Brush Up On Your Conversion Rate Optimisation Skills With Our Guide
The first thing we need to understand before we get into conversion rate optimisation itself, is what are conversions and why are they so necessary. Conversions are essentially complete actions that users have taken on your website; these can be either products or services they have purchased. They can also be something as simple as completing a form for a newsletter.
So now, what is Conversion Rate Optimisation?
Conversion Rate Optimisation means deducing what your users are searching for when they arrive at your site and then giving it to them in the most streamlined and user-friendly way possible.
Conversion Rate Optimisation can take numerous forms as it is based on the Key Performance Index (KPI’s) you wish to track and improve. At times this may require constructing a call-to-action which is easier for the user to grasp and understand. It is also often associated with acquiring new customers, signups, registrations, downloads etc.
However, conversion rate optimisation can also necessitate the removal or relocation of needlessly time-consuming or complicated portions of your website, as this added resistance can prevent a conversion from ever happening.
Moreover, Conversion Rate Optimisation is NOT facilitated by guesses and hunches. It is the exact opposite; it requires a systematic approach and is informed by research which can encapsulate statistics and analytics, alongside user feedback. It is moulded by the particular requirements of your website and your objectives.
Speaking in specifics, Conversion Rate Optimisation seeks to enhance certain statistics. The statistics chiefly include your Conversion Rates, Bounce, and Exit rates, alongside engagement metrics such as the average time spent on the site and the average page views.
These metrics are important as they will help you identify where your website is lacking and design a game-plan to improve and enhance the necessary things.
Moreover, CRO involves the implementation and enhancement of a few core concepts and ideas such as your conversion funnel, A/B testing, a Call to Action, and Multivariate testing.
The concepts and ideas you should be familiarised with include:
The Conversion Funnel is a phrase used in e-commerce to describe the pathway that a consumer takes towards a website, navigating an e-commerce website and finally converting to a sale.
A typical conversion funnel can be described in a 3 step process. For example, a consumer may be scrolling through their Facebook newsfeed and they come across a banner ad for your business. They notice that the banner ad is clean, crisp and translates what it wants you, the consumer, to do. This ad interaction is the top of the funnel.
The consumer clicks on the ad and is taken to the referral page on your e-commerce store. There, a wide variety of features of your website influence the consumer to complete a conversion. These features may include poor content and bad user accessibility, among other things. This can be regarded as the middle portion of your metaphorical “funnel” and is the area where you lose the greatest percentage of your consumers.
The bottom part of your “funnel” is the end-all effect to your efforts and dictates a successful conversion. Until a customer who has added your products to their shopping cart has purchased this product, they will not be accounted for in this part of the funnel as it represents complete conversions. As a result, only a small percentage of your initial customers will be accounted for.
Call to Action:
A Call to Action is essentially an element of a user interface that motivates and encourages a user on a page to follow through on a conversion. A Call to Action could take on a variety of different faces; it could be the “Sign up” button for a newsletter delivered via email or a download button for an e-book or an application. The point is that your CTA needs to grab the attention of the user and encourage them to convert.
A/B Testing, which is also known as split testing, is a method whereby two versions of a web page or application are compared to each other to deduce which one performs better. This is one of the ways through which you may optimise the conversions on your website.
It is essentially an experiment where multiple variants of a page, with only one difference amongst them, are shown to users at random, and analysis of statistics are used to determine which variation will perform better for a particular conversion goal.
This test allows you to ask specified and focused questions about the layout and design of your website and remove the aspect of guessing and making hunches.
Another method of optimising conversions, Multivariate testing is a technique for testing a hypothesis in which multiple variables are modified. The goal of multivariate testing is to determine which combination of variations performs the best out of multiple possible combinations.
Websites and mobile apps are made of combinations of changeable elements. A multivariate test will change multiple elements, like changing a picture and headline at the same time. Three variations of the image and two variations of the headline are combined to create various versions of the content, which are tested concurrently to find the winning variation.
Using multivariate testing can be helpful when multiple elements on the same page can be changed in tandem to improve a single conversion goal: sign-ups, clicks, form completions, or shares. If conducted properly, a multivariate test can eliminate the need to run several sequential A/B tests on the same page with the same goal. Instead, the tests are run concurrently with a greater number of variations in a shorter period of time.
Now that we have broken down some of the methods of conversion rate optimisation, let’s take a look at some terms you need to know in order to fully understand all the aspects of CRO.
This is the statistic which drives your website and delivers an ROI. Improving upon your conversion rate is essential if you wish to see greater profits and establish a more cost-effective structure.
The Bounce Rate on your website is the percentage of users who leave your website after viewing a single page. A high bounce rate is not a good thing, as it could mean that people may not be able to find what they are looking for, or they have no motivation to explore the rest of your website.
As a result, they leave almost immediately. What we need to strive for, is a lower bounce rate; this can be accomplished by placing links to creative content on the web page users land on, which encourages people to explore your website. Moreover, you can also add popups and sidebars which encourage users to sign up for a monthly newsletter you offer.
You also have a specific Exit Rate for each page; this idea is often confused with the bounce rate but the ideas differ as the Exit Rate is the percentage of people who readily visit a different site from a specific page. This may happen after the user has visited any other pages on your website but they left the site on that specific page.
A high exit rate on a specific page could spell bad news, as the majority of users are leaving your site from one particular area.
Average Time on Website:
This is one of the engagement metrics which basically means it tracks how long people are sticking around on your site and absorbing your content. If you have users on an article that takes 8-9 minutes to read, but they are leaving in 2; you have a definite problem on your hands.
Average Webpage Views:
Additionally, Average Webpage Views tells you how many pages the average visitor to your website goes through before leaving.
The Importance of CRO:
So Conversion Rate Optimization is important because it gives you higher conversion rates which will deliver greater ROI to your company. The “optimisation” aspect multiplies the return on your current investments.
It is also more cost effective to improve the conversion rate optimisation of your website, rather than spend money on costly advertising and the acquisition of customers as CRO focuses on traffic that your website already has, and converting a greater percentage of your current visitors is much more cost-effective than attracting new ones.
Lastly, an optimised conversion funnel takes advantage of the impatience of the customer, as it reorganises your website by putting the most desirable and clickable content front and centre.
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