Conversion rate optimization is the process of making more revenue from the existing customers. As the definition suggests, it’s not about making any new customers. However, driving new customers can be a side effect of the process. The main goal of conversion optimization is to solve the problem of potential customers not turning into loyal customers.
The very fact that most marketers forget is that conversion optimization is a step-by-step process. You can’t just do some trick here and there and hope to get a massive result in the long term. The conversion rate optimization process needs consistent work according to the stages your customers are in. So, stay till the end because here in this article, we will go through all these steps one by one and discuss them in detail.
Note: WatchThemLive is a user tracking platform that provides you with multiple conversion optimization tools. Continue reading to find out how.
What is Conversion Optimization?
The percentage of visitors who become actual clients on your site is referred to as the conversion rate.
Now conversion rate optimization is using methods and techniques to increase the number of visitors who become customers.
Learning conversion optimization process is crucial if you manage an eCommerce website or run any form of online business. You may ask why?
The answer is because we live in a time where there is an enormous number of options. This means that if you do not satisfy your customers’ demands, they have lots of other options that can fill your place.
The Best Software for Conversion Optimization
To have everything ready for starting your conversion optimization process, you need the help of software and platforms that are dedicated to this matter. No matter how well you plan the strategy, without a proper tool for monitoring your customers and analyzing their behavior, you won’t get too far.
WatchThemLive will fill the gap perfectly. WatchThemLive contains lots of tools and technologies that can help you out. For example, Session replay is a technology that grants you access to the sessions that your customers have on your website. You are able to monitor their behavior and extract useful data from them.
Another notable feature is website analytics. This feature will provide you with all you need to analyze the data you have gathered from other features. This will help you a lot in your decision-making and the changes that must be made.
Don’t hesitate and sign up for free now to use all these amazing features.
What Are the Steps of Conversion Optimization?
Now is the time to see what are these steps that we talk about and learn about strategies to optimize conversion rate:
The very first step in CRO is to properly collect data to do your conversion analysis in the proper manner.
Although this stage can be time-consuming, it is well worth the effort to save yourself time and headaches in the future.
Begin by looking at Key Performance Indicators, including Sales Duration, Customer Cost, Customer Value, etc.
Another type of data called cold data may provide a clear picture of your customers’ click-through rates, time on sites, and much more.
Cold data can be gathered by heatmaps, surveys, session replays, and many more ways.
Now that you have gathered this data, you need to understand the status of each one of them. Conversion metrics are the key to understanding these numbers. Just remember to use them according to your business because every business has its own unique metrics.
2. Working Theory
A working theory means the sequence of changes that must be done to change the current status of the conversion optimization. Obviously, it is based on the data that you have gathered in the previous step.
You need to make multiple working theories and prioritize them according to their importance and the results you have in mind.
It appears to be a simple enough task. It is, only if it’s done in the right way. However, many eCommerce business owners fail to include enough depth in their theories to make a significant difference in their conversion rate optimization process.
3. Prioritizing Ideas
In real life, prioritizing is what gives us the goal to chase. If you don’t have any prioritizing, you just wander around and don’t get anywhere. What we value determines who we are. This is also true in the case of the importance of CRO and its procedure.
Prioritizing ideas and hypotheses not only helps you solve the most pressing problems in your company but also sets a precedent for future optimization techniques.
If done correctly, you’ll have a reliable testing system ready for anything.
4. Implementation and Testing
It’s time to put your hypotheses into action now that you’ve prioritized them and determined which tests are the most important ones.
These tests can determine which theory and changes you have made are working as you like and which one of them has the opposite effect. This step alone shows the importance of this stage of the process for conversion optimization.
Tests that have the potential to change the game need to have the most powerful instruments available. Many tools can help you in this matter; as we said before, WatchThemLive is one of the best tools in the market for this matter. However, Google Optimize is also a valid option in some cases.
5. Learning and Reviewing
If you want to improve the number of people who sign up for a free product trial, you should set targets for people who get to the registration page and those who cross the line and sign up.
You should be able to see by yourself with metrics and numbers that have been set whether the new changes have improved conversions. This is regardless of the software you are using.
Examine the two numbers (original variation vs. new variation) and consider the amount of growth in the numbers. You need a number between 90% – 95% to be sure your changes are working correctly.
Just remember to test the essential parts and use valid data for them.
Conversion optimization is a delicate process that needs attention and planning for each stage. You can’t expect to raise your conversion rate by doing old-school methods and not using scientific and well-established techniques. In this article, we discussed a five-step process for boosting the conversion rate in any business. We also discussed WatchThemLive as a great tool to help you out with testing and analyzing your data. So, don’t hesitate and start boosting your conversion by signing up right now.