Question: What is Conversion Rate?
Answer: Conversion Rate refers to the percentage of website visitors or users who complete a desired action, such as making a purchase or filling out a form.
Let’s Start With What Is Conversion Rate
A conversion is basically when a guest on your website fulfils the desired outcome. That could mean registering for monthly blog subscriptions, signing up for a membership, purchasing an item or service, downloading a file or even a combination of the above. Whatever the end result is for your website ultimately becomes its purpose. Calculating how often this occurs is what’s referred to as the conversion rate. The effectiveness of converting guests into followers can and should be optimized for maximum results and long-term success. Besides, what’s the point of your website being up and running if it does not convert visitors into customers or contributors of some sort?
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Conversion Rate Optimization Defined
Generally speaking, basic conversion rate optimization (CRO) is a strategy that utilizes analytic software and guest input to improve website experience and increase conversion. In other words, it is the art of understanding why you’re failing to convert visitors and what can be done to mend it. It is an organized and methodical method for enhancing your website’s performance after applying guest input and analytic data. This approach aims to make the most out of your existing traffic by describing your site’s unique characteristics and goals. CRO leaves no room for biassed predictions, guesses or superstitions. It is based on precise data specifically captured to boost the quality and engagement of your guests. While these are the basic utilities of CRO, there is much more to the strategies and methods involved.
Measure Current Rate of Conversion
Start by looking at your total rate of conversions on your website. In order to do this, divide the total amount of conversions by the number of guests visiting your website. So for instance, if you have 4000 visitors and converted 40 of them then you have a 1% conversion rate. Now you have to figure out which pages they are visiting and how much amount of time they are spending on each page. An exit rate shows a percentage of guests who depart on each page. If you notice that people are exiting from the website on one page, in particular, you may want to optimize that exact page. The bounce rate shows the percentage of visitors that exit after viewing only 1 page; sometimes just the homepage. There is also a way to show the median amount of time people spend on your site before hitting the road. The higher the bounce rate, the less amount of time is being spent on your website. Moreover, the average page views tool demonstrates the median number of pages being viewed by visitors before they leave.
Testing the Waters
After viewing the measurements, you can then test out new strategies to increase conversions such as A/B testing and multivariate testing. A/B testing is all about comparing one strategy (A) with another (B). So you may have a call to action button on top on one page and compare it to another page with it on the side. This will determine which strategy is most effective. Multivariate is similar but may test out numerous strategies such as font style, button colour, menu functions or a combination to determine the best approach. I hope we answered the question, what is conversion rate.
