processing.

You need to look at your website, landing page, and other assets with fresh eyes.

Are they cluttered?

Do they seem overwhelming?

Is the visitor inundated with an array of choices?

Is the design ancient and unattractive?

You may need a redesign if the above is true.

Based on research on the paradox of choice and decision-making fatigue, we are likely to avoid situations that overwhelm us.

So, you don’t want a website or other digital asset that overwhelms visitors!

That’s why some of the best sites opt for a clean, attractive, minimalist design.

There are no bells and whistles.

They employ a lot of white space.

The design and copy blend to focus attention on the drivers of the desired performance.

These sites present fewer choices to the visitor.

Since they know that visitors are more likely to be converted when there are fewer choices.

You should also ensure that your websites and other digital assets load very fast (many people are impatient) and are optimized for mobile.

Because research shows that a huge number of people access the web from mobile devices such as smartphones and tablets.

Copywriting and Conversion Rate Optimization

Now, let’s look at the fourth strategy.

It has made and is making many discerning folks millionaires.

Copywriting refers to words designed to persuade readers to take specific actions.

You’d make out like a bandit if the words are truly persuasive.

You could learn about copywriting, use a software, or you could engage a professional to do it for you.

The right words can bring fortunes.

You need to rewrite the copy if your conversion rate is low.

Because, in some cases, a few changes in the headline, subheadings, the offer, and the post-script are enough to trigger an avalanche of leads and sales.

Experienced copywriters use urgency and text-based CTAs.

They know that most of us are procrastinators.

Such that even when we come across a page that offers value, we are likely to postpone taking action!

Smart copywriters often introduce time-sensitive offers, which shows when the particular offer would end.

This is done to compel us to take action before the date.

And, there’s usually a counter displayed, showing how many days and hours are left before the offer ends.

This often persuades the procrastinators to act sooner than they would ordinarily.

Test-based CTAs are the call to actions that are simply text.

They are not the usual buttons, which are usually at the end of a sales copy or content.

Text-based CTAs are often sprinkled throughout the copy or content.

It’s interesting to note that in tests performed by Hubspot, text-based CTAs outperform the button-based ones by wide margins.

Why is this so?

The text-based CTAs do not seem obtrusive and “ad-like.”

They simply blend with their environment.

Now, let’s explore landing pages.

Landing Pages: A Secret Weapon

One of the most common mistakes in digital marketing is sending traffic directly to one’s website!

It’s a cardinal sin of marketing.

You waste a lot of traffic if you do that.

If your goal is generating enough leads and increasing revenue, sending visitors to your home page is grossly ineffective.

Because when you think about it.

Your home page is not really optimized for lead generation and sales.

It’s a general purpose asset, which is of value, because of the comprehensive information it has.

But, all that comprehensive information can actually be a distraction to visitors.

Seeing as, they may not give a fig about your corporate values, the qualifications of your managers, and that long story about how you started in a garage.

They are interested in the specifics of how you can help them.

Perhaps, they just want to buy a smartphone or a suit.

So, you’re likely to lose them if they are inundated with irrelevant details.

Why Landing Pages Are Great

That’s why sophisticated marketers use landing pages for lead generation.

Since they are designed strictly for optimizing conversions.

And, they have minimal, strictly relevant information.

There are no distractions on great landing pages.

That’s why they are super-effective.

But, what is a landing page?

In general terms, a landing page is any digital asset your visitors can “land” on.

But, strictly speaking, it is a dedicated, stand-alone page, that’s not connected to the main website.

It does not have the usual navigation menu.

And it is never cluttered.

It’s designed strictly for a particular purpose, that’s why it is so effective.

In designing your landing pages, remember that short-forms outperform long ones.

You know that most of us do not like filling long forms.

Instant Messaging for Conversion Optimization

There are times when prospects are not in the mood for emails and the whole “go through the marketing funnel” journey.

They want to buy now.

And may need a particular information asap.

In fact, they need it, now.

Visitors will move to another site if they cannot have the information now.

That’s why smart marketers ensure that visitors and customers can reach them, instantly, 24/7 via instant messaging tools on their websites.

Some also use their social media sites for instant messaging.

This improves conversion and enriches the brand.

Remember we live in an age of instant gratification.

People are more likely to buy from you if they know you respond fast.

Therefore, the speed of response is a powerful conversion optimization strategy.

And a means of gaining competitive advantage.

Tools

There are so many tools that can be highly helpful.

But, let’s focus on a few you’d need to help you with conversion rate optimization.

You don’t need many tools.

Start with the basics, and as you generate more leads and revenue you can acquire more.

They include landing page tools by Unbounce, Hello Bar, Sumo, A/B testing programs, and heat map software.

Others include Drift, Dejargonator by Unbounce, Google Analytics, Kissmetrics, and CrazyEgg.

Finally, you have seen how powerful conversion rate optimization can be.

Now, you can start using it like a magic wand.

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2 thoughts on “Conversion Rate Optimization to Grow Revenue in Internet Marketing
  1. Victor says:

    Great article Michael. Very insightful and a joy to read.

  2. Michael Newman says:

    Thanks. Glad you found value in it.

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