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Conversion Rate Optimization (CRO) – Meaning, Importance, and Strategies

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In this blog, we’ll introduce you to the concept of CRO marketing, taking you through what is CRO exactly, what are its benefits, the many CRO principles and strategies, and more. Many companies out there have amped up their marketing efforts to reach their end goal – getting conversions.

However, as more and more companies have emerged, it is difficult to stand out from the crowd and ensure conversions even though your marketing strategies might be on-point.

This is where CRO steps in. Read on to know more about CRO marketing.

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What is CRO? 

CRO marketing is called conversion rate optimization marketing. You’re probably wondering what it means? It is the process of increasing the rate or percentage of visitors that visit your website for a particular conversion. 

The conversion or desired action can be anything from making a purchase, sharing personal details, subscribing to a mailing list, filling out a form, etc. 

Did you know that the average ROI (returns on investment) is about 220%?

What is a good conversion rate? Well, it really depends on the nature of the industry, goals, location, and other audience demographics. For example, the average conversion rate in the F&B sector in Ecommerce is about 5.5%. 

Check your industry’s average rate before starting off. You can calculate the conversion rate by dividing the total number of conversions by the total number of visitors and multiplying by 100. 

About 58% of respondents in a study mentioned that CRO has helped them maximize their marketing efforts with time. 

Let’s have a look at the many benefits and importance of CRO and understand why you need to invest time and effort in CRO marketing. 

Benefits & Importance of CRO 

There are several benefits of CRO marketing. Read on to know what they are –

1. Customer Journey

With customer rate optimization, you will need to understand the buying behavior of your customers much better. The aim is to know their demographics well. Who are they? How do they interact with your website? What are the bottlenecks in the journey that stop them from converting? 

The more your tailor this consumer experience according to the consumer’s need, the better. 

2. Attract More Customers

CRO is more about helping your visitors to get to the store, helping them find what they’re looking for, and speeding up the process of converting them into a customer. 

The better the customer experience, the more customer will you attract from the increased customer traffic. This also leads to a lower cost per acquisition (CPA).

3. Better SEO efforts

SEO and CRO can go hand-in-hand. Websites that offer better customer experience have a higher ranking than those that don’t on Google. Therefore, it can help with better SEO rankings, helping customers discover your website on a SERP (search engine result page).

4. Retain More Customers

The tailored customer experience will retain your customers and create customer loyalty. You could look at sending them personalized newsletters, pop-ups, and coupons to turn a one-off purchaser into a loyal purchaser. 

Send them personalized product recommendations in the most bought category to make them feel special. 

6 Essential Principles of CRO

Listed below are the main principles of CRO –

  • Speed

It is of utmost importance that your website is speed optimized. Today, customers are much more impatient. 60% of customers will abandon a webpage if it takes more than 3 seconds to load. 

Hence, it is important to have pages that load fast.

  • Less is More

Having singularity in your communication is important. In marketing, a single offer and CTA have more impact than multiple offers and CTAs on the same webpage. It confuses the reader.  

  • Clutter-free

Keep your webpage clutter-free. Do not include confusing visuals and text. Keep your end goal in mind. If you want a user to subscribe to your newsletter, the communication should only be that. 

Do not unnecessarily include more information than necessary. 

  • Have a solid USP

Why should a customer make a purchase only from you? What do you bring to the table that is different from the others? If it is quality or a unique feature, make sure to highlight it by having a section on your homepage. 

The quality of your pictures needs to be good to entice customers to make a purchase. 

  • Eliminate Barriers to Conversion

Identify what the barriers are that are preventing your customer from converting. Some common barriers include – High prices, Lag in page loading, Hidden CTA buttons, Unnecessary pop-ups, No or low-quality product images, and product descriptions that don’t match the product 

  • Make Your Customer Feel Comfortable

Make your customer feel as comfortable as possible. Use pop-ups for getting customers to subscribe but they can be annoying. Hence, be mindful of the pages your use them in and what your end goal is. 

Never let go of a customer’s trust for easy conversion. You need to build brand loyalty and that can only come with a good customer experience. 

So, how does CRO work? 

Optimizing your company’s conversion rate is very methodical. It includes the process of gathering data, analyzing this data, and making conclusions. These insights can help with your overall marketing plans and also customer behavior. 

CRO funnel

(Source: Moz)

You’re probably wondering how CRO works? Here’s how –

1. Gather all the data

Gather all the customer data and web analytics data. 

2. Make a Hypothesis

Keeping your goals in mind, understand how you can achieve them. Form a hypothesis. Understand if they are the right metrics or if you need more metrics. 

3. Test 

Run a test on your hypotheses. Track your data.

4. Analyze

Analyze the findings of your test. Did something go wrong with the test? Were the findings correct?

5. Repeat the Process

Gather new data and formulate a new hypothesis for you to test. It’ll help you understand what is working and what isn’t in the business.

Check out this Google Analytics short online course to be able to carry out your research better. 

5 Must-Use Strategies to Improve CRO 

Listed below are a few strategies that can help you improve your CRO marketing –

  • Avoid banner CTAs

Include text-based CTAs instead of banner CTAs. Banners are notorious for spamming the customers and hence, have a stigma attached to them. 

  • Test your landing pages

Always test your landing pages before sending out any communication. 

  • Add chatbots to high-converting web pages

Adding chatbots to high-converting web pages will provide leads with information in real-time and help them convert faster. This also makes them feel very special. 

Check out this article on Artificial Intelligence in Digital Marketing.

  • Invest in blog posts

Investing time and effort in high-performing blog posts can boost your SEO. This can really help with an increase in lead generation. 

Bonus ReadLead Generation and how it works.  

  • Use re-marketing techniques

By using tools like retargeting on Facebook you can remind your customers of your product or service. You will still need an engaging copy, appealing visuals, and an enticing offer to get a conversion. 

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Conclusion

Now that you are aware of how CRO works, let us know how you applied it to your own business to help it grow. Also, do tell us your favorite strategies in the comments below. 

We highly recommend this 3-month online comprehensive digital marketing course for a quick crash course on digital marketing. In case you’re on the lookout for an in-depth course that is accepted at an MBA-Level, check out this 11-month MBA-level online digital marketing course

Founder and CEO at IIDE

He is a passionate public speaker and teacher for over 10 years. He has trained over 60,000+ students and 25+ corporates in Digital Marketing via online and offline channels. He is a Harvard alumnus specialising in E-commerce......[Read full bio]

Karan Shah

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