What is a Conversion Rate?
A Conversion Rate or Ratio is best described as the number of unique visitors to a website compared with the number of those unique visitors who reach a specific goal, such as making a purchase. E.g. if 1000 unique visitors enter a site, and 10 of them make a purchase, the conversion ratio for that goal is 1%.
What is Conversion Rate Optimisation?
Conversion rate optimization (CRO) is the art and science of persuading your site visitors to take actions that benefit you, by making a purchase, offering a donation, or committing to some positive future action.
CRO uses a wide variety of techniques, including persuasive copywriting and credibility-based web design, to convert prospects into buyers. By planning, designing, and optimizing your website to persuade, you can ensure that it will act as a more efficient sales tool.
How do I increase my Conversion Rate?
Firstly, know your website’s conversion rate. This seems obvious, but an overwhelming percentage of marketers do not know how well their website is converting.
Also, recognising the significance of a ‘landing page’ is vital to improving the rate of conversion. Once a visitor is on your website, whether or not they convert depends ultimately on how your landing page is designed. It is important to remember that the conversion funnel starts as soon as someone lands on your site.
Depending on the website, there can be millions of different layouts and messaging combinations. For example should your product purchase button say ‘Buy Now!’, ‘Buy Today’ or just ‘Buy’? Should the product image have a different background colour? Should it be left or right aligned? Each of these elements could prove to have an effect on a visitor’s decision making.
Conversion Rate Optimisation Techniques
There are many ways to define techniques used for conversion rate optimisation. The main industry recognised techniques are A/B split testing and multivariate testing.
A/B Testing or Split Testing
This is sometimes called an A/B split - is the simplest and easiest method of testing elements on your Web site. You divide your audience into two groups. You expose one group to the original version of whatever you are testing. You expose the other group to an alternative version, in which only one element has been changed. Then you track the results.
Multivariate Testing
This is a process by which more than one component of a website may be tested in a live environment. It can be thought of in simple terms as numerous split tests or A/B tests performed on one page at the same time.
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