Conversion Rate Optimization: How to Increase ROI with Your Existing Traffic
You probably already know the significance of quality over quantity when it comes to website traffic. You’d rather have 50 visitors who are actually attentive and willing to buy your product or service than 1,000 who will totally never convert into buyers, right?
Now, did you also know that you can improve your return on investment (ROI) by working with the traffic you already have, instead of relying just on driving higher numbers of targeted traffic? You can do exactly that with conversion rate optimization (CRO).
The Basics of Conversion Rate Optimization (CRO)
CRO helps you classify and treat any conversion issues with your website at its foundation, instead of testing a bunch of optimization approaches without a finite strategy.
By making changes to your website (optimization), you can recover the number of visitors who are taking an action on your website (the conversion rate). At the end of the day, you want more sales, leads, and money in your pocket. Conversion rate optimization can help get you one step closer to this goal.
Although SEO and driving traffic are significant, focusing on CRO can also benefit your company in a few big ways:
- Better ROI, even with low-traffic websites
- A better understanding of your customer data and user flow
Improving your CRO is a constant process. Your visitors are active, so move with them. When you learn more about your clients through CRO data, you gain a better understanding of their thought procedures, problems, wants and needs.
Setting Your Goals
Before fiddling with the numbers and your site design, you need to get your goals in order.
When people visit your website’s homepage, blog post or any landing page, what is it you want them to do?
For many websites, your ultimate goal is to get them to purchase an item or service, but they can take actions in other ways, too.
This might include:
- Signing up for your email list
- Clicking over to another landing page for more information about your company or service
- Signing up for a webinar or demo
- Downloading a whitepaper or other asset
- Filling out a survey
What’s Your Current Conversion Rate (CR)?
In order to improve your rate, you need to classify your current conversion numbers so that you have a constant for associating changes you make. What’s your current CR and what number are you shooting for?
Unfortunately, there isn’t a one-shot tool for calculating this number — you need to do a little math. Don’t worry, it’s pretty simple.
Figure out these two numbers:
- Traffic on the page you want to enhance. This is the total number of people who view your call to action (CTA).
- People who follow through with this action. This is the number of people really signing up, clicking the link or making a purchase.
Take figure 2, divide it by figure 1, and multiply the result by 100 to get your conversion rate. So, if 10 people are clicking the link to your product page but 100 people are viewing the CTA, your conversion rate would be 10%. This number is also found easily in Google Analytics.
Now, you need to set your goal for enhancement. Your ideal conversion rate depends on many factors, especially your industry. If your industry needs a high level of trust and investment from customers, like legal services or real estate, don’t expect your conversion rate to fly from side to side to the roof after optimization — just shoot for enhancement. This is all the more reason to push actions like email subscriptions or webinars in investment-heavy industries instead of final purchases.
What Changes Should You Make?
It depends. This is the fun part: There are so many things you can pinch, update or totally change to improve your conversion rate. Luckily, there are many small changes that can have an enormous impact on your conversion rate, so you don’t need to worry about restoring your entire website (unless it really needs it).
Take the lead management website Highrise, for example, They recovered their CR over 100% by simply adding a smiling person to the CTA. First, they tried to a long-form page design compared with their previous page, and their CR went up 37%. Next, they took human nature into explanation and added pictures of smiling customers. Their CR went up 102.5%.
The alterations you decide to test depend on many things. This is a discussion to have with your marketing, acquisition and tech teams so you can figure out what variations need to be made and how to put them into action.
Don’t Be Afraid To Take Risks or Give Up If Something Isn’t Working
With conversion rate optimization, you’re carrying out tests to see what works and what doesn’t.
Of course, you want to improve your CR and ROI, but like any trial, they could also go in a way you’re not supposing. If you test something new and notice your signups take a nosedive, give it up and try something special.