Conversion rate optimization (CRO) is a system for increasing the percentage of visitors to a website who take any desired action on a web page.
The main objective of conversion rate optimization is to increase the percentage of website visitors that take a specific action. Leveraging CRO, businesses are able to generate more leads or sales without investing more money in website traffic, hence increasing their marketing return on investment and overall profitability.
Mathematically, a conversion rate is defined as the percentage of visitors who complete a goal, as set by the site owner. It may be anything like submitting a form, making a purchase or anything else.
As a matter of fact, some test methods, such as split testing or A/B testing, enable one to monitor the performance of the website elements. It helps figure out which headlines, copy, images, social proof elements and content help one convert more visitors into customers. This data further allows employing the most effective method for the maximum conversions.
There are several approaches to conversion optimization of which two are prominent:
Pretesting stage of the optimization process:
It works as per the steps mentioned below:
- understanding the audience and then
- creating a targeted message that appeals to that particular audience
- deploy testing mechanisms to increase conversion rates.
A testing stage helps discover the best way to increase the conversion rates of a website, a campaign or a landing page. The steps involved are:
- Data collection:
The data garnered through the process can be in any form. It may vary from numeric to text-based to nominal to ordinal and so on.
Observation and deduction help make a meaningful hypothesis. Also, it is important that each hypothetical situation is measurable.
- Optimization goals:
The optimization of business goals involves explicitly defining them and then calibrating decisions for the same.
- Business rules:
It requires one’s understanding towards all the business rules and then adapts targeting rules accordingly.
- Real-time decision making:
The ad/content servers use an audience screen method to categorize visitors. It is done once the mathematical models are built. Thereafter the best offers are selected in real time.
- Statistical learning:
It ensures the deployment of the best mathematical models. It further ensures an enhanced performance by the ability to analyze huge datasets and to retain historical learning.
Now that you know the correct way to leverage CRO, what are you waiting for?