Conversion Rate Optimization (CRO) | 10 Key Metrics To Track

Having a Conversion Rate Optimization (CRO) Strategy for your web-based business to get more visitors to your site is only half the battle. Meaning, a great conversion optimization plan ensures your site is primed to turn your web visitors into customers. Or rather, turn them into your future product buyers. You should focus on increasing both engagement and conversion.

Especially, by moving more page visitors to the bottom of the sales funnel and increasing your conversion rate with such CRO services. But, this is not something you can achieve on your own. You’ll need help and support from a great and well-established digital marketing company. Basically, a good digital marketing company optimizes your website from all angles.

In particular, for both mobile and voice searches. It also creates clutter-free landing pages, places verified payment systems, and simplify your site navigation to promote better conversions. Most marketers tend to spend most of their time, money, and resources driving clicks and traffic to their websites, thinking it’s the endgame. But, there’s a catch to think about here.

Whereby, generating interest is just the initial phase of SEO (Search Engine Optimization) and digital online marketing for any given business. So, with that in mind, what does CRO really entail? Well, let’s try to clear things out in the next part.

Why Is Conversion Rate Optimization (CRO) So Important?

Practically, a good Conversion Rate Optimization (CRO) is so important for all web-based businesses’ online success. Overall, it makes a remarkable difference to your unique bottom-line marketing strategy. Let’s say you’ve successfully gained your customers’ interest. So, what’s next? Well, convincing prospects to purchase your product or take action isn’t easy.

Leave alone just having an established website that’s fully functional. Secondly, research shows around 2/3 (two-thirds) — or approximately 68 percent of businesses — still don’t have a structured website conversion optimization strategy in place. There’s even more, according to Econsultancy’s annual Conversion Rate Optimization Report.

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The report revealed that many brands spend only $1 on website conversion rate optimization for every $92 spent on customer acquisition. Surprisingly, these numbers reveal a very huge gap. Especially, between the amount companies spend while trying to drive traffic. Comparatively, in relation to the amount they spend while trying to turn that traffic into website conversions.

Meaning, if you don’t capitalize on website conversion optimization, you’ll miss out on very lucrative opportunities too. On one hand, you’ll miss opportunities to gather valuable data, maximize your website’s full potential, and even improve on conversion rate. On the other hand, investing in CRO services allows you to accomplish various goals such as:

(A). Outpace Stiff Business Competition

Your online traffic means very little if your page visitors are bouncing off your page quickly. And if you have a high bounce rate, you’re not converting traffic into leads and conversions. CRO services from a results-driven agency can dramatically improve the return on your marketing investments. And, as a result, this can set your business apart from the competition.

Strategic conversion funnel optimization tactics increase your revenue even with the same number of website visitors. That’s why having a conversion optimization strategy is a very powerful tool. For one thing, it maximizes all your marketing efforts. It also works hand-in-hand with your content SEO audit to help increase organic traffic, leads, and website conversions.

(B). Improve Your Marketing Conversions 

Sales funnel conversion optimization requires a methodical approach to clearly identify marketing opportunities. As well as analyze performing and non-performing metrics and generate high website conversions. Evidently, not knowing how to increase the conversion rate puts you at a disadvantage. With the right conversion optimization services, you can see more results.

That’s if you’ll get access to your user behavior analytics tools. And even other advanced CRO software that simplifies information gathering and analysis. At the same time, using the analytics reports, you can develop an effective marketing strategy too. More so, that captures your audience’s attention and moves them to the bottom of your sales funnel.

(C). Make Informed Data-Driven Decisions

Simply put, having an interactive web design and generating leads and traffic are not just enough. Particularly, if you want to boost your monthly sales and guarantee long-term profitability. That said, you’ll need a very robust landing page optimization strategy. More so, in order to obtain your objectives and reach your maximum potential.

There are so many CRO services offered by top experts like us.

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Including A/B Testing, heat maps analysis, and user behavior assessment. So as to understand your overall customer behavior. As well as identify specific website elements you’ll need to optimize. That’s if you want to generate more revenue based on Month-over-Month (MoM) Growth Rate without overspending.

(D). Develop A Customer-Centric Mindset

One of the keys to online success is striking a balance between pleasing online users and search engines. Statistics show about 88 percent of online users are less likely to return to a website after a bad experience. And now, there goes your opportunity to increase your website conversion rate. Fortunately, many CRO service providers already prioritize the user experience.

More so, when it comes to your overall website conversion rate optimization. While, on the other hand, conversion rate experts can also perform CRO testing for you. In the long run, to determine existing user cases like pain points, and even identify potential website issues and errors. As well as find the middle ground in keeping both users and search engines happy.

The Topmost Conversion Rate Optimization (CRO) Metrics To Track

As mentioned, Conversion Rate Optimization(CRO), or rather, Conversion Optimization, is the systematic process of testing and optimizing your website elements. Including Call To Action (CTA) buttons, content, and website design. In order to increase the percentage of site visitors who complete the desired goal. The real challenge is converting clicks and traffic into profits.

This is where conversion rate optimization comes in. With CRO, you can reach new levels of success with a solid CRO marketing strategy expertly tailored to your unique business requirements! Put your conversion marketing needs in the capable hands of our conversion rate optimization agency and reap the benefits of CRO and other services — done the right way.

In defining the Conversion Rate Optimization concept, marketers often use purchases as a measure of business success. CRO goals and metrics, however, differ per brand. Depending on your B2B Content Marketing needs and objectives, there are multiple CRO SEO goals you can set for your business. Particularly, in order to help drive more traffic and make more sales.

Such as follows:
  • Store Product Sales
  • Social Media Shares
  • Online Forms Submission
  • Resource Utility Downloads
  • Application Tools Installation
  • Calls-To-Action Button Clicks
  • Blog Newsletter Sign-Ups

What is conversion rate optimization if you’re not mastering best practices to make your CRO marketing goals actionable and measurable? First, you’ll need to decide what you want to achieve with your CRO website. Secondly, understand your audience’s demands. And then, launch growth-driven conversion marketing campaigns to compel more people to take action.

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Additionally, as you focus on improving conversion rates, it is imperative that you dig through various CRO metrics. These are metrics that impact your optimization efforts and CRO SEO results. Conversion optimization metrics are benchmarks that CRO companies track during CRO testing. It provides them with realistic performance results for better decision-making.

Uniquely, it also determines your CRO website performance and identifies opportunities for conversion funnel optimization and conversion marketing. Below are some of the Key Conversion Rate Optimization (CRO) Metrics to consider:

1. Customer Entrance

An event wherein an online user enters a website from an external source, such as a paid campaign, organic search result, or social media post. The more people land on your CRO website, the higher your chances of improving conversion rates.

2. Website Traffic

This conversion rate marketing metric refers to the number of online users who visit your website. By tracking patterns in your website traffic, you can determine key areas of improvement for your website conversion optimization.

3. Bounce Rate

This is the percentage of page visitors who visit your website but leave without navigating to other web pages. A high bounce rate indicates that there is a problem with your CRO website. As such, knowing how to lower bounce rates is imperative to increase website conversion rates.

4. Pages Per Visit

Measures the volume of web pages a particular audience segment views on your website. Your average page per visit indicates the level of your site engagement and ability to provide useful information.

5. Leads Generation

Leads pertain to online users or site visitors who showed interest in your brand offerings and are ready to move along your conversion funnel. Effective conversion rates in marketing campaigns result in above-average lead conversion rates and sustainable revenue.

6. Page Load Time

It shows how quickly your website responds to user interaction. Studies reveal the first five seconds of your page load time have the highest impact on your conversion rate. To increase conversion rate, be sure to optimize your page load time and prioritize user experience (UX) in your web design.

7. Click-Through Rate (CTR)

This conversion optimization metric shows how many of the people who saw your ads, organic listing, or search results clicked on your site link. Click-through rate is used to gauge your keyword performance and CRO marketing campaign relevance.

8. Return On Investment (ROI)

What is conversion optimization if not a growth-centric method to boost your revenue? Your business’s ROI allows you to gauge the impact of your conversion rate marketing efforts on your bottom line and re-assess your CRO marketing spending.

9. Cost Per Conversion (CPC)

Likewise, also known as cost per action (CPA), this CRO SEO metric indicates the price you pay to obtain a new customer. Top CRO companies enhance your customer value to improve conversion rate and reduce your total CPC over time.

10. User Exit Rate

In particular, this is the percentage of site visitors who leave your website from a particular page after visiting at least one other web page on your site. To improve your conversion rate, be sure to set a standard acceptable exit rate for your different website pages.

Using Performance Indicators (KPIs) To Drive More Lead Conversions

In marketing, the Key Performance Indicator (KPI) stands for just that — key performance indicator. Whereby, it’s a quantifiable measure of performance over time for a specific objective. In most cases, KPIs provide targets for overall marketing teams. Technically, to gauge milestones progress, and give insights that help people across the organization make better decisions.

From finance and HR to marketing and sales, key performance indicators help every area of the business move forward at the strategic level. Eventually, in this increasingly competitive online marketplace, conversion rate serves as the most important Key Performance Indicator (KPI) for business growth. What is CRO if not to maximize the effectiveness of your website?

And then turn more visitors into customers? Of course, if your website is struggling to convert, you are essentially losing business with each passing day. For instance, take a 1 percent marketing conversion rate and increase it to 3 percent. Essentially, you’ll have tripled your leads without having to earn a single extra visitor to your website.

Learn More: KPI Meaning Vs Metrics Meaning

That’s the magic of conversion rates marketing from results-driven CRO companies. Notably, many digital marketers (like ourselves) use both Marketing Conversion Rate and CTR. Specifically, in order to measure the success of their overall SEO and online marketing efforts. But, you should not confuse conversion rate with click-through rate, however.

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Simply, because these two metrics affect two different stages of your sales funnel. That being said, we are going to elaborate a little bit further about what each of these sales funnel stages usually entails below.

Conversion Rate

On one side, Conversion Rate pertains to the percentage of online users that complete a definite action out of the total number of site visitors. An understanding of what is a conversion rate is crucial because it directly impacts your business’s overall sales and revenue. Earning a good conversion rate means your CRO efforts are on the right track.

The average landing page conversion rate varies depending on factors such as your goals and niche. What is a good conversion rate? The average landing page conversion rate across the online marketplace is 2.35 percent. Meanwhile, the top 10% of companies convert at 11.45 percent at a minimum and the top 25% of industry players boast at least a 5.31% CR.

At least, your CRO efforts must generate a 10 percent conversion rate or higher. More so, in order to place your website conversion rates 3X to 5X higher than the average landing page conversion rate. However, be sure to consult with a top CRO company first. More so, in order to find out what conversion rate percentage is ideal for your specific business industry.

How To Calculate Conversion Rate:

To determine what is a good CR, learning how to calculate it is essential. Here is the formula for calculating the conversion rate:

[Total Number of Completed Goals (i.e., email subscriptions, number of sales, etc.)/ Total Number of Website Visitors] x 100 = Conversion Rate

For example, let’s say that you had 100 email subscriptions from 1,000 website interactions, this means that your CR performance end results would be represented as follows: [100/1,000] x 100 = 10%

Click-Through Rate

On the other side, Click-Through Rate (CTR) is a micro-conversion or an event that correlates with your end goals, such as purchases or signups. What is the click-through rate in relation to the conversion rate? A high average click-through rate is a good indication that you’re doing things right. In most cases, more clicks also eventually lead to more conversions.

In reality, the question of what is a good click-through rate is a hotly debated topic. Obviously, because the average click-through rate varies per campaign. Not forgetting, it’s highly based on various factors too. Such as target keywords, ad position, ad format, country, niche market, etc. As of October 2020, we were able to know the average click-through rate in Google Ads.

More so, across all industries as 3.17% of the Search Result Queries, and 0.46% on the Google Display Network (GDN), while for the eCommerce industry, the average click-through rate is 2.69% on Search and 0.51% on GDN. Luckily, an experienced CRO company can greatly help you identify what kind of click-through rate is ideal in terms of percentage for your niche.

How To Calculate Click-Through Rate:

To address the question of what is a good click-through rate, you must first establish how to calculate a click-through rate. Conversion rate experts follow this formula on how to calculate click-through rate:

[Total Clicks / Total Impressions] x 100 = Click-Through Rate

As an example, if your paid advertising campaigns earned 150,000 impressions and 3,500 of those people clicked the ad to visit your website, it means that your CTR would be as follows: [3,500/150,000] x 100 = 2.3%

Tips To Create A Strategic And Working Conversion Rate Plan

The Online Marketplace is plagued with myths and misconceptions that impede the online growth of several industry leaders. Not to mention, inexperienced marketers, for one, often see sales funnel conversion optimization as an additional expense. Instead of looking at it as a smart investment plan that helps move their business goals, drive traffic, and make sales.

Unfortunately, many brands also face multiple related obstacles too when it comes to conversion funnel optimization. And, as such, it’s good to mention a few ways to solve some obstacles so that you can actualize them in your plan.

Some of the key ways to solve them include:
  • Highlighting Unique Value Propositions (UVPs)
  • Managing your overall business marketing spending
  • Collecting and using actionable customer insights
  • Communicating a unique brand message to your audience
  • Adapting to changing consumer demands and online habits
  • Prioritizing the highest conversion optimization tactics
  • Keeping up with industry trends and market developments
  • Adhering to changing marketing compliance regulations, etc.

Be that as it may, for some time, we got so stuck while working on implementing the best CRO strategy for our website too. But, not until we hit a load of well-user-based research experiences. However, it all came with so many unsuccessful trials and errors though. Therefore, don’t think that you’re alone in this! If you’re struggling to turn traffic into leads, we can help.

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Suffice it to say, that we’ll offer you all the key support you need. Such as assessing your sales funnel and your user experience to weed out all the problematic areas. We’ll also help you eliminate anything that might provide friction to your conversion goals. Having said that, all you need is to reach out to our CRO company. Our team of experts will be more than glad to help.

As a result, you’ll discover how to lower bounce rates for your general web-based business. In addition, you’ll also learn how to increase conversion rates using proven white-hat landing page optimization techniques to optimize your business further.

Other solutions:
  • Expert Insights
  • Ongoing CRO Audits
  • Well-Rounded Approach
  • Fully-Managed Web Services
  • Proven Success Track Records
  • Tailored Conversion Optimization Services, etc.

So, what are you waiting for? Enlist the jmexclusives CRO services to learn more about how to use CRO and start generating more revenue! Leave the technical work to our CRO company. In the end, you’ll get conversion rate digital marketing services that exceed your expectations. Plus, as you can see, we’ve got other added solutions that will also come in handy.

In a nutshell, at Web Tech Experts, we ensure our sales funnel conversion strategy aligns with your ultimate business goals and values. Therefore, don’t make the mistake of investing in conversion rate digital marketing solutions that do not increase the conversion rate. We’ve got just the right tools and experience to make things work just for you as per your needs.

Final Thoughts;

Technically, our Internet Marketing Agency is one of the most established CRO companies in Kenya and beyond. And, as such, we’re dedicated to helping more business owners understand conversion rate marketing and its critical role in achieving online success. In that case, all you’ll need to do is entrust your Conversion Rate Optimization Strategy to our CRO agency.

With that in mind, just let us capture the interest of your target audience and move them along your CRO marketing sales funnel. And as you can see, our conversion rate experts even discussed in detail what is conversion rate vs. click-through rate is. Particularly, in order to help optimize your website and marketing efforts for better conversions.

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But, do you have any more related CRO questions you’d like some answers to? Like what is the conversion rate and how to calculate the CRO standard metric for your niche? Or even, how to increase the conversion rate?  Well, feel free to get in touch with our CRO team, and let’s discuss all your CRO questions one by one. We’ll come up with the perfect plan for you.

All in all, if you’ll need personalized help, you can also Contact Us and let us know how we can support you. We’ve got all the needed tools and skills to make everything work for you. Finally, you can also share your additional opinions thoughts, suggestions, or even contributions in our comments section below. We’ll be more than glad to see your business grow.

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