Every marketer has a unique technique and strategy for increasing business sales. One of the most reliable and proven techniques is CVR marketing. CVR, in a nutshell, is an advertising method to increase a company’s conversion rate. Therefore, knowing how to optimize your CVR can lead to a big boost in your revenue.
One of the widely used ways to do so is through using the best CRO tools. These companies provide you with insightful information on users’ behavior on your website and pave the way for optimum CVR marketing and the growth of your company.
Here in this article, we will go through every detail you need to know about the process of CVR marketing. All you need to do is stick around for a couple of minutes and enjoy the reading. So, let’s start.
Yet to give you a quick getaway, WatchThemLive is one of those CRO tools that will help you decrease your website bounce rate and increase CVR and engagement by helping you identify your users’ needs, drop-off points, and purchase barriers.
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What Is CVR Marketing
CVR itself stands for conversion rate or ratio, increasing which is the ultimate purpose of CVR marketing. It goes without saying that increasing revenues is the main goal of every business whether small or large and must be taken very seriously. Let’s elaborate a bit more on this type of marketing then.
CVR marketing is a well-established marketing method that will boost your conversion rate and increase the number of users completing the desired action. This action can be anything, such as clicking a button, subscribing, completing a purchase, and confirming your email. However, all of these actions have one goal: increasing your revenue by boosting your conversion rate.
What Is The Importance of CVR Marketing
Now you might wonder, ‘why should I care about these things anyway?’. Well, the better you do CVR marketing, the more your customers will complete specific actions that increase revenue. This is the most crucial reason you should use CVR marketing.
Also, Companies may run digital marketing campaigns to make more sales. For some of them, running a campaign costs thousands and thousands of bucks and they can’t rely on trial and error. This, in effect, increases the value of CVR marketing.
I’m sure you’ll realize what a powerful weapon this is when you use it. However, to give you a bit of insight, these are the business aspects CVR marketing can have an impact on:
- Conversion rate and revenue,
- Lead generation,
- Production process,
- Campaign efficiency,
- Higher ROI and Lower CPL.
What Is the CVR Formula and How to Work With It
As you may have guessed by now, CVR is expressed as a percentage and can range from 0 to 100. A CVR of 0 indicates that no one has seen the prompt, visited the website, or downloaded the app. This means the goal you have in your mind isn’t fulfilled and users haven’t completed the desired action. A CVR of 100, on the other hand, indicates that everyone who was exposed to your campaign progressed to the end of the funnel.
The conversion rate formula is dividing your conversions by the number of total visitors multiplied by 100. This will show you the ratio of the customers that have completed the task they are supposed to. It is crucial to use some tools to track these numbers and help you analyze them.
How to Track Conversions in CVR Marketing
So far, you’ve learned all about conversion rates, how to carry out a proper marketing strategy for boosting it, and how to measure its success through the CVR formula. Now you may wonder, ‘how do I even track these metrics on my web pages’?
To do so, you need to get help from the automated software developed for this specific purpose. These website visitor tracking tools keep in sight users’ activities on your web pages and measure how many of them have actually completed your desired action.
WatchThemLive’s goal-tracking feature, for instance, allows you to do the exact same thing. Using this feature, you can set different types of goals for your CVR marketing and track them. Watch the video below to find out how.
Wanna get right into business? Sign up on WatchThemLive right now to start tracking CVR on your website.
Best Tool to Track Data for CVR Marketing
As we said before, you need a platform that can help you gather CVR data and analyze them. Right now, there are multiple platforms in the market that can help you with this matter. However, some of them do this job in the best way possible. One of these platforms that can help you with CVR optimization is the WatchThemLive user tracking platform.
So, what is WatchThemLive, and why is it doing this job with the perfection it requires?
WatchThemLive is a user tracking platform, and as you may guess by its name, the essential job is gathering information about your customers. This information can be of any kind, such as their browsers, country, the path they take on your website, and more. Imagine a situation where you need to monitor some of the best and most loyal customers to see what they like about your website that makes them come back. User tracking service will give you this ability.
It should be mentioned that the friendly UI and great support from their team can help you out and speed up the process.
How Can WatchThemLive Help You with Your CVR Marketing?
WatchThemLive is a feature-rich user behavior analytic platform that helps you track user behavior on your website. The data provided by this tool can help you improve both pre-click metrics such as CTR and post-click metrics like CVR and ROI. Improving these metrics will highly benefit your marketing efficiency.
Let’s take a quick glance at its key features.
Heatmaps: One of the deciding factors that drastically impacts your CVR (conversion rate) is your buttons. The buttons’ design, the text on them, and where you place them in your blogs and landing pages are all factors that need to be considered. Using website heatmap tools such as that of WatchThemLive can help you check if the buttons are attracting enough attention.
Session Replays: Knowing where and why your sales funnel leaks is an essential prerequisite for running efficient CVR marketing. Session replays give you the opportunity to accompany your users on your website including your campaign’s landing page. Using WatchThemLive’s session recordings, you can track user activity on your website and understand the reasons behind every single one of them.
Analytics Dashboard: WatchThemLive offers a dashboard with precise real-time and historical data about your website visitors. This can help you understand users’ countries, their devices, browsers, screen resolutions, etc. This information helps you design better campaigns from scratch.
Goal Tracking: Tired of dealing with numbers? Set goals on WatchThemLive’s goal tracking feature and measure your major and minor CVR hassle-free.
Visual Live Chat: Customer support is one of the most important factors contributing to a higher ROI (return on investment). WatchThemLive’s live chat equips you with real-time session replays of users when they contact you on live support. So, you can offer exceptional customer support services and take your CVR marketing to a whole new level.
Video Testimonials: Do you want to ensure the success of your next campaigns? Use WatchThemLive’s video testimonial feature to collect your converted customers’ feedback within a few clicks! Then, you can or use them as ads to win over the trust of your potential prospects in your next campaigns.
What are you waiting for?! Waste no more time and sign up on WatchThemLive for FREE to guarantee the success of your CVR marketing efforts!
How to Improve Your Business CVR
Here are some of the low-cost strategies you can follow to improve your conversion rate:
1. A/B testing
A/B testing, also known as split testing, or multivariate testing, allows marketers to compare two or more versions of the same campaign to determine which is the most effective. Most major advertising platforms (such as Facebook) support multivariate testing natively, allowing marketers to eliminate the guesswork from their CVR marketing campaigns.
2. Good Button Design
The style of your CTA buttons has a significant impact on whether or not your audience converts. The most successful ones are those that are circular or rectangular with rounded sides. Humans have an innate dislike of angles like those found in triangles or even right-angles.
According to psychological studies, that’s because they’re commonly connected with threats when seen in nature. You must keep this in mind while designing your buttons.
If you want your call-to-action button to work well, you need to use a solid and urgent verb. They give your audience clear instructions on what to do next, as well as expectations for what will happen when they do it. This expectation will provide them the confidence to move forward on the path and complete their purchase.
CVR Marketing FAQs
So far in this article, we’ve tried to give you all the necessary information on ‘what is cvr’, how to calculate it, and how to incorporate it into your marketing strategy. Now, it’s about time we delved into some of the most frequently asked questions users ask regarding it.
#1. What Does CVR Stand for in Marketing?
Are you confused by the number of acronyms you come across in digital marketing? You’ve seen marketers talking about CVR as one of the most important KPIs (key performance indicators) and wonder what it means? Well, CVR in marketing stands for conversion rate.
The ultimate goal of each website is to boost its conversion rates. That’s why it’s regarded as the most significant metric you need to measure in your business.
#2. What Is the Difference between CVR and CTR?
Another abbreviation that is often mistaken for CVR is CTR. You need to bear in mind that these two terms are not the same. While CVR in digital marketing stands for conversion rate and measures the effectiveness of an ad or campaign, CTR stands for click-through rate and measures whether an ad or campaign has been successful in earning the attention of users.
Therefore, the way we can calculate each one differs as well. Here’s how:
How to Calculate CTR?
As stated earlier, click-through rate (CTR) shows whether or not a campaign or an advertisement has been appealing to users. Therefore, it doesn’t deal with whether or not they have converted. The two variables you need to have to calculate CTR are the total number of clicks and impressions.
The CTR formula is, thus, as follows:
CTR = (total number of clicks / total number of impressions) x 100
The next step after doing the math for click-through rate is to measure your conversion rate. We have already explained how to calculate CVR, yet if you’ve forgotten it, here’s a quick getaway:
CVR formula: (total number of conversions / total number of impressions) x 100
#3 What Is the Relationship between CVR and CTR?
Let’s discuss this using an example. Imagine you’re running a campaign for Halloween and have created some banners for it. Let’s say your banners have been viewed by 2000 users. Out of these 2000, 1500 users have clicked on the button and have entered your pricing page. This means a 75% CTR which implies that your banners have been very attractive to your users.
Then, you realize that only 10 users have signed up on your app. In this case, according to the CVR calculation formula, you have a low conversion rate here. A low CVR means that your app or the product you’re offering to your website users doesn’t have a convincing value for them.
On the other hand, if your campaign has a high CVR and a low CTR, your app is quite satisfying for the users, yet your banners/ads are not that engaging.
To run a successful marketing CVR has to be measured alongside CTR.
Performing tests and gathering data are essential for your business’ success. CVR marketing is the way to bring you out of the darkness. By using this method, you will see for yourself which one of your decisions is correct and which one is not. Therefore, you can make decisions with a bright light on the situation and future outcomes. Just remember to get help anywhere you need it and use platforms such as WatchThemLive to help you out in the process.
Ready to increase your conversion rate? Sign up on WatchThemLive now.