There’s an old saying that it’s an ill wind that blows nobody at least some benefits, and the growing trend of conversion rate optimization (CRO) is an excellent example of this. The focus on optimizing website conversions has grabbed the attention of marketers everywhere, mainly because of the high number of benefits this strategy offers. Here are some of the benefits you can expect to enjoy by implementing a comprehensive CRO plan.
Join the conversation on LinkedIn’s article titled, “The 6 Promising Benefits of Conversion Rate Optimization (CRO)“.
Benefit #1: Leverages Existing Website Traffic
Are you getting website visitors, but they aren’t becoming clients in large enough numbers? Research shows that a reasonable website conversion rate is between 2% and 5%. That means the higher your traffic, the better your chances are of getting business from visitors.
In the good old days of sales, the saying was “the man(person) who makes the calls gets the orders.” These days, it’s the website that draws the traffic that makes the sales. Use these proven CRO methods to create engagement opportunities on your website to keep visitors returning and increase website leads. Your reward will be a higher conversion rate and more sales to your existing website traffic.
In fact, before you spend any more money on marketing, it’s critical to discover how you can make your current traffic convert more. Check out my video interview on this topic here.
Benefit #2: Reduces Customer Acquisition Costs
The costs of getting new business can be high. According to research data from 700 companies, customer acquisition cost (CAC) has increased by 60% over the past six years. Marketing is getting more expensive, and CAC is one variable that can make or break a company due to its impact on growth.
A robust CRO program results in lower CAC costs by identifying the right mix of elements on your web pages, publishing relevant landing pages, and using CTAs that encourage a higher percentage of your visitors to convert.
These actions lower your cost per lead without cutting into profits, which delivers a higher ROI on your marketing spend.
Benefit #3: Increases Customer Lifetime Value
The flip side of the CAC coin is finding ways to retain existing customers so you can get more revenue from them without having to spend money on getting new customers. CRO strategies can directly influence Customer Lifetime Value (CLV). Through customer retention and re-engagement tactics, CRO increases the value of your sales and the loyalty of your customers.
Benefit #4: Improves Ranking in Search
Every marketer worth his (or her) salt knows the importance of being found in search. As difficult as it is to make the first page of search results, it remains vitally important to use best practices to try. And while content and images are essential, there are other CRO options you can use to improve Google rankings. For example, site speed is a direct SEO ranking factor because a slow website automatically causes higher bounce rates and lower conversions.
Benefit #5: Boosts Website Revenue
CRO boosts the revenue generated by a website simply by lowering costs such as CAC and optimizing marketing ROI. Additionally, you can expect to increase sales and profitability by using methods such as published customer reviews, adding lifestyle imagery to product pages, and providing a seamless user experience for online customers.
Benefit #6: Gathers Customer Data for Business Intelligence
Collecting data and getting to know customers better is a primary conversion rate optimization strategy. If you have traffic and a way to analyze user data, you can get insights into the hearts and minds of your customers, whether they are past, present, or future clients.
Quantitative data provides information about what, when, and how customers perform actions leading to a purchase, while qualitative data focuses on why they do things. This kind of data is usually gathered by surveys, interviews, and complaints, and can help you understand your customers’ pain points and their experience with your website.
Knowing these facts enables you to adapt your online interface and your product offering to meet your customers’ needs better.
The benefits of conversion rate optimization are clear, so what are you waiting for? Speak to us today to find out how to turn your website into a source of valuable online revenue.