Conversion optimization is the process of making more revenue from existing users. As the definition suggests, it’s not about making any new customers. However, driving new customers can be a result of the process. The main goal of conversion optimization is to solve the problem of potential users 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 and CRO tools are a great help!
WatchThemLive is a great all-in-one platform that will allow you to drastically boost your conversion rate and enhance your overall revenue. So if you want to start right away, sign up for free now! You can also stay till the end because here in this article, we will go through all these steps one by one and discuss them in detail!
What is Conversion Optimization
The percentage of visitors who become actual clients on your site is referred to as the conversion rate.
Conversion rate optimization is using methods and techniques to increase the number of visitors who become customers.
Learning the 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 that 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. That’s why you need to be updated and always stay on top of your competitors.
What Is Considered a Good Conversion Rate
There is no outright answer to this question as every business is unique and the conversion rate can vary based on the kind of business you run. However, if your conversion rate is around the average rate, you need to think of ways to increase it. The average conversion rate is 2.35% but you shouldn’t settle for it as the top 10 online businesses are converting at 11.45%.
But in general, a good conversion rate is somewhere around 2% and 5%. So make sure to always keep an eye on your rate as it determines the success of your business.
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. It contains lots of tools and technologies that can help you out. For example, it’s a session replay software that grants you access to the sessions that your customers have on your website. You can see every action they take from the minute they enter your website until they leave. You’ll be 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 these steps that we talk about are and learn about strategies to optimize conversion rate:
The very first step in CRO is to properly collect data to leverage your 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.
By gathering qualitative and quantitative data and combining them, you can gain deep insight into your target audience, their needs and personalities, and how to persuade them to convert. Conversion metrics are the key to understanding these numbers.
Quantitative data will provide great details on your traffic source, CTR, bounce rate, churn rate, etc. you can gather this data by using services such as session replay software, heatmap tools, profile tracking, etc.
Qualitative data doesn’t show the ‘why’ behind your users’ actions, but is still an important element in your conversion rate optimization process. Polls, surveys, and video testimonials will help you gather your necessary data.
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 and through website analytics.
You need to think of 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 conversion optimization process.
Tests that have the potential to change the game need to have the most powerful resources available. Many tools can help you in this matter; as we said before, WatchThemLive is one of the best tools in the market.
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.
Steps of Conversion Optimization FAQs
Now that you know the answer to ‘what is conversion optimization’, it’s time we went over some more frequently asked questions on this topic!
Q1. What Is The Best Conversion Optimization Strategy?
There are many great strategies that can help you increase your conversion rate. Some of them include working on your content, building an engaging landing page, personalizing your customer journey, and building an easy-to-navigate sales funnel.
One of the best strategies you can consider to boost your revenue and improve your conversion optimization techniques is using WatchThemLive as it’s the best CRO tool with great features.
Q2. What Are Conversion Optimization tools?
CRO tools help you gather data about your website’s progress and visitors so that you can identify areas for improvement and know your target audience better. It’s a necessity to every online business, big or small.
Q3. What Is The Formula For Conversion Rate?
The conversion rate is calculated by dividing the number of conversions by the total number of website visitors, then multiplying it by 100 to generate a percentage.
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 capturing and analyzing your data.
So, don’t hesitate and start boosting your conversion by signing up right now.