Conversion rate optimization, or CRO, is the process of enhancing your website to increase the number of leads you generate. CRO is achieved through content enhancements, split testing, and workflow improvements. Conversion rate optimization results in highly-qualified leads, increased revenue, and lower acquisition costs.
A conversion rate is the percentage of visitors who complete a desired action, like completing a web form, signing up for a service, or purchasing a product.
A high conversion rate means your website is well-designed, formatted effectively, and appealing to your target audience. A low conversion rate could be the result of a variety of factors related to either website performance or design.
How to calculate Conversion Rate
Conversion rate is calculated by dividing the number of conversions by the number of visitors and multiplying that number by 100 to get a percentage.
What tools do you use for CRO?
We have a powerful suite of CRO tools that help us measure and evaluate the performance of your site. First, we start with Crazy Egg which provides dynamic heatmaps, session recordings, form analytics, and conversion funnels. This helps us visualize what is working on your site and what is not so we can develop a customized action plan. As we begin to implement and test changes, we rely on VWO for A/B testing and analysis tools. Continued use of these tools helps us to monitor progress on your site and ongoing improvements.
What is a CRO audit?
A CRO audit is a thorough examination of your website’s current metrics and performance when it comes to conversion rate and user behavior. We will start by developing a deep understanding of the unique goals for your website and business. Whether that is sales, registrations, or applications having clear goals is critical to CRO. With these goals in mind, we will identify all the relevant sources of data and pull them together for analysis. The results of this process will help us determine where and what improvements need to be made in order to increase conversions on your site.
What is A/B (split) testing?
A/B testing, or split testing as it is often called, is the process of comparing two versions of a website or content against each other in order to determine which one performs better. In essence, it is an experimental process to help us determine which decision will be more impactful to your customers. Such a comparison may be made between your current site and new versions or between two completely new versions. We can utilize A/B testing for content and messaging, design elements, or even the input fields on your forms. This type of testing allows us to fine-tune generally understood best practices to your specific website.
What is a good conversion rate for my website?
When it comes to conversion rates, the standard of good will vary depending on the type of website you run, your industry, and what your conversion actually is. Generally speaking, a strong conversion rate is usually upwards of 10%. But some industries or conversions are harder to be successful in so the average conversion rate is much lower while others are higher. At Madavi, we have access to industry standards and know what a good conversion rate would be for each site we work with. As part of your CRO audit, we can tell you what your conversion rate currently is and what it should be
How many tests do you run at once?
We technically have the ability to run multiple tests at the same time, but that isn’t always a best practice. For example, running two or three A/B tests at the same time could complicate the results and make it difficult to decipher which change actually had the strongest impact. However, running multiple tests at once allows us to evaluate changes quickly and see results faster. We work with each of our clients to evaluate the best option for their website based on our analysis of the improvements that need to be made. Working together, we will determine the best approach.
What website elements do you A/B test?
The list is truly endless when it comes to the elements you can A/B test on a website. Everything from design and user experience to the actual content and pricing models can be tested. Some of the most common things to test include fonts, colors, calls to action, the positioning of elements on the page, free trials, short versus long copy, videos, navigation, and form fields. When you work with Madavi, we’ll use our team’s expertise to determine the tests that are most crucial for the success of your site. Then as we begin to see your conversion rate increase, we will move onto testing tertiary elements to fine-tune your site.
How many visitors does a site need to run A/B tests?
Unfortunately, there is no magic number that we can give you. Without getting too technical, the number of visitors needed depends on a calculation of what will be statistically significant. This calculation is done using your current conversion rate, the desired improvement, the number of combinations within the test (see above), your average number of daily visitors, and the percentage of visitors that will be included in the test. Sounds like a lot! Thankfully, when you work with Madavi we take care of all that math for you.