How to increase website conversion rate and how high should it be
What is the conversion rate
The remaining percentage is those people who perform target actions and generate profits for companies. That 3% is the conversion of "just users" into customers.
These conversion indicators vary across industries. For example, the average conversion rate of a Facebook group is 20% to 30%, and the one of an online store is 2% to 5%.
Other things being equal, an increase in conversion means an increase in profit, therefore, special methods are used to increase the Conversion Rate (CR).
What are "target actions"
- click on a link or a banner;
- order goods;
- create personal accounts (register);
- enter data in digital forms;
- agree to receive newsletters;
- call and find out something from the staff;
- repeatedly go from one page to another without leaving the website.
Making each of these actions is considered a conversion and positively affects the result. You can check the conversion rate using the Google Analytics counter which is implemented on your website.
Here is the formula for calculating the conversion rate: CR = Х / Y x 100%, where Х is the number of users who made a target action, and Y stands for all website visitors. The counter gathers information about website visits and transactions.
What will happen if you do not improve the conversion rate of your website
What is the average conversion rate of various websites
In the B2B segment, the conversion rate is higher; it fluctuates from 2% to 12%.
The lowest conversion rate for financial companies is 5%; on average, 20-25% of visitors to the top financial companies' websites convert into customers.
Reaching the average conversion rate for your segment is already good enough. It is not always worth going all out on achieving the maximum conversion rate.
Ways to improve the conversion rate of a website
Careful planning of advertising campaigns
The cost of acquiring one user via push notifications is 5 times less than running paid search advertising, however, it is worth experimenting with both methods. Specific solutions always depend on the industry of your business and the current situation.
Non-target traffic will not lead to an increase in the conversion rate of visitors into customers, so luring too wide audience to your website with advertisements is expensive and pointless. It is more effective to focus on a narrower segment that matches your target audience.
Working on segmentation and retargeting
For different business niches, paid advertising on Google and other popular advertising networks and push notifications through channels which are convenient for the target audience may turn out to be more effective: some users will be interested in messages with news via Telegram or WhatsApp, others may find email newsletters and SMS more appealing.
Producing content which matches user expectations
- availability of complete and correct information about the product range (cost, stock availability);
- reliable and detailed product descriptions: technical specifications, recommendations for use;
- full-color, representative, and high-quality photographs (or showcases, respectively);
- reviews on a website.
All these are the minimum necessary conditions for a good target conversion rate.
Navigation in an online store is of high importance: the data structure must be clear, there should be necessary filters, and links to similar products or sections should be shown on time. Users like these things as they make them stay on the pages of such websites.
If a website is informational, published topics should be fully disclosed in texts, videos, photographs, and other content. In this case, the following things will serve as an indicator of the growing conversion rate:
- subscriptions to newsletters;
- course orders;
Thoughtful placement of interactive (call-to-action) elements
Widgets largely depend on the website subject, but they are mostly useful on websites where users find it important to make preliminary calculations online. For example, you can publish a loan or a deposit calculator on a website of a bank.
Here are some examples of website widgets:
- online chat — this is a chat where a consultant can answer all questions of a website visitor;
callback — this is a button which allows a website visitor to submit their contact details to be contacted back;
online appointment — this tool allows making appointments for any event type: test drives, specialist appointments, bookings, etc.;
- customer lead generator — this tool gathers contact details of website visitors and tells them about promotions, special offers, and other information.
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