Conversion rate is one of the key metric for a website and directly affects the profit and outcome of business. Good conversion rates indicate the success of business. But even after being such an important factor, most of the web owners don’t put much effort here.
As per the recent research by Search Engine People, approx 53% of companies spend less than 5% of their marketing budget on conversion optimization which is quite shocking. The importance of Conversion rates is clearly visible but still many of the marketers have no clear idea about it. They are often confused about what is conversion rate, what is their aim regarding conversion rates and many more.
Here are some important points regarding conversion rates
Myth About the Right Conversion Rate : One thing that must be clearly understood that there is nothing like perfect conversion rate. As conversion rate depends on a number of factors including your business, marketing plans, traffic source, etc so to achieve 100% conversion rate is more like impossible. Conversion rate differs from industry to industry. Here are some points that define conversion rates
- Number of visitors that fill form on your site
- Number of users who sign up company newsletter
- Users who are buyers as well
In brief, several factors contribute to conversion rate and on the basis of all the factors one defines conversion rates and make strategies.
Good Conversion Rate For Your Industry : The very effective but very tricky question. As per research most of the companies target 2-3% for conversion rate but is it really good target?? Here are some specific examples of specific industries that will give you the better idea of the rate of conversion you should target :-
1. Pay-Per-Click Conversion : Have a look and analysis the data collected by WordStream, you will get to know that average conversion rates (CVR) differs from one industry to another. Conversion rate basically depends on the industry that is being measured.
2. Website Conversion : With website conversion, how many users do sign up on your site, download your content or read it?? After analyzing and researching the data by leading websites, the average website conversion rate can be assumed somewhat between 2% and 10% and it varies from one industry to another. So there is no perfect way to define conversion rates.
3. eCommerce Conversion : Talking about an eCommerce site, conversion rate is basically the number of users that are buying your products. In general, the eCommerce selling the most products, tended to have a higher conversion rates.
Low Conversion Rates?? Something is definitely wrong.. Decreased conversion rates are the indication that your audience is not doing what you want them to do. Several reasons can cause this situation such as poor content, lengthy registration forms, too many clicks and many more. So the only way to improve conversion rate is to sort out these issues first.
Use Social Login to improve Conversion Rates : One of the biggest challenge faced by audience is to submit a lengthy registration form. It works more like a turn off for users. One can simplify this sign up process by using Social Login. Social Login helps to improve conversion rates by allowing them to sign up using their existing social media accounts. Read more on Top 3 ways to improve conversions. Simplified procedure of sign up will help you to convert your visitors into registered users.
Tips To Improve Conversion:
Some quick tips are mentioned here which will help you to improve your conversion rates:
- Know your audience
- Offer service guarantee
- Improve content quality
- Optimize engagement using A/B split testing
There are many more tips to improve conversion rates. You can read the complete article here.