Conversion Rate
What is conversion rate?
Conversion rate (CR) is the percentage of users who have completed a specific action, regardless of whether it is a purchase, viewing a video, downloadind a file, filling out a form, booking a reservation, etc.
1. How to calculate the conversion rate?
The formula for calculating the conversion rate is not difficult to understand, you only have to divide the number of objectives (desired actions) by the number of unique users who, for example, have visited the website or opened an email, if you sent an email marketing campaign. After that, multiply that figure by 100 and you will get the conversion rate.
The following formula allows you to get the conversion rate:
(Objetivos logrados / Visitas totales) x 100 = % Conversión
2. Improve conversion rate
There are multiple tools to improve conversion rate, depending on your digital marketing plan or email marketing campaigns, among them are:
– Alliances and co-branding. Generate alliances and partnerships with other brands that are beneficial to you, as this will allow you to reach a wider audience, improve your branding and therefore the conversions generated
– Improve your brand image. If you are known and respected, visitors will be more receptive to any proposal you suggest, so work to boost your branding strategy and improve your conversion rate.
– Landing pages. Without any doubt, a landing page is one of the elements that contribute the most to a higher conversion rate.
– Payment and shipping costs. Whenever possible, offer multiple payment and shipping options (clearly indicating shipping costs). These two barriers can affect the number of purchases and transparency in this case helps the conversion rate and reduce abandoned carts.
– Very clear and visible return policy. Ecommerce can improve its conversion rate by letting the buyer know at all times the return and refund policies.
– Social media, content marketing. Your social media is also a way to strengthen your relationship with your audience, as is creating valuable content and sharing it. Make sure your content marketing strategy is relevant to your customers.
– Simplify your opt-in forms. When creating a form, you should only ask for the most relevant information from your users, because if you request too much data, many of them will not fill in the form and your conversion rate will be affected. In this case, less is more.
– Testimonials and success stories. In general, the social approval and positive opinions that we can show on our website, will contribute to build trust and thus improve conversions / sales.
– Proper use of discount coupons and offers. Using discount coupons and offers helps to convert visitors into customers, but don’t abuse them and work with very clear KPIs.
– Use of email marketing. Email marketing is an excellent means of communication that brings you closer to customers comfortably and is an excellent ally to convert. Don’t neglect this option and work on your mass mailing campaigns in a timely manner.
– Website loading speed Users require immediacy, if your site takes too long to load, many people will not wait for it to do so, so make sure your website will load as fast as possible.
– Cross-selling and up-selling. Cross-selling and up-selling help you to improve sales and to sell higher priced products, which will boost your conversion rate.