The conversion rate is a percentage of actual conversions calculated on the total number of visitors (to your website, social media platforms, mobile app, etc.).
Conversion rate = [Number of converted leads / Number of initial prospects]*100
It is a relationship between the first and last steps of the B2B sales funnel. How do you improve your conversion rate? By using Conversion Rate Optimization (CRO). By following best practices, one can optimize their website to have the highest possible conversion of leads.
What is Conversion Rate Optimization?
CRO is the idea to get your organization’s best number of end customers. Ensure that your website, social media channels, and mobile applications are fetching the maximum number of leads and providing those that will eventually convert. By faithfully following the Conversion Rate Optimization checklist, your Return on Investment (ROI) will increase, too.
Stats
- Organizations in the top 25% (across all industries) have a conversion rate of 5.31% or higher.
- The average conversion rate is 2.35%.
- The CRO software market has a global sales value of $1.1 billion.
- By following up within 5 minutes, there is a 9 times more chance that a lead will convert.
- By using content marketing, 6 times more conversions (6x) take place.
Conversion Rate Optimization Checklist
4 simple steps: research, hypothesis, strategy, test
1. Research
- Be thorough.
- Conduct exhaustive studies.
- Collect data.
Internal Audits
- Be rigid with yourself.
- Ask intruding questions.
- Think of the worst-case scenario.
- Anticipate challenges.
Customer Research
- Comprehend the customer journey.
- Scrutinize each step of the B2B sales funnel.
- Plan how to convert a prospect into a lead.
Competitor Audits
- Scope the competition.
- What can you learn from their methods?
- What makes your brand unique?
2. Hypothesis
- Calculated risk.
- Data analysis.
- Keep the end in mind.
Problem Statement
- Prioritize the problems.
- Evaluate the touchpoints accordingly.
- Don’t get overwhelmed.
Solution Proposal
- Use the backing of your expertise.
- Think thoroughly about how you want to go about proving the hypothesis.
- What do you want to achieve?
Result Expectation
- Effort, impact, proof, and conversions.
- Prioritize according to your industry.
3. Strategy
- No “one size fits all”
- Plan and plan again
- No step-by-step guide – follow best practices
- See what suits your business
UX Design Optimization
- Eye-catching and attractive
- Defined structure
- Highlight the advantages of your product or service
- Consistency is important.
- Create appropriate triggers and anchor texts
Product/Service Message Optimization
- Utilize Unique Value Proposition (UVP) to your benefit
- Ensure proper orientation with Search Engine Optimization (SEO) to reach the top of the Search Engine Results Pages (SERPs)
- Build faith with reviews and testimonials
- Present FAQs to clear their queries
Optimize All Social Media Channels
- Clear Calls To Action (CTAs)
- Links should be direct and should redirect appropriately
- Make sure that the landing page has apt and precise information
4. Test
- Continuous process
- Laborious and intensive
- Use appropriate tools for testing and evaluating.
- Be willing to change your strategy.
- Focus on the metrics that matter:
- Visitors (unique and returning)
- Points (entry and exit)
- Lifetime Value (LTV)
- Net Promoter Score (NPS)
Conclusion
CRO is a constant process, not one time. You always have to be ready to allow space for refinement. Flexible choices need to be considered. Be prepared to redo whenever and however many times necessary.
