Conversion Rate defines the number of users converted against the total number of users who visited your site.
Higher conversion rate means you have posted a good quality of content that engages people for longer further leading to higher conversion.
The conversion rate in marketing refers to the number of users who click on a call-to-action. The link directs them to make a final decision about a purchase.
A call-to-action will include activities like opening an email, hitting on the purchase button, signing up for the giveaway, or filling out a contact form.
Conversion rates are calculated by dividing the total number of visitors who clicked on CTA by the total number of visitors you had on your website.
Conversion Rate= (Number of visitors who clicked on CTA/ Total number of visitors) X100
Samarth runs his online business selling jewellery. During the festival season, he offered a special discount to people who clicked on the registration link, which offered a 25% discount.
Out of a total of 5000 visitors to his website, 1000 clicked on the link as they were regular customers.
The Conversion Rate, in this case, was (1000/5000)X100=20%.
Importance of a Conversion Rate
Conversion rate is a way to compare and calculate the performance of advertisements that a brand runs across different channels. The rates are necessary when a brand makes an investment to capture a higher number of its target audience.
- Conversion rates can also be used to indicate the conversion of events.
- The conversion rate helps to show the success of each campaign.
- The rate helps to identify valuable users.
- The conversion rate helps spot and fix the issues with the app, content or anything that can drive conversion.
Ways to improve Conversion Rate
You have invested money to capture more audience and increase the return on investment, but you are still waiting for results? Quick action to increase the conversion rate is required if that is the case. These are the ways you can contribute to increasing the conversion rate:
1. Use a CRO planner:
Improve the conversion rate with the CRO planner. With a CRO planner, you can analyse and develop a strategy to increase the conversion rate. Conduct the site audit using a tool and identify areas where you can improve to boost the conversion.
2. Include social proof:
Include social proof on your website. A buying decision, in most cases, is influenced by people’s reviews and feedback. So try to get good reviews and add testimonials to your website, boosting sales. This will push the conversion rate further.
3. Track user’s interaction with your site:
See how users interact with your site using different tools. For example, you can find out which elements they click on, which things on your website are attractive, and which elements they skip quickly. This will help you diagnose the area of improvement for your website.
4. Add videos on the landing page:
Videos are more engaging, and if that is attractive, they will capture the audience for longer. It increases the possibility of dwell time and a higher conversion rate.
5. Show users some concerns with the live chat:
Increase interaction with the users by adding live chat. You can save some of your potential customers by adding live chat. Answer them instantaneously and remove their concerns.
6. Rethink your offers:
You should rethink your offers. Make a strong, compelling copy and have optimised forms to push for the final purchase. Stick the copies to the pages it relates to.
7. Conduct A/B testing:
Always conduct A/B testing to see what type of headlines, colours, copy, layout, and call-to-actions work for your audience. For example, you can do A/B testing for the same page and then see which one works best to drive the sales or complete an action.
8. Increase trust in your brand:
To attract audiences, you can use tactics like money-back guarantees, discount offers, etc. Update the site content and make it easy to use for the customers. After increasing the trust in the brand, the customers will automatically make the purchase.
9. Write strong CTAs:
Make it compelling so that the customers are motivated to take action. Keep in mind the UI for CTA that captures the users’ attention.
The Sooner the CTA appears on the page, the higher the chances of sales conversion will be. Also, place a high-contrast CTA button to gather the audience’s attention.
Ways to Increase Mobile Conversion Rate
With the growing number of mobile users each year, it has become mandatory for companies to focus on mobile marketing also. To increase the conversion rate, this is what the brands can do:
1. Improve the page speed:
Concentrate on improving the page load speed enabling the content to appear faster. If your site takes more than 3 seconds to load, the chances of the bounce rate are higher. Keep testing the mobile page speed, and take action to improve the load speed. You can keep the images smaller and compressed. Also, the website should be responsive.
2. Get a Mobile-friendly website:
Develop a mobile-friendly website and check ways to improve its performance. If the site is not mobile-friendly, there are higher chances that Google will not rank your site.
3. Keep the purchase process easy:
Keeping the concentration span of the users in mind, which is less than 8 seconds, make sure that the purchase process on your website is easy. Avoid having too many steps in the checkout process and payment buttons. Keep the payment method simple using accepted gateways like Google Pay, PayPal, or ApplePay.
4. Get creative with mobile marketing:
Get creative with mobile marketing campaigns. Think of the content that attracts the visitors and motivates them to make the purchase.
5. Concentrate on local marketing:
Add your complete location information, as your customers might also want to spot you offline. Increase the mobile conversion rates by creating localised content, so you perform better in local searches.
What affects the conversion rates?
A conversion rate is affected by the following:
- Page design
- Page layout
- Text and images
Why do conversion rates drop?
A conversion rate may drop due to the following:
- Ineffective CTA
- High load time of the website.
- Change the platform where you run ads.
- Poor images.
- Site errors.
What is the difference between CTR and conversion rate?
CTR refers to Click-through Rate measuring how many people clicked on the ad that redirects to the landing page.
On the other hand, a conversion rate is a metric that displays how many people clicked on the CTA against the total number of people who visited the page or the page.
What does high conversion rate mean?
A high conversion rate indicates successful marketing campaigns and responsive web designing. It implies that people are buying what you are offering them.