Have you ever asked the question, what is CRO? For an online business owner, not being familiar with conversion rate optimization (CRO) signifies inability to discover newer opportunities that may grow your business.
It is just like money on your table. If you pick the right chords, you can generate adequate revenue. Basically, CRO provides one of the most effective, fastest methodologies that can turn your existing website traffic into paying customers.
The concept comprises an array of strategies and tools – all of them working toward an objective to help you convert visitors into leads and then into paying, regular customers.
If you’re still not convinced, there are plenty of statistics and results that would make you think otherwise. For instance, the global market of conversion rate option software is expected to reach $1932 million by 2026.
This pretty much clears out the picture, isn’t it? Moreover, almost 57% of B2B marketers have stated that CRO is one of the most useful metrics for them. Now, if you ask – why conversions are important for your business, then there are innumerable factors that would define the success for you.
- To begin with, conversion rates are capable of predicting the failure or success of your business as they provide an honest assessment, specifically if you’ve optimized the campaigns.
- Analytics reports enable you to figure out which part of your business is worthy of conversions and which one is the weakest so that you can implement the changes accordingly.
- If you have campaigns that are generating better conversion rates, they’ll be more efficient and provide you with enough results without putting a massive ad budget.
- Lastly, concentrating on conversion rates can improve your business website tremendously. Eventually, you’ll get to discover more about the valuable customers and visitors in order to gain more benefits.
At last, ignoring this effective metric may lead you to several failed campaigns and unaccomplished goals. So, if you’re ready, let’s find out more about conversion rate optimization.
What is Conversion Rate Optimization (CRO)?
Putting it in simple words, conversion Rate Optimization (CRO) is one such process that helps increasing website visitors’ percentage that has been converted on your website. For instance, suppose if you managed to convert 50% of people out of your total website visitors in a month, this means that your conversion rate is 50%.
This process, majorly, concentrates on two factors:
- Improving the value of what you’re offering
- Decreasing friction in your funnel
To find out the results, this systematic process considers the actions are taken, such as filling a form, downloading an eBook, or others, which leads to the evaluation of the actual percentage.
How to Calculate Your Current Conversion Rate?
By now, it’s quite clear that the conversion rate is a ratio. It communicates the visitors’ percentage to your website that actually converted. The equation of CRO is quite simple and straightforward.
Here is the conversion rate formula that you can use to assess:
Total Transactions / Total Site Visits x 100
To elaborate further, let’s take an example here. Suppose, in the month of January 2021; your website received 200,000 visitors. Out of this number, 30,000 purchased something. Now, your conversion rate will be:
30,000 / 200,000 x 100 = 15%
If 50,000 people had purchased something, your conversion rate would have increased up to 25%. On the basis of the type of website that you have, you’ll generally have any of these conversion actions as your primary objective:
- Getting email subscribers
- Clicks on the ad
- Fill out the lead form(s)
- Signup for the free account or trial
- Requests for demo
- Actual purchases
Such primary conversion objectives are also known as the macro conversions as they are the major goals of the entire website. There might be a possibility that your website may have micro conversions as well, in the form of small steps that visitors would take to convert.
This may include sharing your brand on social media, viewing a certain page, adding products to their carts, watching a video, downloading a PDF and more.
How to Increase the Conversion?
Step 1: Find Out People Who Didn’t Convert
This step is essential as it helps you comprehend how people are behaving on your website. For this, you’d need a significant tool, such as Google Analytics. Then, you’d have to add tracking for conversions.
Analytics-based CRO can discover a variety of answers to questions like:
- Which page people are landing upon the most?
- What features are they engaging with?
- What source is bringing most of the traffic?
- What devices and browser are they using?
- What are the demographics of your visitors?
Out of all these questions, the most important one is to find out the exact number of visitors that are dropping in between and not converting.
Step 2: Find Out Why They Didn’t Convert
The next step is to find out why they aren’t converting. In this regard, software that can record visitors’ sessions, such as HumCommerce, can help you tremendously well.
Look into the recordings and try to find out the reasons for their dropping out. Is there a popup that’s distracting them? Do they see any error message when making a purchase? Is the form too long for them? Are they clicking at a place that cannot be clicked?
Find all of these things and make a note of what all of the things are going wrong for both your customers and your brand.
Step 3: Fix Your Website Based On Your Findings
The last and the most important step here is to fix your website according to the discoveries. Here, you must make all of the changes and alterations to the site that seems valid. For instance:
- If your customers aren’t filling the purchase form completely, shorten the same and delete all of the questions that are useless, only ask the information that’s necessary to deliver the product or service
- Or, if people aren’t visiting a specific page, change its content and invest more efforts in its SEO
- If your visitors are dropping from the middle of a page, cut-short the content there and make it on-point and concise
Only by knowing reasons, you cannot make a difference. To increase the conversion rate, you’d have to implement the changes and then promote your website with campaigns and ads. You’ll definitely experience a massive change.
Tool for Conversion Rate Optimization
If you’re looking forward to improving your conversions, it’s better that you automate the entire CRO process. And, one of the best methods to do so is by using HumCommerce – a perfect tool for conversion rate optimization.
This one is a WordPress plugin that can be used for WooCommerce. Automatically, it analyses the traffic and creates a report of all such issues that are causing a disruption in your conversion rate.
This tool practically records sessions of those landing on your websites. And then, it filters out those who abandoned the carts or saw an error message anywhere on the website.
Basically, you get to see the recordings of those who didn’t convert because of a reason. Thereafter, you can take action accordingly. Moreover, one of the best parts about HumCommerce is that it doesn’t come with a price tag.
You can easily get this tool without paying a single penny. Yes! It’s free.
So, if you’re ready to make a change, click here and download this plugin now. With three easy steps, you can install and activate this tool on your WooCommerce website.
Navigating through the functionality of HumCommerce is nothing beyond a child’s play. You’ll be able to quickly get a hand over the tool and how it operates.
To sum it up, growth hacking and conversion rate optimization are two of the most important things for a business owner. Through CRO, undeniably, you can massively improve your conversion rates.
Sure, it requires time and efforts. However, once you’ve got hold of the data, you can easily generate satisfactory sales and who knows – your brand turns out to be the next dominant in your industry?
If you’re new to this concept, begin by understanding the true meaning of CRO and how it works. Then, concentrate on CRO best practices while avoiding mistakes. Use the best tool and make your business successful.