What is a conversion rate? – it is the proportion of visits to a website resulting in follow up action
Our last blog post focused on reducing your website’s bounce rate. Even more critical is achieving a higher conversion rate. What is a conversion rate? – It is the proportion of visits to a website resulting in follow up action to buy a product, secure a service – or any other activity, including those that are free, solicited by content creators, online retailers, or marketers.
So many factors can affect a website’s conversion rate that it’s easiest to speak in terms of strategy categories:
Metrics:
Conventional wisdom is that a respectable conversion rate ranges between 3 to 5%. However, different industries have varied average conversion rates. E-commerce sites, for example, trend lower while industries like finance trend higher. Moreover, websites with conversion rates in the top 10% of any industry can achieve numbers that are 3-5 times greater than those of their competitors. Bottom line: don’t ever settle for average!
Basic Issues:
A well-designed, friendly website with clear content and easy navigation, including strategically-positioned links, is fundamental to any conversion rate strategy. Have you incorporated clearly messaged text, pictures and video to enhance the appeal of your offerings? Above all, have you streamlined the steps required by the viewer to obtain your product or service? Users are more likely to follow through when you provide them with a small number of clearly defined choices and limited document fields to fill out. Keep in mind that even a small advantage like offering free shipping can give you the edge over your competitors.
Landing Page Design and Content:
What about your tag lines? Do they provide crisp, enticing calls to action? On average, five times as many people read your tag lines as read the body of your site’s text. Even small design changes like enlarging the size of your action buttons can help.
Establishing Credibility and Trust:
Do you clearly articulate your brand’s value, including the expertise and integrity of your team? Have you displayed third party ‘trust logos’ and other independent agent support to further demonstrate your credibility? Have you provided persuasive demo/trial and background information, including product and service reviews, before checkout/purchase?
A/B Testing of Multiple Offers and Varied Design Options:
We at OWDT recommend A/B testing for many purposes, including comparing the effectiveness of different landing page designs/content, the relative effectiveness of different promotional offers, and limitless other options. We know that even one minor change can generate a temporary increase in conversion rate. That’s why we test multiple landing page designs, one alternative at a time, to ensure that your final webpages incorporate the proven, long-term advantages of all A/B testing results.
