Landing Page FAQ: What is Conversion Rate Optimization?
Conversion Rate Optimization (CRO) is a methodological approach to improve the performance of your site based on optimizing the value of each visitor. It is defined not by a general metric but by your own company's key performance indicators (KPI).
In other words, CRO is about getting the most bang for your marketing buck by increasing the chance of a site visitor doing what you want them to.
This short article will break down the value of CRO and give you 5 top strategies. We'll also be linking you to a number of CRO-based articles where you can find more tips, growth hacks and advanced techniques.
For the complete answer to "What is conversion rate optimization?" check out our articles The Complete Guide to Conversion Optimization Psychology and 5 Genuine Conversion Rate Optimization Hacks We've Seen Work.
The Value of CRO
Unfortunately, the best way to communicate the value of CRO is to do some math. Bear with me…
Let's say that you're driving traffic in a few ways: PPC ads, inbound marketing and sales outreach.
The total spend for your week might be something like $3,500: $1,000 on ads, $1000 on inbound marketing, $1000 for sales outreach, and $500 on miscellaneous software payments and etc.
That $3,500 is delivering about 25,000 visitors to your site per week. If your content, landing pages, product pages and pricing pages are converting 3% of those people into customers and a conversion is worth $50, you're generating $37,500 income a week and have an ROI (return on investment) of 9.7x.
With Conversion Rate Optimization, we work to improve your site's conversion rate.
We implement strategies (see below) which might improve your site conversion rate from 3% to 3.5%. It might not sound like much, but a change like that would result in your weekly income going from $37,500 to $43,750.
That's the value of Conversion Rate Optimization.
5 Top Conversion Rate Optimization Strategies (and links to related articles)
#1. A/B Testing: How to A/B Test your Landing Page to Maximize Conversions
#2. Segmentation: The Complete Guide to Lead Segmentation
#3. Campaign-Specific Landing Pages: Landing Pages: Optimizing for 5 Different Traffic Sources
#4. Email Drip Campaigns: How to Create Email Drip Campaigns to Nurture Leads
#5. Website Popups: Should You Use Popups?