The ultimate aim of any digital strategy is to convert visitors into leads. It is crucial to look at a website’s conversion rates to track the effectiveness of your digital marketing agency and strategy. Most site owners spend thousands on increasing traffic and SEO firms. However, with a low conversion rate, high traffic is meaningless.
There are various measures to improve the conversion rate. If you are not satisfied with your website’s conversion rate. It might be the correct time to speak to your digital marketing agency or SEO firm.
Conversion Rate Optimization (CRO) is a process of optimizing your website to convert site visitors into customers who carry out a specific action. These actions include joining a site’s newsletter, buying your product, inquiring about a service, signing up, etc.
It is rightly said, “Every aspect of marketing is entirely useless unless it produces conversions” by Jeremy Smith. Mandatory shift to e-commerce due to the COVID-19 pandemic has made conversion rate optimization (CRO) even more essential for digital organizations.
Significance of CRO
- B2B (57%) marketers believe that conversion rates help analyze landing page performance.
- For every 92$ spent in gaining customers, only 1$ is invested converting them into leads. Only 22% of businesses are satisfied with their conversion rates.
- For most websites, 22-70% of visitors bounce without taking any action.
Therefore, developing a CRO strategy can be beneficial to your website. Various businesses are investing heavily in CRO training. You will be amazed to see how much difference can be made by marketers who receive CRO training.
Sales Conversion Rate Statistics
Companies invest in digital strategies to generate user demand. Although, does the demand translate into sales and conversions is a big question. How do we increase conversion rates using CRO strategies?
Have a look at the following sales statistics to understand the current state of CRO digital marketing
- Paid advertising was one of the most important components of marketing strategies, according to 68% of marketers (Hubspot, 2020)The ever-increasing prices of paid ads suggest that investors need to adopt conversion rate optimization(CRO) to improve their efficiency.
- The benchmark to measure content marketing success is first, sales. Followed by web traffic (Hubspot, 2020) Lot of digital marketing strategies focus on increasing website traffic however, total sales are still the first indicator of marketing success.
Website Conversion Rate Optimization Statistics
If your website traffic is high, however, sales are low. There is something wrong with your digital marketing strategy. Following CRO statistics can help you understand how to improve your CRO strategy to increase website conversions.
- Conversion rates drop by 4.42% per every additional second your site loads during the first few seconds of page loading (Portent, 2019) As the saying goes, the first impression is the last. It holds extremely true in the digital world. Working on improving your site speed will be an important part of your CRO strategy.
- Conversion rates improve by 121% when Calls-to-Action (CTAs) are used as anchor text rather than banner ads (Hubspot, 2020) Banner ads have become a dominant means of advertising. However, due to the overuse of banner ads, people began to ignore them. This phenomenon is called banner blindness. Hence, CTAs are much better used as anchor text.
Landing Page Optimization Statistics
Your landing page plays a crucial role in increasing conversion rates. You want your customers to notice your landing page and ultimately take action. Below mentioned are some ways you can work on your landing page optimization statistics.
- Visuals such as videos on the landing page can increase the conversion rate by 86% (EyeView Digital, 2019). Most people prefer to watch a video instead of reading content on a landing page. An engaging video on the landing page is always a good idea.
- Multiple things on a landing page can confuse the visitors. Sign-ups increase by 100% by removing the navigation menu (VWO, 2021) Even though the navigation menu helps navigate the website. Removing the navigation menu presents users with fewer choices. This step will enable the users to focus on the actions that you want them to take.
- 44% of clicks generated by B2B companies lead to the site’s homepage instead of a landing page built to generate conversions (MarketingSherpa, 2019) Landing pages are designed to convert visitors into leads. It consists of a form that allows you to extract visitor’s information. Therefore, having a landing page for your website is very beneficial.
CRO Spending Statistics
Deciding how much you spend on CRO to enhance conversion rate is essential for any site owner. Let’s have a look at some statistics to understand how much one should spend on CRO.
Adobe suggests that top companies invest 5% of their budget on Conversion rate optimization (CRO). Many companies have realized the importance of CRO and are gaining good huge revenues as well.
Google Ads Campaign and Blog posts Conversion rate statistics
Advertisements increase website traffic as well as conversion rates. 36.3% of marketers spend money on google ads. Blog posts are also a good way to increase conversion rates. Conversion rates increase due to blog posts more than advertisements.
Could you identify which CRO practice will be most useful to you? CRO practices can help you maximize returns on your investment. There are multiple benefits of investing in a good CRO strategy. Companies should set aside a specific budget dedicated to CRO to gain maximum benefits.
If you want to enhance your conversion rates Google and Facebook are the best platforms to do so. Investing in 2-3 good content writers for your website would be a wise thing to do. Giving more importance to user-generated content can increase your rate to a great extent.
To flourish and grow in the market ensure that you test your materials consistently to get the best out of your CRO strategy.