Published on July 25th, 2018 | by Sunit Nandi0
Top 6 Techniques to Improve Conversion Rate and ROI
Adam is an intelligent businessman. He plans to open a bakery in the middle of the town. After putting in a lot of efforts, he starts up an extremely fancy bakery with all kinds of attractive elements that would lure in a lot of visitors. But, his bakery fails to perform as the visitors are just into window shopping.
Ever wondered what’s exactly lacking in Sam’s business model that needs to be executed to make the customers buy his product? Inarguably, it’s the conversion factor that plays a major role in bridging the gap between the visiting customers and their potential buying decision. His customers are only visiting his bakery and not buying his products.
The same rule applies to the most elegant and fancy websites that you have built for your business. You effectively incorporate all types of online marketing tactics that are required to increase the traffic coming into your website. Your efforts show eminent results and you start receiving a considerably high traffic inflow to your website.
The Question is: Will this suffice for a successful revenue generation strategy?
Well, routing ample amount of traffic to your website doesn’t guarantee a fail-proof revenue generation with your products and services. Only a small percentage of the traffic that flows into the website actually gets converted into sales. You will be able to witness an increase in the sale of your products only after a considerable enhancement of the website’s conversion rate.
So, this article will give you a short insight into the following topics
- What is the conversion rate?
- Why improve conversion rate?
- Ways to Quickly Improve Your Conversion Rate
What is the conversion rate?
The conversion rate is the ratio of visitors who made a purchase transaction on your website to the overall number of visitors you got, depicted in terms of percentage. For example, if your website has a traffic inflow of 500 visitors, and only 50 of these 500 visitors carry out a purchase transaction, the conversion rate for your website is 10%.
Why improve conversion rate?
The conversion rate is the key to generate revenue from incoming traffic. And once you have the conversion rates for your website sorted, you get to enjoy the following benefits:
- A considerable increase in the revenue that’s being generated.
- Acquire more investors that will help in the expansion of your business.
Ways to Quickly Improve Your Conversion Rate
Optimizing the conversion rates isn’t really a fugitive task. These following methods can help you dramatically boost your conversion rate and make your business grow at a faster pace:
1) Streamlining Your Target Audience
The thumb rule for narrowing up your targeting audience is to have clarity about the end user for whom your product is being manufactured.
Its best advised to always suggest the apt option for the majority of the consumers. The reason being the fact that people always tend to become paralyzed and completely ignore a particular decision, when introduced with too many options.
Also, streamlining your target audience will help in the reduction of your niche. This will ensure that the money invested in generating leads would be only focused on individuals who are more likely to buy your product.
2) Evaluation of the Sales Funnel
It’s often observed that majority of the businesses try to convert a prospect into an opportunity for sale, right away. A comparatively more effective alternative can be followed to achieve the same objective, which is, moving the potential customer with series minute conversions through your sales funnel.
This gives you the advantage of speeding up your scalable sales cycle for most of the products. This in-turn, assures you the conversion of a wandering visitor into a potential transaction.
3) Focusing On Web Designing
At times, people beget their perception about a site by its visual appearance alone. Therefore, it is always important to pay attention to the page layout, images used, typography, consistency issues etc. while designing your website. Research shows that on an average, it’s always the amateur-looking websites that kill the customer’s trust.
4) Having A Secure Website
Security is one of the most overlooked factors that play a substantial role in the conversion of a website. Various online shops take the security aspect way too lightly, thereby paving the way for cyber offenders to infiltrate their site and create mayhem.
Studies show that among the consumers who had opted out of a purchasing initiative, 17% of them cited “payment security” as a reason for not continuing with their transactions.
There are various ways to counter the security issues, such as:
- Using a Secure Sockets Layer (SSL)
- Implementation of Trust Seals
- Offering Secure payment options
- Putting up a “trust badge” on your checkout page
5) Avoiding Major Website Modifications
Changes are necessary for all sorts of business. It effectuates a feeling of novelty and induces a new vibrancy in the overall functionality. But unnecessary changes, especially at an elevated level, prove to be fatal for the conversion rates.
The changes that include an outright makeover are felicitous for sites that are completely outdated. Unwanted overhaul of the websites tend to estrange your current customers and at the same time, fail to resolve your ongoing conversion rate issues. It’s always advised to make minor changes to the websites, until and unless major ones are extremely obligatory.
6) Choosing the Right Measurement Analytics
Conversion rate optimization can be done in a variety of ways. But before proceeding ahead with any of the methods, it’s always important to decide on the metrics that can be implemented for improvisation purposes.
For example, there are different sources for incoming traffic. And all these sources have their own levels of conversion. So, you should retain the right tools to measure the amount of traffic that’s being converted by each of them and it should be individually taken care of.
The secret behind improving the conversion rate of your website is to test, re-test and re-test. The strategies that workout for one niche, audience or website might not work for another. Hence, the one-size-fits-all methodology is not at all a practical approach for achieving optimal conversions. You should always analyze the factors that impact your business the most and then try to work on it.