The main goal of marketing is to turn clicks into profit, and one of the cheapest and most accessible ways you can do this is by monitoring and optimising your strategy in order to get the best conversion rates possible.
But why are they important, and how are you able to improve them? Let’s delve into this a bit further!
In short, the conversion rate relates to the percentage of people completing a desired action, like a purchase or booking an appointment, and the number of visitors there have been to the site overall.
For example, if you had 10,000 people visiting your site, and out of that 10,000, 650 purchased what they had in their basket, then the conversion rate would be 6.5%. From this, you could analyse the rate to see how it could be improved, or to see where and how the conversion is happening.
The conversion rate is subject to a number of different factors such as, how clear CTAs are, if a good landing page is used, and how responsive the site is.
By tracking the conversion rate, you will be able to see the marketing strategies or features on your website that are working, and are driving people to whatever the end goal is. You can look at different streams of traffic like social media, or clicks via Google, and then improve them as you see fit.
Not only this, but improving your conversion rate actually leads to more sales without the need for you to improve reach. Some more reasons why conversion rate matters are:
The better your conversion rate, the more money you will make or have the possibility of making. It makes sense, as the more people that are completing an action like a purchase, or booking a service that needs to be paid for upfront or has a deposit, the more revenue is collected.
Not only does a good conversion rate mean increased revenue, but when we’re talking about websites, it can also save you money as you may not have to spend as much on paid ads promoting your brand. There will already be a stream of traffic to your site, but you want to make a higher percentage of those people already visiting complete the action needed to convert.
Looking at the conversion rate can provide an indication if you need to optimise your site for more conversions, or if your site is already moving in the right direction.
Once you find out what parts of your site are doing wonders for conversions, you will be able to make the necessary improvements to other parts of the site, making it more valuable to both you and consumers. In addition, it is a lot quicker to see the results of improved conversion rates than it is to see the results of SEO, and so benefits you in the short term as well as the long term.
CRO (Conversion Rate Optimisation) is the process of optimising your site through testing in order to improve conversion rates. Typically, it is done through identifying what conversion goals you want to reach and then testing them through A/B testing, which is where 2 different versions of a page are pitted against each other to see which one performs better. Some of the best ways to improve your conversion rates are:
Social Media: almost 2.1 billion people have some kind of social media account. This is one of the best ways to improve reach and get you name out there to entice more customers to your site, in turn hopefully increasing conversions.
Social media allows you to engage with targeted consumers, directly funnelling them to your site, and hopefully turning visitors to purchasers. The click-through rate for ads on Facebook is around 9%, and that can almost triple with a good CTA, which we’ll look at next.
A well-designed landing page: one of the best ways to improve conversions rates is by having a landing page that consumers end up on after clicking on an ad, an email, or coming through social media. Landing pages are designed with a specific goal in mind which is why they are so effective when it comes to conversions.
Thanks to this specific goal, a landing page is incredibly focused, and when compared to a homepage, it can look quite sparse. However, having less links for consumers to click on actually works better for conversions as they do not get lost down the rabbit hole of other products, and instead follow the CTA, increasing the chance of a purchase or otherwise.
When it comes to optimising your marketing strategy, improving your conversion rates should be up there as one of your priorities. They serve as a great indicator if your marketing campaign is working, and they reveal a lot about how users interact and engage with your site.
From this, you are able to find the best route to either improve your strategy, or improve your website. Some of the best ways you can do this are through CTAs, social media usage, and having a well-designed landing page, but of course there are many other ways that you can increase conversions. While conversions aren’t the only important thing when it comes to marketing your brand, we think they are the key to success within marketing.
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