Conversion rate optimization
(CRO) refers to a process of enhancing the percentage of conversions from a
sire or mobile application. CRO often involves initiating ideas for elements on
your website or app that can be improved. It also works to validate those
hypotheses through A/B and multivariate testing.
Importance of Conversion Rate Optimization
Nowadays, the trend of using Conversion Rate optimization analysis
has become prevalent. It’s important because it enables you to lower the
customer acquisition costs by fetching more value from the users and visitors
you already have. You can increase revenue per visitor, grow your business, and
acquire more customers by optimizing your conversion rate.
For instance, if a landing page has
a conversion rate of more than 10 percent and receives 1500 visitors a month, the
page will generate 150 conversations every month. In case the rate is improved
by 15 percent by optimizing different elements, the number of conversions
generated jumps by 50 percent to 225 per month.
There is always space for
enhancement when it comes to increasing conversions, and smart people are constantly
iterating and improving their apps and sites to give a better experience to
their users and grow conversions. Also, companies have started using Key Opinion Leaders Profiling alongside
CRO for better outcomes.
Establishing Conversion Metrics
CRO begins by identifying what the
conversion goals are for a given web page and app screen. The success metrics of
your mobile app or website will largely depend on the types of business you are
involved in, and what your goals are.
For example, if you are selling
your products online, a conversion for you will be purchases, or maybe the
number of visitors that add a product to their shopping cart. If you provide
services to businesses, you might be measuring the number of leads your site
collects or the number of white paper downloads.
Some common conversion goals are:
Media: Ad reviews, page reviews, newsletter
subscriptions
E-commerce: Product sales, shopping
cart completion rate, add-to-carts, and email newsletter signups
Travel: Ancillary purchases,
booking conversions, social shares
B2B: deals closed, leads
generated
After establishing the conversion
metrics for digital interactions with the audience, you can start improving
your digital customer experiences through CRO.
If you are looking for CRO
analysis, Data Entry Outsourcing Services, or anything else related to market research and analytics,
contact Penterra Analytics. Penterra Analytics is a renowned company which
provides you with a wide range of services, including business research,
competitor analysis, desk research, virtual support, digital analytics, etc.
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