What is conversion optimization?
Anyone running an online business knows that increasing sales is a top priority.
In general, there are two ways a business can increase their online sales.
One approach is to increase their website traffic.
And although this isn’t a terrible solution, it can be costly and time-consuming.
For most businesses, a better strategy is to focus on increasing sales with the web traffic they already have.
If you choose the latter, you’ll want to focus on conversion optimization (aka conversion rate optimization).
Conversion rate optimization is how businesses increase their number of website conversions.
Essentially, it involves looking at your current sales funnel and finding ways to improve your website so more customers will sign up for your product or service.
Instead of paying to find new visitors, you provide a better experience for the visitors you already have.
This is important, because it allows businesses to do several things, such as:
This means that instead of sinking more money into advertising, you can convert the traffic you have more effectively.
So if a business has 3,000 monthly visitors to their website at a conversion rate of 10%, they gain 300 new customers every month.
However, by increasing the conversion rate to 15%, that business now generates 450 new customers every month.
As a result, their business grows by 50% without having to spend twice as much money.
This is why companies should always be looking for ways to increase their conversion rate.
Conversion optimization is one of the best ways businesses can increase their sales and their bottom line.
To get started, companies first need to know what their metrics are and how they will measure success.
Often, a business’s conversion rate refers to total sales, but it can extend to other areas as well.
You can measure your conversion rate by the total products sold, the number of people who sign up for your email list, or the number of new leads generated.
In other words, a conversion takes place when your website visitor takes an action you want them to take.
Once you have established the conversion metrics for your business, you can begin focusing on conversion optimization.
One of the best conversion optimization rate strategies is A/B split testing.
Businesses are often surprised to find that making small tweaks to their website can make a big difference in their overall conversion rate.
Simply changing the placement of a button, or changing your font size could increase your conversion rate.
With A/B split testing, you’ll split your website traffic into two groups: Group A and Group B.
As a result, Group A will see a different version of your website than Group B.
There are endless things you could test, but here are a few areas to start with:
However, the key with A/B testing is to change only one thing in each variation.
That way, if you change the color of a button and that version performs better, you’ll know what caused the change.
Additionally, you must make sure to collect enough data so you can prove there is a significant difference.
To do this, use a significance calculator such as this one: Significance Calculator
Conversion optimization can feel overwhelming when you are just starting out…
But tools like CX Map can make this process easier.
CX Map is a growth acceleration tool designed specifically to help marketers visualize the customer journey map, gather customer insights, and incubate ideas.
When you connect the CX Map App to your website, you can start tracking how your visitors interact with your website.
CX Map will help you:
If you are interested in learning more, try CXMap in action for free.