Imagine you are the CEO of a multi-billion dollar company that is famous all over the world. You have branches in major cities across Australia and earn billions in revenue. All that is great news.
However, a company’s success lies not only in its present earnings but also in how much more it can earn in the future. So, you develop a growth chart, and there lies the bad news. It is completely flat.
When you are earning billions, how can the curve be flat? This is called stagnant growth, which needs to be corrected immediately if you want to stay relevant in the market. So what do you do?
Search for a reputed conversion rate optimisation service. If you get connected to the right service, they could grow your current earnings by a huge percentage using the right CRO techniques.
Now touch down to reality. That is exactly what CRO experts do. They help a business grow – whether they make billions or not – by increasing their conversion rates.
What is Conversion Rate Optimisation?
In simple layman’s terms, Conversion Rate Optimisation, or CRO, is the process of increasing the number of leads through encouraging a desired action on your website, like making an inquiry or adding an item to their cart. Let’s break that down to understand the concept behind the science.
Conversion rate is nothing new. It is just a new language for making a sale happen. The concept is old, wrapped in the garb of new terminology.
Let’s say you have an online sports shop. On Monday, 500 people visited your website, out of which 100 were convinced to buy a tennis racket from you. However, the day before, on Sunday, another 500 people visited the website, out of which only 50 bought a bat.
So, when you compare the two days, you will find that your conversion rate went up by 100% on Monday. The conversion rate represents the percentage of customers who bought something from your store.
Conversion is not only calculated in terms of sales. The meaning can extend to a whole bunch of different things. For example, if someone emails or call you, you can call it a conversion. Or, if someone reserves a table in your restaurant, that is also a conversion.
Here is how you can calculate your conversion rate:
Conversion Rate = Visitors / Conversions * 100
How Does Conversion Rate Optimization Work?
The magic of increasing conversion rate lies in the details. Rather than adding more information to improve the revenue, you just need to identify the gaps and fix and optimise them to bring in more traffic and profit.
Here are some CRO techniques and strategies to improve conversion rates:
A/B Testing on Landing Pages:
Sometimes changing the most simple elements can bring the biggest changes. Before completely overhauling your website or making drastic changes, ask a CRO expert to carry out A/B testing or split testing.
The key to A/B testing is to change just one thing in one of the variations. This is considered a conceptual pillar. For instance, if you change the placement of a button and text colour in both version A and version B of your website and version A starts bringing in more traffic, how will you know which element contributed to the growth?
Was it the button or text colour?
CRO experts will simultaneously test two to four design variants to determine which attracts the consumers the most and go live with the final result.
Multivariate Testing of Landing Pages
Similar to A/B testing, the CRO specialist chooses more than one element from a landing page to conduct the test in multivariate testing. Once the elements are selected, a split testing platform is used to distribute the features evenly.
Various multivariate testing platforms are available in the market where the testing parameters can be set according to your requirements. The platform will determine which combination of the elements has a higher conversion rate and implement those changes on the website.
Adding Lead Flows Into a Blog
The lead flow is another commonly used optimisation element you can integrate on your site. Lead flows are pop-ups with a high conversion rate designed to attract attention by offering value.
The lead flows can be integrated with the website through a drop-down banner, slide-in box, or a simple pop-up (as long as it is not intrusive).
Create a Sense of Urgency
Telling your customers that they have limited time to get a service or product could help them make purchasing decisions faster. This sense of urgency works best for eCommerce stores with hundreds of options to choose from.
The concept paradox of choice states that when offered too many options, we choose none. Remember restaurant menus with too many good food options and how difficult it is to choose one dish? This is what happens with most eCommerce stores. When faced with multiple options, many consumers leave the website without making a purchase decision. Creating a sense of urgency eliminates this risk and helps you convert potential leads.
The Bottomline
The above are four Conversion Rate Optimisation strategies experts use daily to bring in favourable results. The question is, which strategy will you choose? Work with a conversion rate optimisation service provider to help you decide and make more sales today.
