TL;DR

Conversion rate optimisation meaning

Updated: 08/02/2022
What is Conversion Rate Optimisation? In a nutshell, the process of improving your conversion rate by changing some factors in your website design or by adding new features to your website. This is usually done by finding out which traffic source you should use (paid or organic) and then optimising it to get more traffic/revenue. […]
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What is Conversion Rate Optimisation?

In a nutshell, the process of improving your conversion rate by changing some factors in your website design or by adding new features to your website. This is usually done by finding out which traffic source you should use (paid or organic) and then optimising it to get more traffic/revenue.
For example, if you have a paid ad campaign for product A and you think that people are buying A in the first place because they saw your ad, then you have to improve the conversion rate of A from 10% to 20%.

How to Improve Your Conversion Rate with CRO?

Conversion rate optimisation (CRO) is a new way of thinking about marketing that many companies have begun to adopt in recent years. It involves several aspects:
1. Understanding what lead-generation is – and why it is so important for marketers
2. Understanding the value of lead generation – and why improving it matters
3. Helping companies understand which marketing techniques will work best for them
4. Demonstrating how CRO can improve conversion rates - without changing your approach or technical savvy
5. Knowing where CRO fits into the modern world, and how it can help you attract more customers to your brand, grow existing customers and even add new ones.

Conversion rate optimisation (CRO) is a marketing term that has been around for years but has recently gained new interest as a result of two trends: 1) Marketing itself has moved from an all-or-nothing business model (where customers are out there to be bought by any company with the right product), to one where marketing teams need to get feedback on their own efforts, and 2) marketers want to capture more sales (to attract more customers).

In this post I want to take a look at both trends together, explaining why they matter in the first place, what they mean today, how they interact with each other and why they might change in the future. But if you want to read 5 easy tweaks take a look at this article by Mashable

Measuring and tracking your website conversion rate

It is often said that you need to measure twice, measure more and measure better. The idea is that when people find a new use case for your product they will take action, and as long as your website isn’t so bad that it fails to track their actions, then you can be sure you are being effective.
However, it’s hard to tell if the metrics you are using are actually working in terms of driving conversions — because they may not be capturing the right kind of activity.

Here is a quick example:
There are many ways a site might track conversions on its own but one common way is by using PPC ads or other paid marketing channels. But what if users don’t actually buy anything? What if they just browse?

A conversion rate optimization (CRO) strategy for this situation would be to use another tool (such as Google Analytics) to track (and report) these kinds of events and then use CRO tactics specifically to target users who do not buy anything from your site.
But how do you know which tools are tracking the right things? There are no magic numbers; there is no single “best” metric for this — it depends on many factors, such as how sensitive your data is to the user’s actions, whether any data about those actions should be collected in the first place, etc.  One thing that probably shouldn’t change though is the way you handle data — ensure your process for collecting data follows best practices and keep track of metrics in a standard format so they can be easily transferred between systems without having to manually modify them each time (or just keep them in different systems).

Conclusion

Conversion rate optimisation is a term that has crept into the language of business, marketing and industry. It can mean one of two things:
1. A marketing technique that improves the conversion rate of an advertising strategy.
2. An area of business where organisations and individuals focus on improving their conversion rates to find new ways to make money from a sales funnel or ecommerce platform.
Conversion rate optimisation (CRO) is used as a marketing strategy for many businesses and organisations including:  eCommerce sites, e-newsletters, blog sites, social media platforms, social media management tools, online marketing tools to name but a few. And while it may sound like something only big businesses are doing, CRO can be found in almost every company in all industries — big or small.


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