The conversion rate is the percentage of visitors who complete a desired outcome, such as registering for an account, buying a product or downloading a white paper. By analysing your the metric for different pages and by continuous (e.g. temperature) and discrete variables (e.g. demographics) you can identify where pain points exist and what are the main factors that influence conversion.
It is important not to solely focus on the conversion rate as it is only one metric and must be put into context with how it effects the bottom line. For an e-commerce retailer for instance it would also be necessary to monitor other metrics such as average order value, returns and revenues to optimise the site. Conversion rate optimisation is not about optimising the conversion rate as this is too simplistic a definition and could in fact be counter productive for the long-term sustainability of a site.
It is valuable to agree a single success metric for a site so that everyone knows what the objective is and can create a strategy to improve the performance of a site. However, the success metric needs to be aligned to the goals of the business and be sustainable to grow the business in a profitable way.
If you need help with conversion optimisation it is worth considering hiring a conversion optimisation consultant who can provide the expertise to help create a sustainable strategy to grow your digital business. A good consultant will help define a framework for optimisation and transfer skills to your business so that you can take the process forward.
Conversion marketing – Glossary of Conversion Marketing.
Conversion rate strategy – 10 strategies for successful conversion rate optimization.
Process for CRO – 8 steps guaranteed to improve your conversion rate.
Web analytics – 18 free & paid web analytics solutions.
Over 300 resources reviewed – Digital Marketing Toolbox.