Conversion rate optimization is one of the most important digital marketing assets to make the most of the site traffic and lay the foundation of high sales volume.
Every business owner’s major goal is to maximize their online presence and sales. To stand out in the competitive market landscape, businesses offer something unique on their website that will turn simple visitors into potential customers. Their marketing teams focus on many tactics, yet one technique that gives them more from existing and new traffic is CRO- Conversion Rate Optimization.
Conversion Rate Optimization- CRO is the marketing technique used to optimize landing pages, website ads, and overall website design to maximize the conversion rate. In simple words, when a visitor takes an action on your website as per your wish, it is a conversion. Your conversion rate is the percentage of time that visitors convert on your service page.
CRO comes down to this simple formula:
You Can Calculate Your Conversion Rate For:
It allows you to make the most of your web traffic, make more money without spending extra money on customer acquisition and optimizations.
Here are some reasons the conversion rate is important for your business.
1- Maximize Online Competition
With each passing day, more and more brands are appearing online, competing to get the most of customer’s attention. Some industrial giants such as Amazon are eating away smaller brands.
This means startups and new brands must use techniques to maximize their online presence. For that purpose, first, you need to make sure that your website is user-friendly that will automatically make your visitors perform the action that you want them to; sign up for the newsletter or make a purchase. To survive this competitive market and stay ahead of the competition, you must adopt Conversion Rate Optimization (CRO).
2- CRO Gives More Revenue
Whether you are paying for techniques to bring more traffic on your website or getting free traffic, if your marketing efforts give you a high conversion rate, you will be able to generate more ROI (Return on Investment).
Here are simple calculations: a 10% increase in your conversion rate means more revenue to your bank account. For instance, if your digital product is selling at $150 per download, for which you converted 1000 visitors, a whopping 150,000 (150 x 1000) will go right into your bank. What is more interesting is that CRO is cost-effective as it converts from the website that you already have.
As a result, you will be able to obtain more customers, increase your income per visitor, and boost your ROI.
3- Increase Pay-Per-Click Costs
Pay-per-click- PPC advertising is the best way for new and already existing brands to get more visibility while SEO (Search Engine Optimization) kicks in. However, it’s losing its importance especially when clicks on the ads do not convert into sales.
Online brands have noticed that sometimes PPC ads do not convert into sales no matter how much budget you spend on them. That’s where CRO (Conversion Rate Optimization) comes into the picture. In CRO, you get clicks and these clicks pay for themselves.
4- Less Customer Acquisition Cost (CAC)
CRO is a great digital marketing asset that is essential for your business as it reduces customer acquisition costs and enables you to benefit from the existing website users and get extra value for them. That means you will get more conversions without spending money.
If you optimize your conversion rate properly, you stand a better chance to earn more clients, skyrocket your ROI, and scale your business. For instance, if your sales page is getting 10,000 visitors and converts 10%, this means your page will convert 1000 new leads.
You can optimize your conversion, you can increase your monthly leads and the number of users by any percentage. Given this, you can always boost your conversion rate by tugging it where necessary to get the most of your digital marketing efforts.
5- Attracts Customers’ Attention In Less Time
This is true: the time that users spend on a website has shortened that in the past and is gradually decreasing with time.
What challenges does it have for retailers? With increasing competition, it is difficult for retailers to attract the attention of the customers. Users quickly go to other brands if your website page is too complicated and they cannot find what they need quickly. They will not spend extra time sticking around. Instead, they will switch to a website that easily provides them what they need.
Conversion Rate Optimization-CRO works according to customers’ mentality and will increase the chances of getting more customers.
6- Help Businesses Run Seamlessly
A brand that is optimized and continues to be optimized appears more legitimate and efficient than other businesses that are not optimized.
Having a business online means having an inventory that can be easily found with categories so consumers can easily find what they need. It makes it easier to find the online shopping cart or make a purchase just by clicking on the button.
It also helps to answer users’ queries related to the product/service or ordering process.
7- Enhance the Efficacy of Affiliate Marketing
Online business owners who work with affiliate marketers find it really helpful to get information about their products through a platform that has an unlimited audience. CRO or conversion rate optimization helps to make your website more valuable to your affiliate marketing or any other marketing platform.
When a good number of customers who click through your webpage get your product or services, your affiliates such as social media marketers, PPC advertising make more when you make more.
These are just a few benefits that prove that Conversion Rate Optimization-CRO is a win-win situation for business owners as well as partners. Businesses who want to get more conversion without spending a fortune, this digital marketing technique will definitely help them.