If you want to make more money, conversion rate optimization techniques can help you achieve that goal. This guide will provide you with the definitions and strategies you need to understand and implement conversion rate optimization. Conversion rate optimization is the process of analyzing website data, statistics, and information to improve performance. It increases the percentage of visitors converted to your site.
To understand how it works, let's look at an example. Imagine you have a stall in the market and 100 people wearing robes pass by it. You manage to convince 30 of them to buy a diamond. The day before, you were a little sleepy and only managed to sell 15 of the valuable jewels, even though the same number of people visited your stall.
This is an example of conversion rate optimization. You can use it to increase your sales by understanding why some visitors are more likely to buy than others. To do this, you need to identify the factors that influence conversion rates and optimize them accordingly. Now that you understand what conversion rate optimization is, let's look at five strategies you can use to improve your conversion rate.
1.Improve Your Customer Value PropositionThe customer value proposition (CVP) is a bold statement that describes the added value you bring to your customers that no one else can offer them. It should be clear and concise, focusing on what makes your product or service unique. For example, instead of saying “our product has a modular design that ensures maximum flexibility”, you could say “our product is designed for maximum flexibility”.
2.Use Contextual TargetingContextual targeting requires you to know who your users are and what they need. For example, if Amazon knows that Raghav's mother is looking for a smartphone, they will promote a smartphone with a 108 MP camera even though it doesn't mean anything in terms of quality.
3.Limit Your OptionsResearch has shown that people are more likely to make a purchase when there are fewer options available.
For example, when 24 flavors of jam were presented, only 3% of consumers ended up buying jam, while 30% bought jam when only 6 flavors were presented.
4.Use Scarcity TacticsScarcity tactics involve creating a sense of urgency by limiting the availability of a product or service. For example, many hotel sites will show that there are “only 2 rooms left” even though there may be more available.
5.Test and Verify ResultsTesting is an important part of the conversion rate optimization process as it helps you collect data on the effectiveness of different aspects of your marketing campaign. After testing different variations, verify that your efforts are specifically related to an increase in conversion rate by continuing to run a test until there are statistically significant data. Conversion rate optimization is an ongoing process that requires continuous review, implementation, testing and verification of changes made to your website in order to make the most of your inbound marketing efforts.
By following these five strategies, you can improve your conversion rate and make more money.