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Definition of conversion rate
A. Ecommerce and retail sites:
The conversion rate can be described as the likelihood of successfully driving a visitor to purchase.
B. Lead Generation sites:
The conversion rate can be defined as the likelihood visitors will fill out a contact form or contact your company by phone or email, sign up for mailings or newsletters, or download whitepapers.
C. Brand and Product Awareness sites:
The conversion rate can be expressed as the likelihood
that visitors will access certain sections of the site
to obtain information and education about the products
or services that make up the company brand.
Turning visitors into actual customers has been the primary goal of any profitiable web site since the inception of the Internet . Most of us know that in this era of significant technological advances, the cost
of keeping up with our competitors is becoming higher by the minute, and can even cause us to exit the market - as a final resource. Because markets never rest and there is only room for the best, companies should
be aware of the importance of website (not Search Engine) optimization as a means to increase sales and ultimately, profits. This guide is intended to help you intelligently handle this issue, by recognizing a few critical points:
1.- Trust Building: A web site's ability to build trust is the #1 factor to conversion optimization. To know whether your web site is trust-worthy, you should ask yourself these questions: Does your web site look like it belongs to a reputable
company? Is the contact information highly visible? Does your firm have a physical address posted on the site? Who are your clients and do you show this on your web site? These are just a few aspects to consider depending on the nature of the
website you are optimizing.
2.- Value Proposition: Responds to the question asked by every visitor: "What do I get for my money?". A visitor can get a quick perception of a web site's value proposition by reading the description of the offer, which ideally should be clear,
attractive, and effectively state the product or service's price and benefits.
3.- Navigation and Download time: These factors are important because they are associated with the visitor's personal experience on your web site. Easy navigation is basically linked to the minimal number of clicks or steps needed in order to find
what the visitors are looking for, and also to good usability practices. Download time also affects your visitors' opinion of your web site: Does the web site download quickly enough? Do visitors have to wait too long? The answers to these questions
are critical since they determine whether a person will stick around long enough to become your client. Evidence shows that for shopping sites, improved navigation has yielded more than twice the conversion rate of those sites that have poor navigation architecture.
4.- Look & feel: The appearance and friendliness of your website are other important factors. To be sure the look & feel of your web site is appropriate, you should ask yourself the following questions: Does your web site convey what your company does at first glance?
Does it have a clean and effective layout? Does the look & feel of the site promote trust?
5.- Pricing: For Shopping Sites, if all of the above is correct and you still think your sales volume should be higher, maybe your price is the problem. Have you tested your price? Is it consistent with your value proposition?
In summary, conversion optimization is essential to any website that wants to be successful in the age of globalization. Industry trends show that the overall cost of traffic is rising systematically and unless companies focus on increasing their visitor to client ratio,
their customer acquisition costs will continue to rise and profitability will inevitably fall.
This article is courtesy of Veruscompany.com.
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