The conversion rate is calculated by taking the number of conversions and dividing that by the total number of interactions. A conversion can refer to any desired action, such as making a purchase, downloading a whitepaper, subscribing to emails, etc.
For example, if a site received 500 visitors in a month and 50 users signed up for your product, 10% is your conversion rate.
In many cases, websites have multiple conversion goals. These conversion rates are useful in guiding your advertising decisions.
Tracking the conversion rate allows you to measure how effective all your marketing campaigns are. It enables you to gauge the performance of your web pages and apps.
When you have a clear understanding of the percentage of users completing the goals, you can identify the areas that need improvement.
Improving your conversion rate helps you get more sales with the same amount of money invested. Let's say you are spending $2,000 a month on paid ads to drive 1,000 visitors to your site. If you double your conversion rate for the same amount spent, you double the value of your ad spent.
Conversion rate is important to determine the success of your business.
Conversion rate optimization (CRO) is the process of identifying conversion goals, calculating the conversion rate, and taking actions to optimize your site for a better rate.
It is done by running A/B testing, in which two versions of a web page or email are tested against each other to see which one is performing better. It helps identify why visitors aren't converting and what type of design or content they like the most.
Implement new features, continually test them, and identify areas where you can improve.
EngageBay provides a platform for A/B testing to help optimize your conversion rate. With its easy drag-and-drop feature, you can easily make changes to your web page without any coding.
Similarly, you can run two versions of your email simultaneously and identify the most effective one. You can send multiple subject lines or experiment with the email templates.
EngageBay's detailed reporting will help you monitor your performance and allow you to implement the required changes confidently.
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