Conversion Rate Optimization (CRO) includes strategies that can be useful for you to increase the conversion rate from the website traffic. It can be useful for you to get paying customers from visitors to your website. CRO includes many simple techniques that you can do on your website for attracting more customers. A lot of people can visit your website, however, only a few people might purchase a product or service from it. In this situation, CRO can be helpful for you, as it will attract the customers to make purchases from your site by spiking their interest.
Types Of Conversions
Conversions are generally divided into micro conversion and macro conversion. Micro conversion happens when a customer has somehow engaged with your brand. It can include signing up a newsletter, following you on social media, watching the service explainer videos, etc.
A macro conversion is more significant than micro-conversion. It happens when a customer converts on an offer on your website. They might subscribe to a service, purchase a product, or fill a lead-capture form.
Both these types of conversions are important for a business. Micro conversions can often lead to macro conversions. Hence, you should try to increase both of these conversions.
Calculating Conversion Rate
Knowing the conversion rate is important for you to find out the percentage of customers you got from your website. Finding this rate is an easy task. You can calculate the conversion rate using the equation (total transaction/total site visits)*100. For example, if 100 people visited your site and 30 people among them bought something from your site, then the conversion rate will be 30. This data will help you to find out the rate of conversions you got by implementing different conversion rate optimization strategies.
Benefits Of Conversion Rate Optimization
CRO can provide a large number of advantages to your business. Some of them are mentioned below:
- CRO will enable you to take advantage of the existing traffic for generating more conversions without spending an extra amount on ads.
- It will be useful for you to build more trust among the audience.
- Increase the sale of your products or services thereby generating more revenue.
- It can attract more customers and can increase customer retention rates.
- Steal customers from your competitors.
- Improve your brand perception.
- Reduce the costs for customer acquisition.
CRO strategies can help you to increase the conversion rate from the existing traffic to your website. It will help you to boost sales without spending a huge amount on customer acquisition. Therefore, businesses can earn more profit by spending less amount.