conversion rate optimization
How to Optimize Conversion Rates
The standard strategy currently being adopted by many marketing teams can be summed up as attracting traffic to a website and converting it into leads. Once a lead is established, it is passed on to the sales team, and then the process is started over again. In other words, a company should always attempt to generate more traffic and more leads in the hope of producing better results.
It is still rare to see this volume strategy supplemented by a qualitative approach aimed at making better use of existing traffic. This is what experts call conversion rate optimization.
What are conversion rates?
Many websites aim to convert visitors into customers. These conversions can be maximized by optimizing all the pages where they occur, whether they are homepages, rates, blogs, etc. This approach is how a company can improve their conversion rate.
When should companies think about optimizing their conversion rates? It's a good idea to get started as soon as a sales and marketing system is robust enough to generate a steady stream of conversions.
Formulas that will help determine the right plan of attack
Since most companies face limited potential demand, they must make the most of existing web traffic. To estimate the size of a company’s potential market, it can use the Google Export Help Tool, which tells the business how many online searches they have. Once the size of the market has been assessed, it is essential to identify the optimization strategies that will maximize the performance of existing traffic.
Here are three formulas that will help you determine your angle of attack and goals:
New target revenue divided by average sales price equals the number of new customers to generate
Number of new customers to generate divided by its lead-to-client conversion rate equals the number of targeted leads
Leads generated divided by website traffic multiplied by 100 equals the percentage conversion rate
The following example should allow you to better visualize the potential impact of conversion optimization: If a website receives 10,000 monthly visits and generates 100 leads per month, of which ten turn into customers, the rate of visitor conversion to lead is 1%. For more information on digital marketing, contact a specialist.