Are You Happy With Your Conversion Rate? This Article Will Help You Find Out
According to a study from Econsultancy, only 22% of businesses are satisfied with their conversion rate, which leaves a lot of businesses out there hoping for more.
If you follow us on LinkedIn, Facebook or Instagram, you may have noticed that boosting conversion rates is kind of our thing. But to better understand the benefits of this, it’s perhaps best to break down what a conversion rate is and how you can improve it.
What Is a Conversion Rate?
Put simply – a conversion rate is the percentage of visitors that take a desired action. For example, in eCommerce the conversion rate might be a percentage of the website’s visitors that purchase a product.
The conversion rate in this case will have a large impact on the profitability of the business- so is something that needs addressing immediately if it is below expectations.
How Do I Find out What My Conversion Rate Is?
Looking at monthly data a conversion rate can be easily determined. For instance, if you had 100 visitors on an eCommerce website in a month, and 10 of them proceeded to purchase – your conversion rate for that month would be 10%.
However when things become a bit more complicated it can be beneficial to use Emote Digital’s Conversion Rate Calculator. Below is an example of how the Conversion Rate Calculator looks in action:
Calculating your conversion rate is easy with our tool.
Not only does this determine your exact conversion rate, but it determines average revenue for your current rate, and shows projections of expected revenue should you increase the conversion rate.
This is a handy tool for figuring out where you would like your revenue to be, and to give you something to aim for with your conversions. Below is an image showing the power of a 0.6% increase in our hypothetical example, which takes monthly revenue from $5,700 to $16,000.
Even the slightest improvement in your conversion rate can lead to huge jumps in revenue.
How Can I Improve My Conversion Rate?
Here lies the million-dollar question. Boosting your conversion rate can be done through a variety of methods depending upon the industry and medium. In some instances this might be through an audit/overhaul of your website, adjusting policies, altering content, or through the creation of a landing page.
“We helped a client increase their website’s conversion rate from 4% to a whopping 22% by creating a targeted landing page.”
Recently we have achieved some impressive conversion rates for clients through strategy and execution. For one client struggling with their eCommerce conversion we helped them double their rate from 1.5% to 3%. This was achieved by trialling free shipping and promoting that feature to new audiences through social media advertising. You can read more about that here.
In another instance we helped a client increase their website’s conversion rate from 4% to a whopping 22% by creating a targeted landing page. You can read more about that and the power of landing pages here.
“With a purpose built website, every aspect of the platform can be tailored for conversions.”
For massive impacts the best results often come from redesigning or tweaking an existing website. With a purpose built website, every aspect of the platform can be tailored for conversions. This can include optimising how the website looks on mobile, which we did for a commercial manufacturing client – taking their mobile conversions from 0.35% to 7.60%, which was an astonishing increase of 2088% – all achieved through smart design.
Accent Windows saw their conversion rate go through the roof once their new site launched!
Increasing conversion rates isn’t done through a cookie cutter approach, there are myriad factors that can hinder or increase conversions. The best place to start if you feel lost is talking to an expert. To discuss ways that Emote Digital can boost your conversion rate, don’t hesitate to get in touch with our friendly team today.