Here’s everything you need to know about conversion optimization (CRO).
In particular, after reading the article, you will learn:
- What is conversion and how to count it?
- “Normal” conversion rates depending on the field (chart)
- How optimization can impact your bottom line
- 6 Key Optimization Strategies + How to Apply Them Exactly in Your Project
If you are tired of “asking” for more (traffic, traffic, traffic!) and feel that 80% of the result lies in the fact that you just need to “sharpen the tool” (increase conversion)…
If you want to get more leads, applications and sales, without increasing traffic, without draining your advertising budget down the drain…
Then this article is exactly what you need.
What is conversion rate optimization?
In simple words.
Conversion rate: The number of people who completed a targeted action on your site out of the total number of visitors.
At the same time, the conversion rate can relate not only to the site.
This could also be:
- Number of buyers to total store visitors
- Number of potential customers to total website visitors
- Number of repeat buyers to total number of buyers
- etc
These are called macro conversions (since these are the actions that directly affect revenue/sales).
Also, it could be:
- Number of likes on the Instagram post, relative to the total number of views (engagement rate)
- They opened the email, relative to the total number of recipients (open rate)
- Number of ad clicks relative to the total number of views (click-through rate)
- Number of button clicks on the website, relative to the total number of website visitors
- etc
How to calculate conversion rate?
As we have already mentioned, the conversion rate is not absolute, but a relative indicator.
Which means it’s always a %.
Basically, to calculate the conversion rate, we need to take the number of people who performed the target action and divide it by the total number of people.
Any other macro or micro conversion is calculated similarly.
- Choose the target action
- Count the number of people who have completed it
- Divide this number by the total number of people
For example:
We want to measure the website’s monthly conversion rate (from visitors to leads).
First, we go to Google australia whatsapp number data Analytics (or any other statistics) and look at the number of goals achieved (month period): In this case, there are 142 people.
Why is conversion rate optimization (CRO) important?
Let’s take a simple example.
Amazon.
A company that discovering apple’s sky-high-priced ar/vr headset needs no introduction.
The average number of big work visitors to this site is 2.5 billion people.
Per month (!)
Its turnover is $470 billion, i.e. ~$40 billion/month (according to 2021 data).
Let’s do a rough calculation.
Imagine that the conversion rate from a visitor to a buyer is 10%.
10% of the 2.5 billion visitors equals 250 million buyers.
It turns out that $40 billion / 250 million buyers = average bill of $160.
(That seems to be pretty close to the truth by the way)
The best part.
Imagine that we have improved the site’s conversion rate and achieved a slight increase: from 10% to 11%.