Photo by Maayan Nemanov on Unsplash

Photo by Maayan Nemanov on Unsplash

<aside> 📌 Summary: Conversion Rate Optimization (CRO) is essential for maximizing conversions on an online platform. By focusing on user experience, setting clear goals, gathering data, identifying barriers, and implementing personalized tactics, platforms can improve their conversion rates. Paying attention to user behavior, continuously testing and iterating, and utilizing strategies like social proof and abandoned cart recovery can lead to increased conversions and overall success.

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What is a conversion?

When we talk about "conversions" in the context of websites or online marketing, it refers to the desired actions that we want visitors to take on a website. These actions could include things like making a purchase, signing up for a newsletter, or any other specific goal that the website owner wants to achieve. We measure this through the conversion rate. It tells us how effective a website or marketing campaign is in converting visitors into customers or achieving its desired goals.

$$ \text{Conversion Rate} = \frac{\text{Number of Conversions}}{\text{Total Number of Visitors}} \times 100\%

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Conversion Rate Optimization

Conversion Rate Optimization (CRO) tactics are strategies and techniques used to improve the conversion rate on an online platform. Platforms use them to improve conversions. This may help them better achieve goals such as maximizing sales or increasing newsletter sign ups. They also help platforms gain a competitive advantage.

CRO is done through data-driven decisions that help improve user experience. Platforms use various methods to figure out the optimal way to present their platform for maximum conversions.

Why care about UX?

A users experience on the platform is by far the biggest contributor to conversions. Good UX can help the user understand how the platform serves them, reduces friction in performing the desired action and encourages repeat conversions and referrals.

The CRO Process

Conversion Rate Optimization (CRO) typically involves several steps and is an iterative process. As user behaviours continue to change, your platform should change with them.

  1. Set Clear Goals: Define SMART goals. Ideally there should only be one main action that you want your users to perform. Once you have identified your goal, define metrics to measure current success.
  2. Gather Data: Understand how your users currently interact with your platform. Pay key attention to the metrics you defined in step 1. Web analytics tools like Google Analytics are extremely helpful in this regard.
  3. Identify Conversion Barriers: Analyze the data to pinpoint potential barriers or obstacles that may be hindering conversions. Look for areas of high bounce rates, low engagement, or drop-offs in the conversion funnel. User feedback and surveys can also provide valuable insights.
  4. Develop and Test Potential Solutions: Based on the data and insights gathered, formulate potential solutions to the conversion barriers. Then, test them using methods like A/B testing by changing only one variable and measuring the impact. Keep iterating on the winning solutions.
  5. Monitor: Once you have implemented your design, you must keep monitoring your website's performance, conversion rates, and user behavior over time. Notice changes in user behavior and be on the lookout for further opportunities to optimize.

Concrete Tactics

Apart from the basic UX improvements, there are a few things you should consider to improve conversions.