What is Conversion Rate Optimization (CRO) and What You Need To Know
Conversion rate optimization is not a sudden buzz word and its origin dates back to the era of creating websites for a company. It is never out of the focus and has been a key component in driving the sales for numerous websites around the world. However, unfortunately, there could still be few people who might not be aware about this so called “Conversion rate optimization” and is scratching their heads when asked about this inevitable question in online business environment. Let us now unfold the mystery about this key performance indicator (KPI).
What is Conversion rate optimization?
In an online business environment, conversion rate optimization is the most heard term that is echoed in various business spheres. Conversion rates are defined as the various activities that are meant to be fulfilled on a website by its targeted customers. These activities could be the sign up process on a site, downloading of the ebook/software/newsletter, product sales on a store and other such site goals. Conversion rates could be different for different websites.
Similarly, conversion rate optimization is the practice of increasing the site goals through various techniques, promotional strategies and other such marketing approaches. Higher the conversion rates of a site, greater will be its popularity and performance in the online business environment. Conversion rate optimization is defined as
Conversion rates= Number of conversions on a site/Total number of visitors on a site*100
Site traffic- A low traffic site will have less chances of grabbing higher conversions, so it is important to focus on the ways to improve the traffic on your site. There are various factors that could limit the customer traffic on a site such as website design and navigation, usability of CTA buttons, page loading speed, user experience, hosting server speed and other such issues.
Number of exit rate on a site- The number of people who leave a particular site contributes to the exit rate of that site. If the exit rate of site visitors is higher, it will automatically affect the conversion rates of your site. In order to lower the exit rate of your site, you need to improve the site design and navigation with the help of an effective heatmap tool and A/B testing tool such as MockingFish.
Bounce rates- Bounce rates are referred to the number of people who lands on a particular site and often turn back from there only due to the one or the other reasons. Some of the reasons for higher bounce rates are unappealing site design, irrelevance of the site, inadequate products on a site, site speed and other such metrics.
Average site time- It is the amount of average time which is spent by the visitors on a particular site. If the average time spent on a site is lower, the overall conversion rate optimization efforts are bound to suffer.
By making significant improvements in all these areas, site owners can drastically enhance the conversion rate optimization efforts. It is time to pay attention in all these crucial areas in order to improve the business fortunes of your site. If you want more information about conversion rate optimization practices, you need to visit our MockingFish site.