The one thing that every other business needs to gauge while making any changes is the Conversion Rate Optimization. This is the one that decides the fate of any business. The CRO is the measure of the number of businesses made to the number of people viewing the product. This is the conversion rate of optimization for any online or offline products.
What is Online Conversion Rate Optimization?
Conversion rate optimization is an analysis of the number of businesses made to the number of customers visiting the website. This gives a clear picture of how efficiently your business is operating and your product is faring at the market. If the conversion rate optimization is below the expected range, you need to understand that there’s a dire need for you to make changes in the way you’ve been doing your business. Read more about the conversion rate optimization.
How can I measure the Conversion Rate Optimization for my Website?
Conversion rate optimization is measured by placing the number of businesses made on the numerator. Then dividing the same by the number of customers or the sessions. This gives you the percentage of the people visiting your website in doing a business with you.
It is the process of conducting an AB or multivariate test to increase the website’s conversion rate. This gives us a chance to assume the customer’s behavior who visits the website. A good CRO task strives to increases your website’s revenue one time after the other, this leads to an overall desirable performance for the whole year.
It optimizes your current website traffic and calls for an appropriate action. This goes a long way in stabilizing the respective businesses. This conversion rate is differently measured for the different kind of businesses if intended to measure effectiveness.
Conversion Rate Optimization for different businesses:
The conversion rate optimization as mentioned above is different for different businesses. Hence, there must be a different way of analyzing the different businesses. Let’s look at a few of them to understand how it is measured for their respective businesses.
E-commerce is one field that has been rapidly growing. With the establishment of multiple e-commerce industries, it has become necessary to understand what attracts a customer. This understanding will help in attracting and generating better revenue. So, how can we calculate and assume what attracts an e-commerce business the most? Nah, it’s not your gut feeling. The gut is something that a businessman should never go with. The gut feeling kills all the possibilities of thinking logically and then, in the end, you’re driven emotionally. Hence, one needs to make sure to avoid the gut feeling as much as possible. This helps them get the desirable results through analyzing the numbers. Hence, let’s get to know how you can calculate the CRO for an e-commerce organization.
For e-commerce, you need to consider the number of sessions the customers visited and made the purchase. If the customer purchases 3 products at once, it’ll still be considered to be a single purchase. This can’t be considered to be 3 different products. Learn how the e-commerce business has been leveraging the emotions for better sales.
Let me explain this to you clearly:
If the customer A visits the site but doesn’t make any purchase, that would be the session 1. If the customer visits the site and makes 2 purchases, then the session would be the second one. The business done would be just one. So now on a whole, the customer has had two sessions and the number of purchases made is one. Even though the products purchased are two.
So now, you need to place the purchase made in the numerator and the sessions in the denominator. This gives us Purchase/Session= ½= 0.5. Hence when taken in percentages, the answer would be multiplied by a 100. Hence the answer is 50%.
For Service-Based Organizations:
For the services based firms, the methodology changes completely. This is quite different from the ones that you usually see. Services need to have a good cumulative calculation on the conversion rate. This gives a brief view on how their services are being appreciated by the users. So let’s see how to calculate the conversion rate for the service based firms.
Service-based organizations have a different way of calculating the conversion rates. One needs to count the number of times a customer visits the site before being converted into a customer. So the method would be to place the services received on the numerator. The number of times a visitor visits the site should be in the denominator. Here, one must not consider the other times a customer visits the page. As it would be for any enquiry or other similar purposes. Although sometimes the customers who intend to gain other services also visit the page. This part is overlooked until another service is obtained by the client. This leads to an inefficiency in this type of calculation.
So, to be precise, it would be calculated as services requested/the number of sessions before taking the service. If the customer comes 3 times before getting the service and gets the service at the 4th time and then revisits the site later for 2 times, then those two times wouldn’t be considered and the conversion rate would be calculated as ¼=0.25. Multiplying with 100 would give us the percentage. Which would be 25%.
How Conversion Rate Optimization percentage be improved?
Let’s look at the few factors that could help in improving the conversion rate.
A Visible and Attractive Call To Action button:
A good visible and attractive call to action button is the source to any business with the client. If you fail to help customer visit your purchase page, then the user would choose to leave. In this generation, where everything is available at the knock on the door, people would hardly take a bad CTA. Every page needs to be aware of the situation as to where the customer would feel like doing the business with them. They need to be navigated to the appropriate section without any difficulty.
An Interactive Web page:
An interactive webpage an interactive webpage is the root to attracting customers to your page. If your page is attractive, then even the clients would find it delightful in doing the business with you. Hence, one needs to be really careful when it comes to designing their webpage. It could make or break your deals with your valued clients or customers.
An interactive webpage also enables a user to sift through the different sections of the page easily. This allows them to go to the place they want to. Hence, keep your page clear and interactive and help your customers accordingly.
Show off your Testimonials:
Testimonials show the kind of an efficient work you industry gives to your customers. The testimonials are the reviews or the feedbacks provided by the ones who have already experienced your services. Testimonials from these peoples help your firm grow and build a reputation that would last longer.
Testimonials are supposed, to be honest, and genuine. It’s easy to figure out if the testimonials are given by the heart or just because of someone’s request. Keep the best testimonials on your page and leave the rest. You are not supposed to flush your whole page with these testimonials either.
Easy to reach Customer Support:
When the customers make purchases, they also have the authority to be supported when needed. You need to make sure that the customer has all their questions answered. They shouldn’t find it difficult in finding the resource.
Make sure you get a chatbot for your own website. This allows to interact with the customers and get the required details for further information.
Keep Testing for the Broken Pages:
Broken pages are always undesirable while you’re sifting through any website. It shows your website’s quality which eventually affects your reputation. Hence, always look out for the broken pages on your website. Make sure even if the website is broken, your customer would be directed to the appropriate pages accordingly. There are a number of tools that could help you in achieving this. Hence, helping you in delivering your customers a good experience.
Create Urgency with your offers and deals:
This is one important thing that the customers of e-commerce come across almost every time. The online pages show that there’s a deal running out, which creates a sense of urgency in the users. This urgency helps in a quick and not-much-thought-after decision of the customer. Finally, the customers end up purchasing the product.
Allow your visitors to make the micro-commitments even though they don’t really make any purchases. Request them to enjoy your free services and opportunities. Allow them to take advantage of these services at no cost. This way you can gain their trust, bond and also their contact for future purposes.
Respond to Criticism and Appreciation alike:
Criticism and appreciation are common in almost every industry. You can never really predict as to when you can have a negative review coming your way. But when you do, don’t be afraid to answer them. Accept the mistake as your own and request them to allow you to serve better. Here, people would start to gain the trust back. Always make sure to avoid these negative reviews from appearing first.
Try and feature the High-Revenue Products first:
High revenue products are certainly the ones that bring you a great amount of money. So, that’s where your key concentration should be. Place all your high revenue products on the top and let the other be placed a notch below. Selling out all these high revenue products will get your industry in a better position. Although this doesn’t mean that you neglect all those low-profit faring products. Make sure they get the similar opportunity to sell themselves.
Be Specific to the different class of audience:
Don’t generalize every class of audience into one. There are people who have different choices of products and items. Don’t emphasize one particular product. Rather make sure you provide all kinds of products that reach multiple class of audience. This will help the customers choose according to their preferences and budget.
Use Attractive Media:
Attractive images or videos always pull us towards the products more. Didn’t you ever feel like having a burger from McDonald’s after it has been advertised deliciously? That’s the kind of impact media have over us. Hence, use the similar kind of media that attracts the audience the most. This will most probably see a good rise in the customers purchasing the product.
Add Bonuses or Cashback for your products:
Bonuses and cash backs are like free cupcakes. People don’t say no to these. This, in fact, attracts the customers to purchase the products. Remember the Cheetos chips that used to come with these Pokemon gifts? Children used to buy Cheetos for the very same purpose.
Offer a few Free Services every now and then:
Free services act as a token of a bond. If people start using your bonuses, they’ll get to understand the kind of work you’ve been delivering. This also helps in the enhancement of customer’s bond with the seller. This might be a little investment. But trust me, this goes a long way in building the relationship and publicizing your brand name. Hence, never back out from making a few investments on this. Here you can find some useful free services.
Highlight the Product or Service Warranty:
The warranty is a sign of trust for any product. If your product has the warranty that you wanted, then you would be certain to buy it. It’s like an added assurance of using the product for the desired period of time. Hence, always provide warranty as it earns you the much-needed trust. Also, don’t forget to highlight the warranty period on your product page. These are the things that shouldn’t be but can be overlooked once in a while. This happens due to an inappropriate display.
Be Straight to the point and clear:
If you’re selling a product be specific about it. It helps not only the customers in understanding but also the audience searching the product through the Google. If you’re specific enough, Google would display your product right on the top of the search results. This will help the product gain the popularity that gives your industry enough revenue.
Be Precise about the Statistics you mention:
Statistics are something that’s never to be played around with. You need to display accurate and precise statistics for your customers before they make the purchase. If you think the statistics aren’t good enough to be displayed then don’t. But never misguide your customers with the fake ones. Most of the audience is educated enough to figure it out.
Optimize your website for Mobiles:
Mobile phones are the key products in terms of sales in America. About 51% of the Americans use mobiles to make their online purchases. This statistic is apparently going up day by day. This shows the importance of the mobile phone in the world of sales. Mobile optimization was just an option in the past but now, it’s a necessity. Hence, always make sure that your mobile is efficient enough to make the sales with ease. Know how to measure your mobile speed score here.
Use Mobile Heatmaps:
Mobile heatmaps are nothing but the display of where the customers have been touching the most while using your website. This gives you an idea, on what feature does the customer enjoy the most. It also tells you which features the customers are missing out on. With these statistics, you can understand where to work on. So always keep a track of the heatmaps. You can find one of such heatmaps here.
Most of the online stores request the users to login in order to make any purchases. These requests sometimes don’t go right with the users. Especially when it comes to searching for some important products. Also when it comes to a new website, people usually try to see how the user experience is. If even for the new site, you request for a login information, this makes them leave right away.
A Friendly Communication once the deal is made:
This is more of a confirmation mail that plays as a friendly communication as well. Always make sure you send out this mail to your customers after they make their purchase. If you don’t people fall into the dilemma as if the order has been placed or not. This confirmation page allows you to build your relationship with the consumer better. Hence, communication is something you can’t overlook ever.
If you’d like to go through more points as such, do give this article a read.
The points mentioned above are not the only ones, there are other miscellaneous things one need to be aware of in order to make sure the customers request for the services from your end and don’t look elsewhere for the same. So, always try new things if you want to stay in the race. Also, keep checking for the changes on the CRO as it is arguably the KPI for any industry.