Meaning and Key Benefits of Conversion Rate Optimization

Conversion rate optimization (CRO) is gradually becoming one of the activities for marketers around the globe. Boosting conversion rates can leave a significant impact on your bottom line, so there are several benefits of CRO.

However, before you form a CRO strategy, or use conversion rate optimization analysis, you need to know what it is, and how it works. There is much testing involved in true conversion rate optimization, so you are in for the long haul.

Don’t let that scare you. Spending some time on understanding CRO can make your business grow and collect more profits.

Meaning of CRO

The conversion rate is the percentage of time your customers convert on your offer. You can calculate the rate for many things, including sales, email signups, webinar registration, poll and survey participants.

There is no denying that sales is the key metric to track, but conversion rates on actions can help you quantify your lead-generation results.

Benefits of Conversion Rate Optimization

Know Your Customers

The more you dive into CRO, the more you will get to know about your customers. What do they need? What do they want from you? Why do they visit your site?

You can find answers to these questions through questions which form the basis for much of conversion rate optimization. When you detect different aspects of your site’s functionality, users will lend their “vote.” For the outcomes, you can deduct what makes your target audience track. In this view, Key Opinion Leaders Profiling will be useful.

Increase Website Revenue

Who doesn’t want more sales? The more revenue you collect, the stronger your business becomes.

Invest some cash back into the business. Run ads based on what you have learned about your audience.

Also, you can start optimizing for the metrics I have mentioned above. If you are looking to increase customer lifetime value, find ways to convince those people to spend more cash on your business.

Lower Your Customer Acquisition Costs

Customer lifetime value is of great importance because it’s less expensive to retail consumers who already exist than to acquire a new one. In addition to that, you can choose to spend less to bring new customers on board.

These are the top three advantages of CRO. For using services like Data Entry Outsourcing Services, CRO analysis, key opinion leader profiling, etc., you can contact Penterra Analytics. Penterra provides you with top-class market research and analytics services and has cemented a place in the market.    

Conversion Rate Optimization: Meaning, Importance and Metrics

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.

Meaning and Importance of Conversion Rate Optimization (CRO)

The conversion rate is about the percentage of visitors who perform your desired action on the page, if that’s filling a form, downloading an eBook, or buying your product or service.

Conversion rate optimization (CRO), on the other hand, is an excellent process of driving more visitors, who take a particular action and convert. CRO is calculated by dividing the number of people who convert by the number of customers who are told to take action. Today, business owners have started doing conversion rate optimization analysis for reaping higher results.

Importance of CRO

Usually, there are two fundamental ways to grow an online business: generating more traffic on a website to increase sales and turn the current traffic into customers. Conducting rigorous experiments on your site and leveraging the data to enhance conversions is a cheap and efficient strategy that will continue to generate sales in the future.

In e-commerce, conversions happen at every phase of a customer’s buying journey, as they rely on the purpose that a particular part of a website serves. For instance, a customer clicking through a product image is nothing but a conversion because it pokes him down the funnel and places his closer to making a purchase. By eliminating friction and making the conversion track smoother and shorter, you are creating more sales opportunities and boosting the sales process.

To maximize the value of traffic, you can consider Key Opinion Leaders Profiling services and engage in constant testing and experiment every aspect of your website for higher conversions.

How to optimize conversion rate?

CRO is a long process of careful experimentation executed through A/B testing. The essential step before you start testing anything is to explore your website’s sales funnel and identifying friction points that could be improved to achieve higher conversions. The best way to collect this type of data is to take a dig into your Google Analytics account and go through conversion reports to see how people are moving through your site and find where they drop off.

After crunching the data and determining potential conversion issues, you can move on to deciding what major aspects of your website you want to run experiments on. This often depends on the conversion goal you will optimize for. In Google Analytics, goals are utilized to know how visitors complete a task and navigate a website.

To know more about CRO, you can read our blogs on Penterra Analytics’ website. Penterra provides a wide range of services, including Data Entry Outsourcing Services, CRO analysis, and other market research and analytics services at a very competitive cost.

Contact Penterra Analytics today!

Key Advantages of Using Data Entry Outsourcing Services

Processing and digitizing data is a crucial task across many businesses these days. Digitizing data, either through document process automation or manual data entry, gives easy access to information and increases operational efficiencies. Though most of the firms understand and acknowledge the importance of data for their business operations, the shortage of manpower to organize their information bank often poses a challenge. When data from more than a million documents need to be collected, the requirement for resources would be significant.

Many companies around the world see value in opting for Data Entry Outsourcing Services and partnering with data entry service providers. Companies outsourcing their data entry tasks have different requirements: data entry from scanned records, invoices, images, product catalogs, charts, data processing, and so on.

Here are the top benefits of using data entry outsourcing services:

Smart Partnership

Experienced companies involved in data outsourcing have the flexibility to measure their services and customize them according to the requirements of their clients. Working with expert data entry providers allow outsourcers to make an effective and sustainable relationship.

Focus on Competency

Many businesses follow core and non-core processes. Implementing non-core processes can add enormous operational costs regarding the hiring of process executives, buying or renting office space, deploying new technology, recruiting managers, and many hidden charges.

Outsourcing data entry services relieves you from the hassles mentioned above and makes you focus on your core competency. You can use the spared money in other fruitful ventures such as Conversion Rate optimization analysis.

Access to Better Talent

By outsourcing, outsourcers have access to the best talent available in the market. Top-ranked BPO companies know the real worth of recruiting the right candidate for the job to offer exemplary service to their clients. A reliable service provider will guarantee that the company has the best resources.

Access to Latest Technology

It has become vital for BOPs to upgrade the technology they have at regular intervals. The right technology ensures a faster and quicker service. By spending some time on finding the right service partner, outsourcers can save sufficient money that they had to invest in technology in-house.

Improved Productivity

Outsourcing data services in the countries like India, which is 10 to 12 hours ahead of the United States and Canada, have proved effective when it comes to improving productivity and enhancing volumes of transactions. With the assistance of after-hours data entry support, multinational companies can accelerate their business and deliver quicker services to clients.

So, these are the top five benefits of using data outsourcing services. To know more about it and other services, such as Key  Opinion Leaders Profiling, CRO analysis, market research services, etc., you can contact Penterra Analytics.

Penterra Analytics has been delivering quality services to all its clients for the past ten years in India and worldwide.

Top 3 Reasons Why Online Retailers Need Conversion Rate Optimization

You might believe that online retailers do not need optimization since buyers are simply searching for a particular product within their budget. If you click on a website, you are already interested and willing to buy something, so the conversion is easy, right?

Wrong! In most cases, retailers need conversion rate optimization analysis more than other online businesses for many reasons which will be discussed in this blog.

A website that’s tough to navigate, doesn’t look trustworthy, or does not prove its value to the page visitor will cause that visitor to click away if they are already determined to take action or not (add a product to cart or checkout).

Conversion rate optimization (CRO) is vital for retailers because it allows them to create and manage the most of the site traffic that they have and effectively making more money without spending much on the optimization or customer acquisition.

The following are the top reasons why CRO is crucial for your business:

Rising Pay-Per-Click (PPC) Costs

It’s no secret that PPC price has hiked significantly. High demand for the platform is the reason behind the hike- that’s simple economics, but it does not make shelling out more money any easier. PPC used to be the best way for startups, new and small businesses to get some attention while SEO (search engine optimization) kicked in, but it is becoming less of an option, especially if all clicks aren’t converting into sales.

That’s where CRO assists in making the most clicks that you get so that clicks pay for themselves.

Increase in Online Competition

You will see more and more retailers across the board, competing for your customers. Some of them are easting way other smaller retailers, meaning if you want to convert your visitors into customers you will need a website that is easy to use and which automatically prompt visitors to take the actions you want them to take.

Choosing CRO along with Key Opinion Leaders Profiling will enable you to stay ahead of the competition. 

Effects of Social Media

Social media provides great platforms for marketing and connecting with new and existing customers. There is no denying that social media has boosted the number of page views, but it has also fostered the phenomenon of a shorter consumer attention span. That means you will require capturing customer interest once you have it.

Having your services or products listed on your website is not enough anymore. You better differentiate yourself from your competitors which will need to have a unique story of your own tied to your offerings.

So, these are the top three reasons you need CRO. Penterra Analytics is a leading company which provides numerous services, including Data Entry Outsourcing Services, CRO analysis,  data services, analytics, investment research, pharmaceutical research and much more worldwide.

Contact Penterra Analytics today! 

Why Is Key Opinion Leaders Profiling Important for Pharmaceutical Firms?

Key Opinion Leader (KOL) profiling approval is important for the success factor of a product during its life cycle. Different companies and organizations, especially pharmaceutical, often meet the key opinion leaders in the drug development procedure to receive advocacy and key marketing feedback. Organizations allocate considerable money and time in cultivating Key opinion leaders.

Key Opinion Leaders Profiling is essential for companies, as they want leaders for,

•    Advocacy Activity

•    Primary Investigation

•    Marketing View Points

There are plenty of market research companies which provide you with information, accurate, sharp and high-quality key opinion leader data. KOL services often include:

•    KOL identification and mapping

•    Primary profiling

•    Complete profiling

Some ways to identify KOL in the Bio-Medical field and other disciplines:

·        The main task is to collect important information on individual physicians from available public and commercial resources.

·         MS level curators carry out the project.

·   Information encompassing the physician’s name, address, qualification, research activities, awards etc. are collected and profiled in excel sheets.

·         The project is carried out with two rounds of quality checks.

KOL identification and profiling Services:

·     Primary Profiling: Database development that will help in collecting information on physicians in different domains

·  Complete Profiling: Creating a complete profiling project on a number of physicians in a particular disease area

Apart from KOL identification and profiling, there are other services, such as Data Entry Outsourcing Services and KOL management information that may help you reap great results. When it comes to KOL management information, it includes the development of KOL management system, customization of client’s KOL platform, maintenance of KOL database on an ongoing basis and development of an integrated repository of KOL management information.  

In case you are looking for KOL identification, profiling, management, and ranking services, Penterra Analytics will be the best place for you. The company has a huge database of top-ranked KOLs belonging to different medicinal specialties and geographical locations.

In addition to that, the company offers different services, including Conversion Rate optimization analysis, knowledge services, data services, analytics, investment research, and pharmaceutical research services in India and abroad. 

Conversion Rate Optimization Analysis: Meaning and Key Benefits

If you are going through this blog, chances are pretty brighter that you already know about CRO or conversion rate optimization. You may know the basic principles- that CRO encompasses A/B testing versions of a website against each other to know which performs better- but might not have conducted any tests as yet. At this stage, you would be wondering what the benefits of conversion rate optimization analysis are.

Let us find out what the conversion optimization rate is, and how it works on websites.

What is CRO?

CRO refers to the practice of A/B testing two versions of a single website against one another. The primary purpose of the process is to find the version that converts better- that is, the version that generates most leads, phone calls, contact forms, purchases, and so on.

CRO includes testing different factors on a website to observe whether and how they impact conversions. It may include elements, such as an entire checkout process or small ones, like the color of a button.

Top Benefits of CRO

The biggest benefits of conversions rate optimization have to do with money and lead. However, the key advantages of testing your site go beyond that.

The following are top three advantages of CRO:

Make Decisions Based on Data

Before CRO, if you were looking to make a change to your site, you probably did it based on gut feelings. You might have heard someone saying, “We need to change this page because I think it will do better if…”

Here is where CRO comes into play. It eliminates “I think” and leads to “I know.” CRO enables you to make decisions based on facts and data than your gut. In pharmaceutical market research and analysis, some businesspeople choose Key Opinion Leaders Profiling alongside CRO analysis as it complements the earlier.

Get Better Results

When you use the data acquired from CRO analysis to make decisions about changes on your website, you will see that you have obtained results from these changes. In case you have changed the color of a button after knowing that the testing has proved 5 per cent more users click it, you will get at least that 5 per cent- versus unknown conversions from changes made without testing.

Make More Money Over Time

Most blogs and articles on CRO benefits emphasize on the additional money conversion rate optimization can earn you. Though it’s true, you should not expect your CRO analysis to result in millions of dollars in additional revenue in the initial stages. Instead, be positive about incremental revenue you will notice over time.

Mostly, CRO will assist you in identifying small areas of opportunity that can result in increased conversions- and therefore increased revenues- over the span of few weeks.

So these are only three out of many benefits of CRO.

To avail CRO analysis, key opinion leaders profiling and Data Entry Outsourcing Services, you can reach out at Penterra Analytics. Penterra is one of the leading companies offering top class market research and analytics services in India and abroad.