Conversion rate for an online business is a measure of its success or completion of a preset goal. This means that the content, layout, structure, navigation and call-to-action (CTA) on a particular landing page (which is the homepage in most case for startup business) has convinced your visitors to take an action that you want them to take. Similarly, conversion is when a visitor on your website performs your desired action which could be anything from signing up for a newsletter, creating a user account by providing a username and password, downloading your app, making and online purchase or something completely different depending on the nature of your industry niche or business website.
Conversion rate optimization or CRO is a structured and streamlined process of improving your website performance. The performance of a particular landing page is estimated by user insights, their feedback, experience and completion of unique website objectives. The idea is to improve user engagement by displaying relevant and precise information on the page, while making it easier for the users to find that information. Also, it is equally important to target the right audience who are interested in whatever you are selling on your page. However, in this article we’ll learn some concepts and tools needed to optimize conversion rate. For more on developing a quality landing page click here.
Following are some concepts to keep in mind when optimizing your conversion rate:
Conversion funnel is the structured process a user goes through to complete a conversion. An ideal structure would minimize the number of clicks for a user in order for him to complete an action. For instance, a user pathway for an Ecommerce website should be Home > Search Results > Product Page > Check Out.
Call-to-action is the primary point of user interaction which could be a button, link or banner placed on the page which triggers a user to perform an action. A ‘buy now’ button on ecommerce website, ‘download now’ on an app’s landing page, or ‘sign up now’ for the email newsletter are all examples of call-to-action.
A/B Split Testing
Testing of one version of a landing page for its interface elements to that of another is A/B split testing. Only one element on the page is measured in split testing, for instance, user response is tested for a red button in comparison to the effectiveness of a green button.
(MVT) Multivariate Testing
Multivariate testing refers to Testing different page elements in many combinations to assess the best performing combinations and page elements. For instance, various different combinations of page headers, CTAs, buttons, images or content are tested to figure out the best.
Now moving on to some important tools online businesses use to evaluate and optimize their conversion rate:
Analytics is one of the most important tools to track and report what’s happening on your website and answer questions like where is the traffic coming from, how many new and/or returning visitors you have, and provide valuable statistics like bounce rate, audience segmentation and conversions.
Whether you are using Google Analytics, Mixpanel or KISSMetrics segmentation allow you to spot troubles in the conversion funnel, while coherent analysis test common attributes of a given group. Like, you may asses a user group who signed up for your newsletter in January and compare it with the users who signed up in February to see which group more profitable and engaging.
Following are some important analytics tools you can use depending on the needs and requirements of your business. Using a combination of Google Analytics and KISSMetrics is ideal when planning on coherent analysis.
Analytics can only provide quantitative analysis and in order to enrich user experience a business needs rather quantitative approach which is where user surveys comes. User surveys are ideal to extract consumer insights and qualitative information that analytics fails to offer.
Surveys allow users to openly express difficulties they are facing through the conversion funnel which are not easily possible to assess otherwise. Analytics can only identify a certain point in the conversion funnel where users are dropping, but surveys can figure out the actual cause and allow businesses to take necessary measures. A simple open ended question will do the trick.
Surveys also facilitate A/B split testing analysis, you can set certain question on original and test page and see how users respond to these questions differently. Following are some basic means of conducting user surveys.
There are instances when ever users are unaware of the problems they are facing through the conversion funnel. However, there are various software options which allow you to easily assess how users are interacting with your website and get a better understanding of your website’s functionality.
In order to understand where your users are clicking, looking or lingering, tools like CrazyEgg and ClickTale helps you to track click density and perform heat mapping. Similarly, concept testing tools like Browsershots and Balsamiq allows you to easily create a test version of your website to indemnify the trouble points with the help of user feedback. Finally you can check the user-friendliness of your website with the help of user testing tools like UserTesting.com and VerifyApp.com to get a detailed qualitative analysis of first time visitor’s experience.
Though there are many tools available to help you enrich your user experience, but it is important to first understand the problem then carefully select tools that give you the exact results your require.