Conversion rates are one of the most important indicators you should look at for your marketing campaigns, but it is also one of the most difficult aspects of campaigns. In fact, 77% of companies use A/B split testing on their websites but less than 22% of companies are happy with their conversion rates (separate studies). If increasing your conversion rate was easy, everyone would be rich or broke!
If you’re reading this blog, then you’re probably trying to look for ways to improve your conversion metric. Fortunately, there are a bunch of strategies you can use to improve your conversion rate. By enhancing your conversion rate marketing strategy, you help to refine your prospect’s online experience with your website, helping them make an informed decision when clicking on your call to action – and ultimately increasing your ROI.
Let’s look at some ways to refine your conversion strategy and improve your results.
What Is A Conversion Rate?
When we look at your conversion rate (measuring the percentage of visitors to your site that complete the desired action for your campaign objective), for most, that’s completing a purchase by clicking on the “buy now” button. However, there are plenty of different CTAs and objectives. For instance, you can consider prospects signing up for your mailing list as a conversion as well.
The formula for finding your conversion rate is the following:
(Number of conversions / Number of visitors to your page) x 100
So, if you have 200 visitors and 50 conversions, you get a conversion rate of 25%.
Your conversion rate is the final metric of success for your business’s marketing strategy. If your conversions are low, then something’s not working, and you’ll have to tweak your marketing strategy somewhere to alter the results.
What is an Acceptable Conversion Rate?
You might be wondering about what you should consider as a reasonable conversion rate. The reality of the matter is that it differs from website to website and the product or service you are offering.
For example, someone selling digital marketing products might find that a 25% conversion rate is fantastic, but a snowmobile dealer might find a 3% conversion rate outstanding. Digital products have a lower price tag and there’s a bigger audience looking for these products.
Conversely, snowmobiles are a seasonal tool in most states and they are a big-ticket item that costs far more than a digital program. You need to adjust your conversion rate based on how your competitors are doing with their marketing campaigns.
Conduct a few searches for your industry conversion rates, and you’ll find plenty of information on the conversion rate you should target in your campaigns.
What Does a Low Conversion Rate Mean for My Website?
A low conversion rate means that your website is missing out on opportunities. If your prospects aren’t converting, then you might have something wrong with the functionality or layout of your website, or your CTAs might not be the right fit for your campaign.
Other common problems with your conversion metrics might stem from issues like an inefficient design of your landing page that makes navigation challenging for visitors to your site.
Your site might also not clearly explain your value proposition to your prospect, causing them to lose interest in your offering.
Analyze your entire campaign (website, landing page and/or funnel) to find the issues in your conversion strategy and fix them through extensive testing.
Is It Only Sales that Count as Conversions?
As mentioned earlier, it’s a common misconception that sales are the only defining metric of your conversion strategy. However, there are plenty of actions your prospects can take that you can consider as conversions. These actions include the following:
- Chatting with a bot or representative
- Subscribing to an email list
- Submitting forms
- Contacting support or your inquiries department
- Downloading a free value proposition like an e-book
Your conversion strategy should encompass what you want your prospect to do when they land on the site. Whether that’s signing up for an email newsletter or making a purchase, you need to focus efforts on making that a priority for your prospect.
5 Tricks and Tips for Boosting Conversion Rates
If you want to improve your website’s conversion rates, then follow these five tips to boost the performance of your marketing campaigns and achieve your business goals.
Build Dedicated Landing Pages
If you’re running ad campaigns for specific products or services in your product range, then you need a dedicated landing page for each offer. When your prospect clicks on a link to view a product or service, they don’t want to navigate through your website to find the offer.
A dedicated landing page pulls your prospect directly through to your offer, allowing them to complete the CTAs and make their purchase or complete the conversion strategy.
As an example, let’s say you own a sales training company. You’re looking to promote your new educational product, teaching people how to sell on YouTube. You need to create a landing page on your site that demonstrates your product offering while building up the value proposition in your client’s mind before they commit to the purchase.
If your prospect lands on a page filled with all of your product offerings, then they might decide it’s too much effort to try and navigate the platform to find your offering.
A dedicated landing page solves this issue, providing you with a chance to increase your conversion rate.
Every internet marketer knows that testing is the secret to success with marketing campaigns. The first landing page you create will probably be the least effective. By building two or three landing pages, you can run an A/B split test on your advertising campaigns. As a result, you’ll find out what type of marketing strategy and advertising resonates with your target audience.
Testing also allows you to change your CTAs to find out which one inspires more conversions from your visitors. Other changes like font, images and headlines can influence your conversions as well. Make sure you don’t change too many things at once or you won’t know which changes were responsible for the increase in your conversion rate.
Remember to Include CTAs
It’s surprising how many internet marketers forget to include CTAs in their campaigns. When a prospect visits your landing page, they need you to direct them on which actions they need to take next. CTAs provide you with a means to direct your visitors to where you want them to go on your site.
The more detail your CTAs have, the better, but try to keep them to three or four words. Some of the CTA buttons you can create on your landing pages include the following:
- Download Your Free Guide
- Take Action Right Now
- Contact Us for a Free Quote
The more specific your CTA, the better the chances of your prospect clicking the button to take action.
Use Short Forms
When setting up your forms to capture information from your prospects, remember to keep things short. With the state of privacy online, people are more concerned about giving away their data than ever before.
Long forms with plenty of fields will make your prospects question their decision. That doesn’t mean that you can’t ask for information, but you need to be selective in the information that you want to capture. Do you really need more than a name, email address, and phone number?
Adding additional steps to your forms beyond these three critical pieces of information isn’t necessary and deters your prospects from completing the CTA. If you want to capture more information, add it as a separate part of your sales funnel instead.
Video Over Articles
Capturing people’s attention is the most critical task of any online marketer. With so much content available online, it’s challenging to reach your audience.
One rising trend in digital marketing shows that more people are turning to informational videos over reading articles or posts. People want you to promote your campaigns using videos, and if you fail to keep up with this trend, then your competitors will leave you in the dust.
Research shows that adding video to your landing pages can increase conversions by as much as 80% – that’s worth considering. However, you need to be careful with your videos, as people’s attention spans are short. Research shows that most consumers don’t pay attention to videos that are longer than 30-seconds, so get to the point with your videos as soon as you can.
Videos are a great way to combine visual marketing elements with audio marketing to give your prospects and accurate representation of your value offering. Test video on your landing pages, and compare it to pages that only have text and images, you might find the difference in conversion rates surprising.
DIY or Hire an Expert
Anyone can successfully optimize their marketing and conversion strategy, but not everyone has the time. If you want to reduce your learning curve, you can consider hiring a consultant for a month or two to get a jump start on your optimization. An experienced consultant can help you identify and fix key issues with your marketing or sales funnel. A good consultant will help provide invaluable tools that will help you efficiently overcome your conversion hurdles. While it might seem like a costly expense, the time you save can make it worth it.