Hi, I’m Nate Babbel and today I will answer the question: What is Conversion Rate Optimization?
Conversion rate is the percentage of total visitors that “convert” while visiting your site. Now depending on what type of site you have, a “conversion” will be different things, it can be a sale, a lead capture, a registration, a sign-up for a service, or any other call to action you choose to implement. So, if you have 100 people visit your site and 1 of them completes your call to action, you have a 1% conversion rate, if 2 of those 100 convert that would be a 2% conversion rate.
As you can imagine, conversion rate is extremely important. If you go from a 1% to a 2% conversion rate you are effectively doubling your total output, if your target conversion is a sale, you are doubling your total revenue!
Conversion rate optimization or the acronym CRO, is the art/science of increasing your website conversion rate.
Here are the top reasons to perform Conversion Rate Optimization on your site:
- You are getting more conversions from the exact same traffic you are already receiving.
- You have an edge over your competitors; which could make all the difference in the world in you being profitable and them not.
- If you are getting higher conversions with the exact same overhead this is a direct increase in PROFITS
- More marketing channels open up to your business - since you have a higher ROI, more types of marketing becomes viable.
- First mover advantage, if your competitors aren't doing it now, they will be soon. So get started first!
We will discuss the best methodology for website conversion rate optimization in a later FAQ video.
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