What is conversion optimization?
Conversion rate optimization is the process of increasing the percentage of website visitors that convert on your site. For instance, if you have a 25 percent conversion rate, that means 25 percent of people who visit your website actually convert.
Conversion rate optimization is important because it allows you to lower your customer acquisition costs by getting more value from the visitors and users you already have. By optimizing your conversion rate you can increase revenue per visitor, acquire more customers, and grow your business.
Conversion is defined as the action or the goal for which you are running your website, it can be a product purchase of a lead-filled.
- Let’s look at an Example:*
When we sell our product on an e-commerce website, our first criteria for selling is to get maximum traffic on our website. For that, we want users to add the product to the cart, and then make the purchase. There are different steps involved in the entire journey
Suppose 100 visitors are coming to your website, but only 1 is converted, so the conversion rate is 1%. You need to see what all places on the website the user are dropping off. We need to optimize at each of these steps to increase the conversion rate.
If after getting more and more traffic but the conversion is not going high, then your bounce rate must be high, as users are not getting what they have come on your website for.
Some Actions that we can take for conversion rate optimization:
Call to Action: ‘Buy Now’ or ‘sign up’ buttons are a must. They give direction to user as to what has to be done, once they visit your website.
Conversion Funnel: you need to map the journey of the user from entry to the website, to the web pages where he drops off. This will help us understand, what pages of the website users are bouncing off. It may be possible, that majority of the users are dropping off from the Payment Checkout page. We need to see what communication is mentioned on this page and modify it accordingly.
*AB Testing & Multivariate Testing: After auditing, if our conversion rate is low or moderate then we need to perform AB testing. With a variety of landing pages, with offer-based vs nonoffer based communication, we can see which is working better and then use it for a larger campaign strategy.