conversion-rate-optimization

10 Conversion Rate Optimization Strategies To Make More Money In 2023

Business / By /

Conversion rate optimization, often abbreviated to ‘CRO’ is the most crucial performance metrics for all marketers and the most significant leverage point for any company.

However, driving conversions is apparently tricky and intimidating task. The increase in the competition has made it hard for marketers to understand their conversion dreams.

Every company has certain goals to achieve. For instance, for your website, your goal is to make visitors click on ‘subscribe’ or ‘buy now’ or ‘call now’ button.  Every time a visitor clicks on these buttons, you earn a conversion.

Therefore, your conversion rate is the percentage of the people who have taken action v/s total number of visitors who have visited your website. In short, conversion rate optimization is the process of turning visitors that visits your website into customers.

The best practices for conversion rate optimization are not commercial. Instead, they depend on clever persuasion. Let’s have a look at some of the best conversion rate optimization tips that can help you in improving your objectives.

CRO StrategyDescriptionBenefits
A/B TestingComparing two or more versions of a webpage or elementIdentifies what works best for conversion
Multivariate TestingTesting multiple variations of elements simultaneouslyFine-tunes multiple aspects of a webpage
Landing Page OptimizationImproving the design and content of landing pagesIncreases the likelihood of conversions
Call-to-Action (CTA) OptimizationEnhancing the effectiveness of CTAsEncourages user actions and conversions
Website Speed OptimizationSpeeding up page load times and improving performanceReduces bounce rates and boosts conversions
Mobile OptimizationEnsuring a seamless experience on mobile devicesCaptures mobile traffic and improves conversions
User Experience (UX) DesignEnhancing website usability and user experienceImproves engagement and conversion rates
Form OptimizationStreamlining and simplifying forms on the websiteReduces form abandonment and increases submissions
Social ProofDisplaying trust signals such as testimonials and reviewsBuilds credibility and trust, boosting conversions
Exit-Intent PopupsOffering targeted offers when users attempt to leaveRecaptures potentially lost conversions
Cart Abandonment RecoveryStrategies to bring back users who abandon shopping cartsRecovers lost sales and increases revenue
PersonalizationTailoring content and offers to individual usersIncreases relevance and likelihood of conversion
Trust Seals and SecurityDisplaying security badges and trust sealsBuilds trust and reduces anxiety, boosting conversions
RetargetingReaching out to users who have previously visitedEncourages return visits and conversions
Customer Reviews and RatingsDisplaying user-generated content like reviewsInfluences purchase decisions and conversions
Chatbots and Live ChatProviding instant assistance and engagementHelps users make decisions and boosts conversions
Value Proposition ClarityCommunicating the unique value of your product/serviceReduces confusion and increases conversions
Scarcity and UrgencyCreating a sense of urgency or limited availabilityMotivates users to take immediate action
Heatmaps and Click TrackingAnalyzing user behavior through heatmaps and click trackingIdentifies areas for improvement and optimization
Continuous MonitoringRegularly tracking and analyzing conversion metricsAllows for ongoing optimization and improvement
Psychological TriggersUtilizing psychological principles like reciprocityInfluences user behavior and conversion rates

 

Use Effective Headlines

Whenever a person visits your website, headlines are the first thing that they probably notice. A great headline is the one that sums up the whole sales pitch in one bold sentence. It is meant to generate curiosity, solve a problem, answer the question, or be instructional.

Without an effective headline, there is a risk of losing a potential lead. Here are some types of headlines that have proven to be impactful in generating leads:

  • Question headlines
  • Command headlines
  • How-to & Instructional headlines
  • Direct headlines
  • Problem-solving headlines

Strategic CTA’s

Just like a name, the call-to-action button prompts visitors to take a specific action. It should be there on all your pages and should be visible to visitors. While creating CTA’s three things need to be kept in mind:

  • Color and shape: The color and shape of your CTA button should be such that it matches with other elements of the website. It should immediately catch the attention of visitors. 
  • Placement: Placing the CTA at the top of your fold is more helpful than one below the fold.
  • Make it benefited oriented: Bland CTA’s like ‘Download’, ‘Continue’, etc. are not action-oriented. In place of that, make them benefited oriented like ‘Stay connected’, Get my ebook’, etc.

Easy Navigation

A lot of website owners ignore the significance of navigation. They are unaware of the fact that even navigation plays an important role in visitors’ journey through your website. How? The answer is quite simple. The quicker a visitor gets what they want, the more chances that they will purchase it.

Therefore, it is vital to have simplistic navigation. Your visitor should reach any of your website pages with maximum two or three clicks. Since the usage of smartphones is at its highest than ever before, therefore, you should pay more attention to your website navigation on mobile devices.

Reduce Page Loading Time

The website loading speed plays an important role in engaging visitors and making them take the next step. The faster the page gets loaded, the lesser are the chances that the visitors will leave the website.

Surveys have also shown that users expect a site to load in two or three seconds. It not only increase conversion but also helps in getting higher position in search engine results. Here are some of the best practices that can help in improving the page loading time:

  • Implement Content Delivery Network (CDN) — a server group that brings pages and other content near the physical place of the user. Just because the server is nearer to the customer, it loads more quickly.
  • Compress the image size
  • Evaluate and disable the plugins that are no longer in use
  • Prevent ad scripts and pop-ups

Payment Security

Since technology has developed so much and everything is online today, people are more concerned about keeping their information private. To win their trust and make them feel secure; it’s important to display security symbols on the checkout page.

The more trusted emblems you display, the more comfortable customers will feel, and this is a great way to increase online sales. Apart from displaying security symbols, you can also give users multiple payment options like debit card, debit card, mobile payments, etc. It will make visitors feel that your site is customer-friendly and trusted.

Time Limit

The more you give time to people think about making a purchase decision, the greater the chances are of them changing their mind or getting distracted by competitor’s offers. To improve your conversion rate, you should set a time limit.

Create a sense of urgency such as ‘Get 60% off on all purchases during the next 48 hours.’ In 2016, Amazon, the e-commerce king, took this approach, and its conversion rate increased by 74%.

Play on Scarcity Effect

Another great way to increase the conversion rate is to create a sense of scarcity. During your online shopping, you probably have experienced that you want something, and that item is out of stock.

And next day or probably two days later, when you visited the same website, you found the same product in stock with a small message below it ‘Limited stock.’ Well, that was a scarcity effect action.

That product probably never was out of stock. It was done by that particular website to drive sales because scarcity or short supply of the product makes people purchase the product quickly.

Optimize for Mobile

The mobile industry is growing very fast. There has been a tremendous increase in smartphone users, and the numbers are expected to reach 4.78 billion by 2020. After knowing the fact, you cannot afford to ignore mobile users.

Check your mobile conversion rate and figure out the areas of improvement. Speed up your mobile site and have a responsive design for all your mobile pages.

Display Testimonials

Trust is the critical thing that encourages people to make their purchase decision. These days, because of cut-throat competition, customers have started giving importance to other customers’ reviews. No matter how persuasive your website is, the first time visitor will hesitate to make a purchase decision.

Showing the authentic testimonials of other customers may convince them to buy a particular product. If you have a well-known client and that client is very much happy with your services, then showing their logo along with their name will help you in building more trust among other clients or customers. You may also choose to display testimonials in the form of videos.

Shorten Checkout Funnel

Checkout funnel is a series of a path that a user takes to get from a landing page to the ‘Thank you’ page. The shorter the checkout path, the more likely it is to convert a visitor. Imagine that you want to buy something, and after adding the item in a cart, you need to follow too many steps.

Don’t you feel irritated? Chances are you may leave the item in the cart and quit the website. Similarly, if your website also has the long checkout process, you may lose the potential client or customer. Therefore, it is advisable to keep the checkout funnel short. Users will feel comfortable during their checkout process, and they may become loyal customers of your website.

Key takeaway

Conversion rate optimization is a continuous process. You can always do better. We hope that the above tips will help you in growing your business. There is one piece of advice we would like to give at the end is to continuously experiment with new ideas and figure out which one performs better for your business. 

Key Insights

  • Importance of Conversion Rate Optimization (CRO): CRO is crucial for marketers and companies to drive conversions and achieve specific goals.
  • Effective Headlines: Engaging headlines that generate curiosity, solve problems, and provide instruction are essential for capturing visitors’ attention.
  • Strategic Call-to-Action (CTA) Buttons: Well-designed and benefit-oriented CTA buttons prompt visitors to take specific actions, leading to higher conversions.
  • Simplistic Navigation: Easy-to-navigate websites improve the visitor’s journey, helping them find what they want quickly and increasing the likelihood of conversion.
  • Page Loading Time: Faster-loading pages engage visitors and reduce the risk of them leaving the website, leading to higher conversion rates.
  • Payment Security: Displaying security symbols and offering multiple payment options build trust and increase online sales.
  • Time Limit and Urgency: Setting time limits and creating a sense of urgency can encourage quicker purchase decisions and boost conversion rates.
  • Scarcity Effect: Creating a sense of limited supply can drive sales as customers feel the need to act quickly to secure a product.
  • Mobile Optimization: Optimizing websites for mobile devices is essential due to the increasing number of smartphone users.
  • Authentic Testimonials: Displaying genuine customer testimonials and client logos builds trust among potential customers.
  • Shortened Checkout Funnel: Reducing the steps in the checkout process improves the likelihood of converting visitors into customers.
  • Continuous Improvement: Conversion rate optimization is an ongoing process that requires continuous experimentation and refinement to achieve better results.

Connected Business Frameworks

Business Development

business-development
Business development comprises a set of strategies and actions to grow a business via a mixture of sales, marketing, and distribution. While marketing usually relies on automation to reach a wider audience, and sales typically leverage a one-to-one approach. The business development’s role is that of generating distribution.

Sales vs. Marketing

marketing-vs-sales
The more you move from consumers to enterprise clients, the more you’ll need a sales force able to manage complex sales. As a rule of thumb, a more expensive product, in B2B or Enterprise, will require an organizational structure around sales. An inexpensive product to be offered to consumers will leverage on marketing.

Sales Cycle

sales-cycle
A sales cycle is the process that your company takes to sell your services and products. In simple words, it’s a series of steps that your sales reps need to go through with prospects that lead up to a closed sale.

RevOps

revops
RevOps – short for Revenue Operations – is a framework that aims to maximize the revenue potential of an organization. RevOps seeks to align these departments by giving them access to the same data and tools. With shared information, each then understands their role in the sales funnel and can work collaboratively to increase revenue.

Revenue Modeling

revenue-modeling
Revenue modeling is a process of incorporating a sustainable financial model for revenue generation within a business model design. Revenue modeling can help to understand what options make more sense in creating a digital business from scratch; alternatively, it can help in analyzing existing digital businesses and reverse engineer them.

Customer Experience Map

customer-experience-map
Customer experience maps are visual representations of every encounter a customer has with a brand. On a customer experience map, interactions called touchpoints visually denote each interaction that a business has with its consumers. Typically, these include every interaction from the first contact to marketing, branding, sales, and customer support.

AIDA Model

aida-model
AIDA stands for attention, interest, desire, and action. That is a model that is used in marketing to describe the potential journey a customer might go through before purchasing a product or service. The AIDA model helps organizations focus their efforts when optimizing their marketing activities based on the customers’ journeys.

Social Selling

social-selling
Social selling is a process of developing trust, rapport, and a relationship with a prospect to enhance the sales cycle. It usually happens through tech platforms (like LinkedIn, Twitter, Facebook, and more), which enable salespeople to engage with potential prospects before closing the sale, thus becoming more effective.

CHAMP Methodology

champ-methodology
The CHAMP methodology is an iteration of the BANT sales process for modern B2B applications. While budget, authority, need, and timing are important aspects of qualifying sales leads, the CHAMP methodology was developed after sales reps questioned the order in which the BANT process is followed.

BANT Sales Process

bant-sales-process
The BANT process was conceived at IBM in the 1950s as a way to quickly identify prospects most likely to make a purchase. Despite its introduction around 70 years ago, the BANT process remains relevant today and was formally adopted into IBM’s Business Agility Solution Identification Guide.

MEDDIC Sales Process

meddic-sales-process
The MEDDIC sales process was developed in 1996 by Dick Dunkel at software company Parametric Technology Corporation (PTC). The MEDDIC sales process is a framework used by B2B sales teams to foster predictable and efficient growth.

STP Marketing

stp-marketing
STP marketing simplifies the market segmentation process and is one of the most commonly used approaches in modern marketing. The core focus of STP marketing is commercial effectiveness. Marketers use the approach to select the most valuable segments from a target audience and develop a product positioning strategy and marketing mix for each.

Sales Funnels vs. Flywheels

sales-funnel
The sales funnel is a model used in marketing to represent an ideal, potential journey that potential customers go through before becoming actual customers. As a representation, it is also often an approximation, that helps marketing and sales teams structure their processes at scale, thus building repeatable sales and marketing tactics to convert customers.

Pirate Metrics

pirate-metrics
Venture capitalist, Dave McClure, coined the acronym AARRR which is a simplified model that enables to understand what metrics and channels to look at, at each stage for the users’ path toward becoming customers and referrers of a brand.

FourWeekMBA Business Toolbox

Business Engineering

business-engineering-manifesto

Tech Business Model Template

business-model-template
A tech business model is made of four main components: value model (value propositions, mission, vision), technological model (R&D management), distribution model (sales and marketing organizational structure), and financial model (revenue modeling, cost structure, profitability and cash generation/management). Those elements coming together can serve as the basis to build a solid tech business model.

Web3 Business Model Template

vbde-framework
A Blockchain Business Model according to the FourWeekMBA framework is made of four main components: Value Model (Core Philosophy, Core Values and Value Propositions for the key stakeholders), Blockchain Model (Protocol Rules, Network Shape and Applications Layer/Ecosystem), Distribution Model (the key channels amplifying the protocol and its communities), and the Economic Model (the dynamics/incentives through which protocol players make money). Those elements coming together can serve as the basis to build and analyze a solid Blockchain Business Model.

Asymmetric Business Models

asymmetric-business-models
In an asymmetric business model, the organization doesn’t monetize the user directly, but it leverages the data users provide coupled with technology, thus have a key customer pay to sustain the core asset. For example, Google makes money by leveraging users’ data, combined with its algorithms sold to advertisers for visibility.

Business Competition

business-competition
In a business world driven by technology and digitalization, competition is much more fluid, as innovation becomes a bottom-up approach that can come from anywhere. Thus, making it much harder to define the boundaries of existing markets. Therefore, a proper business competition analysis looks at customer, technology, distribution, and financial model overlaps. While at the same time looking at future potential intersections among industries that, in the short-term, seem unrelated.

Technological Modeling

technological-modeling
Technological modeling is a discipline to provide the basis for companies to sustain innovation, thus developing incremental products. While also looking at breakthrough innovative products that can pave the way for long-term success. In a sort of Barbell Strategy, technological modeling suggests having a two-sided approach, on the one hand, to keep sustaining continuous innovation as a core part of the business model. On the other hand, it places bets on future developments that have the potential to break through and take a leap forward.

Transitional Business Models

transitional-business-models
A transitional business model is used by companies to enter a market (usually a niche) to gain initial traction and prove the idea is sound. The transitional business model helps the company secure the needed capital while having a reality check. It helps shape the long-term vision and a scalable business model.

Minimum Viable Audience

minimum-viable-audience
The minimum viable audience (MVA) represents the smallest possible audience that can sustain your business as you get it started from a microniche (the smallest subset of a market). The main aspect of the MVA is to zoom into existing markets to find those people which needs are unmet by existing players.

Business Scaling

business-scaling
Business scaling is the process of transformation of a business as the product is validated by wider and wider market segments. Business scaling is about creating traction for a product that fits a small market segment. As the product is validated it becomes critical to build a viable business model. And as the product is offered at wider and wider market segments, it’s important to align product, business model, and organizational design, to enable wider and wider scale.

Market Expansion Theory

market-expansion
The market expansion consists in providing a product or service to a broader portion of an existing market or perhaps expanding that market. Or yet, market expansions can be about creating a whole new market. At each step, as a result, a company scales together with the market covered.

Speed-Reversibility

decision-making-matrix

Asymmetric Betting

asymmetric-bets

Growth Matrix

growth-strategies
In the FourWeekMBA growth matrix, you can apply growth for existing customers by tackling the same problems (gain mode). Or by tackling existing problems, for new customers (expand mode). Or by tackling new problems for existing customers (extend mode). Or perhaps by tackling whole new problems for new customers (reinvent mode).

Revenue Streams Matrix

revenue-streams-model-matrix
In the FourWeekMBA Revenue Streams Matrix, revenue streams are classified according to the kind of interactions the business has with its key customers. The first dimension is the “Frequency” of interaction with the key customer. As the second dimension, there is the “Ownership” of the interaction with the key customer.

Revenue Modeling

revenue-model-patterns
Revenue model patterns are a way for companies to monetize their business models. A revenue model pattern is a crucial building block of a business model because it informs how the company will generate short-term financial resources to invest back into the business. Thus, the way a company makes money will also influence its overall business model.

Pricing Strategies

pricing-strategies
A pricing strategy or model helps companies find the pricing formula in fit with their business models. Thus aligning the customer needs with the product type while trying to enable profitability for the company. A good pricing strategy aligns the customer with the company’s long term financial sustainability to build a solid business model.

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