Doubling Your Conversions Means Doubling Your Revenue

With a shift to an online marketplace, the hunt for potential customers has moved into the digital space, giving a boom to the practice of digital marketing. Marketing no longer is focused on the offline methods but is more of an integrated approach now.

When it comes to online marketing, the two most important aspects at the tip of the iceberg would be how many people visit your site and how many of them eventually convert to customers. To put it simply, getting visitors is a given but getting a higher percentage of those visitors to respond positively to your call to action would be the goal to improve profits. This parameter which inches a customer closer to taking the action you desire can be improved with Conversion Rate Optimisation (CRO).

So, what is CRO?

Before getting into the Conversion Rate Optimisation, there are two other terms to familiarise oneself with- Target Actions and Unique Page Visits. Target Actions refers to what a brand would like for the customer to do- an action that the user must perform in response to their marketing tactics. There are several different target actions ranging from sending in an enquiry or subscribing to a newsletter to purchasing a product or booking a service. Unique page views denote the number of users that visit a given site.

Mathematically speaking, the CRO is the percentage you get when Target Actions is placed in the numerator and the Number of unique Page Visits is placed in the denominator. If the CRO is calculated to be 3%, this means that of 100 visitors on the site, 3 responded the way the business wanted them to. To get more revenue, it would be wise to attract more people onto the page and/or focus on the reasons why the remaining 97 users did not convert. An exhaustive study into their needs from the data available and tweaking the factors help up this percentage.

Just more visitors doesn’t mean more revenue; Conversion matters. Like every good relationship, establishing a good CRO takes some time to understand. There are several different factors that come into play- an understanding of user psychology and breaking down the data available to gauge the situation.

Here is an outline of a few things that you could revisit and tweak to improve conversions.

1. Clearly communicated Call-to-Action (CTA)
2. Reducing redundant visits from irrelevant users, who may be in search of something else thereby, increasing the bounce rate
3. Clutter-free content (visual and written) that outlines your value proposition with clarity
4. Sense of urgency indicating that the user must take action now or be in fear of missing out

It is a long ongoing process that involves analyzing the needs and actions of the visitors. A minute change may help convert new customers- and in the example above, just four new customers would mean double the revenue!