What is conversion rate? Types, Benefits, CRO

conversion rate

What is conversion rate? Types, Benefits, CRO-

What is conversion?

Conversion defines the accomplishment of the main motto of your website.

For example, selling a product, a visitor subscribing to your site etc.

What is conversion rate meaning?

The conversion rate helps you determine the percentage of people buying your product or subscribing to your website out of all the visitors who visited your site.

What is conversion formula?

The basic formula is,

Conversion rate = (No. of users completes your site goal / total site traffic) *100

This basic formula can help you to determine:

  • Percentage of people subscribed to your site out of a set of unique visitors.

Conversion rate = (No. of people subscribed to you/ Total no. of unique visitors)*100

  • Percentage of sales successfully conducted among the total number of leads (potential customers) generated.

Conversion rate = (No. of people who purchased your product / total number of leads generated) */100

  • The session rate of your site among the total number of unique visitors, where a session defines the different times a visitor visits your site.

Conversion rate = (No. of sessions/ total number of unique visitors) *100

And many more.

What are the different types of conversion?

1 ) Macro Conversion

These types of conversion are mainly aligned with the primary goals of your website.

Suppose if you have an e-commerce website, your primary goal is to sell products.

Whereas if you have an affiliate website where you review and sell products through affiliate links. Here your primary goal is to compel users to use that particular link to buy the respective product.

2 ) Micro Conversion

These types of conversion are mainly aligned with the secondary or minor goals of your website.

Let us assume that your website gains traffic from Facebook, Pinterest, Instagram, Sign up form on your website etc. Where Pinterest is the primary source of traffic, then Facebook and so on.

In such a case, your sign up form acts as a minor goal of your website.

Examples of conversion

  • Purchase of your product.
  • Query request on your product.
  • Subscribe to your service (free/paid).
  • Sign up for an email list to receive notifications on exclusive content.
  • Upgrading an account.
  • Successful engagement through the chatbot.
  • Booking for a consultation or a demo.
  • Apply for a free trial.
  • Signing up for a webinar.
  • Subscribing to a course.
  • Downloading an e-book or other documents.
  • Sharing a part of your content on social media.
  • Spending a specific length of time on your website.

Note, Services provided without any kind of payment are always likely to have a higher conversion rate than those which requires payment.

How do you increase conversion rate?

conversion rate optimization

The conversion rate can be increased by determining the different aspects of your site that contributes to the overall conversion of your website.

Example, Keywords utilized, Campaigns conducted, UX of your website, Positioning of an offer, Description of a course, how motivating or compelling your buttons are etc.

The term used for increasing conversion rate is Conversion Rate Optimization.

Conversion Rate Optimization( CRO ) is the process of enhancing the overall aspects of your website to boost conversions.

Generally, ways to improve conversion rate always depends on your site model and also vary from one business to another.

Few ways to improve conversion rate are:

1 ) Landing Page Optimization

Landing pages directs the visitors to take a particular action. For example, subscribing to your site, purchasing an e-book etc.

To further optimize, we can design the page using a minimal approach.

This approach includes designs and information that are of utmost importance for a conversion to take place.

Here we can remove unnecessary fields from signup forms, provide adequate guidance on how to create the right password, provide the exact, required and up-to-date information about a product.

We can also use copywriting techniques to write a short description and
create buttons using colours that emotes a positive vibe.

You must take a colour formula with a positive vibe seriously since a little bad intuition may always lead people to back out of the offer presented.

2 ) Provide different methods of creating an account

Creating an account from scratch can be daunting for some visitors.

It’s just that remembering or keeping notes of every other password created every time for connecting to a new site is like a pain for them.

To overcome such problems, provide options to log in from their Google, Facebook or other accounts directly. It will reduce the pain to create a new account every time.

Note that this does not imply that you should discontinue the traditional method of subscribing to your site. People might not always feel comfortable directly log in from their respective google account.

Therefore, give as many alternatives as possible for visitors from which they can pick one.

3 ) Payment gateway

Options on how and from where you can transfer your money to purchase a product can highly affect your conversion rate.

Growcode has mentioned in one of its posts that “PayPal transactions have 70% higher checkout rates than non-PayPal transactions“.

It shows that people find these sites more genuine and trustworthy and thus feels less hesitant to buy a product from them.

If you do not have PayPal as an option, make it a priority to add it as soon as possible to boost your conversion rate.

4 ) A/B testing

Let us take an example of a page.

A/B testing is the practice of producing two versions of a single page to see which one performs better and generates more leads.

You can conduct this type of test on landing pages, headlines, offer placement, website buttons, and so on.

While performing this test, you should keep in mind that you must run the test for a specific amount of time.

Any conclusions concluded before that will not provide you with an exact or rough outcome that will help you in increasing conversion rates.

5 ) Blogs

A well written highly SEO optimized content has the capability to convert the reader to a lead.

Indeed the content inside the post is a significant part of the entire post.
However, you must give equal weight to its font, style, colour and brightness, height, spacing between two paragraphs, word count on each paragraph, and so on.

  • font: It can give your site a modern feel.
  • colour and its brightness: Ease in reading the content.
  • word count on each paragraph: Large paragraphs are overwhelming and intimidating. Always create small paragraphs.

These options may sound very basic and unnecessary to include but being a reader I’ve had my fair share of challenges to face.

Some sites produce great content. However, they fail to select the right amount of brightness for the fonts on their posts looks clumsy and intimidating.

As a result, you should not overlook simple things and see them as equally vital as other components of your website.

Benefits of CRO

  • It generates a list of pros and cons that you can use to set a benchmark for your future ventures.
  • It creates a more user friendly site out of the old one.
  • A/B and other testing methods help you to analyze the performance of your site.
  • It helps you to increase your conversion rate.

Conclusion

  • Conversion rate equals accomplishment of the moto of your site.
  • Types of conversion: Macro and Micro
    • Macro refers to the primary goals of our site.
    • Micro refers to minor goals of your site.
  • Examples of conversion-Subscribing to a course, Downloading an e-book, Sharing a part of your content on social media etc.
  • Conversion rate equals accomplishment of the moto of your site.
  • Types of conversion: Macro and Micro
    • Macro refers to the primary goals of our site.
    • Micro refers to minor goals of your site.
  • Examples of conversion-Subscribing to a course, Downloading an e-book, Sharing a part of your content on social media etc.
  • You can accomplish conversion rate optimization by optimising different parts of your website. Example, pages, offer placement, and so on.
  • CRO helps to analyze the performance of your site by running different types of tests through it.

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