Conversion rates are one of the most important indicators of a website’s performance. A recent study suggested that the average global website conversion rate is 4.31%. This means that if a website receives 480 visitors per month, only about 20 of them fill out a form, subscribe to a newsletter or complete a purchase.
In a recent report evaluating the best website builders, The Really Useful Information Company (TRUiC) pointed out some of the latest factors that could influence the success of a website.
Both marketers and business owners can only determine the success of a website once it achieves a measurable goal that helps increase profitability. This could range from filling out and submitting a contact form, completing survey questions, or going to the next page of a website to learn more about the company.
As a result, conversion rates are an effective way to calculate the success of a website – meaning the higher the conversion rate, the better the performance.
The metric can identify the percentage of traffic a landing page attracts and outline how well an online store converts visitors into customers. Ultimately, the conversion rate works as a key performance indicator (KPI) that guides websites towards operational improvement.
The overall conversion rate of a website heavily influences its performance. A quick page speed has regularly been demonstrated to result in a higher conversion rate. In other words, the faster a webpage loads, the more likely a user is to convert.
However, this isn’t the only force at work. Page design, page layout, and the effectiveness of the copy and visuals on the page all influence conversion rates.
According to WiderFunnel’s LIFT Model, there are six conversion factors (split between conversion drivers and inhibitors) that organisations can use to analyse their landing pages.
Firstly, the value proposition is the most important of the six conversion factors and serves as the key driving force behind sales conversions.
As a result, the homepage of a website should address the company’s value proposition and emphasise what sets it apart. Prospects must know what the business has to offer and why they should buy from them.
When it comes to attracting future customers, a company’s landing page should correspond to what visitors want to see. The relevance of the value proposition and the source media context must be related.
The most common of the six factors that marketers face is clarity. Design and content are the two components of clarity that need to be examined. The visuals and text should work together to reduce the amount of time it takes to understand the content.
For this reason, the value proposition and call-to-action must be clearly expressed on the landing page.
Concerning urgency, it is important to note how a visitor feels when they arrive at the webpage and how they feel when they leave. The tone, presentation, offers, and deadlines all have an impact on how and when the visitor decides to leave.
Anxiety has to do with a visitor’s perception regarding the website’s credibility and trustworthiness. Companies should address any concerns visitors may have to ensure conversion action.
The more visual elements and action options a visitor must process, the less likely they are to convert. Distracting elements such as unnecessary product selections, links, and redundant information should be minimized to improve conversion rates.
With this in mind, let’s look at a few techniques to improve conversion rates.
Employ A/B testing
A/B testing examines two or more different versions of a landing page to find out which one performs better. Users are presented the versions at random, and companies can choose the better option based on the amount of traffic each landing page generates.
On average, some elements on a webpage have greater influence than others. The headline, page layout and navigation, products and services, and the use of different media to communicate key points are just a few examples.
Set up a sales funnel
Asking for the sale too soon will likely result in lower conversion rates. People are frequently browsing but not ready or in a hurry to buy an expensive and complex product – they may need more time.
Companies, therefore, need to build more brand awareness and establish a professional relationship with their future customers. It is crucial to invest time into developing an effective sales funnel that offers prospects a lot of information before asking them to buy.
Simplify the buying process
Companies should make it as simple as possible to conduct business. Customers should not have to figure out how to make a purchase or where to click. It must be intuitive, obvious, and completed with as few clicks as possible.
Web pages should continuously guide the users to the next steps. Always direct the user to the action you want them to take on each page and make the main next step appear to be more significant than the other links.
Give users as few options as possible. It’s easier to choose nothing when a consumer has a lot of options, but If a company has a lot of products, better filters are needed so that prospects can quickly choose the one that is perfect for them. This is an area of research that is rapidly evolving – and it is no doubt incredibly dynamic.