6 Crucial Factors that can help you Boost Your Conversions and Enhance Revenue
A comprehensive digital marketing strategy is the basis of all major online marketing activities, leading to business growth. It is all the more essential, given the cut-throat competition triggered by the continual online presence of potential customers as well as competitors.
It is important to focus on website traffic, especially the number that is getting converted to customers. Herein lays the significance of Conversion Rate Optimization, which is in fact a system that boosts the percentage of website visitors going for the desired action or converting to customers.
Conversion Rate (%) = Completed “Target Actions”/Unique visits to website*100
Here “Target Action” indicates any action that the marketer intends the users to perform. Common target actions include filling a form, completing a purchase or subscribing to a newsletter.
The conversion rate for the majority of websites is 1%. This implies that there is 1 conversion out of every 100 visitors. Conversion Rate Optimization deals with the left over 99 people who could not be made potential customers. With comprehensive data collection and careful analysis of needs, it is ensured that the majority of visitors become customers.
Factors Determining CRO
Conversion Rate Optimization, an amalgamation of art and science, analyses accumulated data and applies the results to user psychology. The following guiding factors should be taken into consideration while dealing with CRO.
• Value Proposition – This is one of the vital aspects of conversion. Through an initial glance, the user should be capable of comprehending what the website can give him. There should be clear communication of the Call-To-Action.
• Relevance – Whatever value you propose will not interest users if that does not satisfy his need or purpose. Hence it is crucial to take into account the source media which is bringing in the incoming visitor, as well as the messaging that is catching the attention of the user and driving him towards the page. Until and unless it is consistent, there will be a lot of distraction for the visitors, leading to high bounce rates.
• Clarity – The value proposition should be very clear and should be communicated to the users in the most efficient manner. Starting from user interface and going right ahead to user experience, everything should communicate with perfect clarity what the user is expected to do.
• Urgency – It is a fact that once the user takes the decision to leave the page, there is high probability that he will not come back. So the page he is visiting must trigger a sense of urgency indicating that the required action should be taken ‘right now’. That is the reason why a number of landing pages have actionable phrases like ‘Get Your Free Quote Now’, ‘Contact Us Now and Get Attractive Discounts’, and so on.
• Distraction – It is crucial to keep the page free from clutter by adhering to a single messaging strategy, simple colors, and doing away with superfluous information. You have only 6 seconds to draw the attention of the user, so they should not be distracted at any cost.
• Anxiety – The anxiety that a user shows while taking the desired action is an important factor determining the conversion rate. This anxiety could be explicit or implicit. Comfortable content and trust symbols usually go a long way in reducing this curiosity and accumulate trust.
These six factors when properly considered can go a long way in increasing the conversion rate and bringing in more revenue.