Are you on a mission to increase your online conversion rate, but have no idea what to do? The average lead conversion rate is just 2.35%, which means the majority of your customers are slipping through your fingers. If you knew how to increase store conversion by just a couple of percent you could double or even triple your sales.
You’ll be pleasantly surprised by the myriad of ways in which you can increase lead conversion rates. Below, we outline a simple 3 step process that can help any business in any marketplace grow their rate of sales.
And we’ll share free conversion rates tricks to help those with a limited budget. There are some simple steps to increase lead conversion without parting with cash. These methods are ideal if you have a limited budget, but want to compete with established brands.
How to Triple your Conversion Rate in 3 Simple Steps
1. Record everything
To begin understanding how to triple your conversion rate, you need data. The more data the better since it allows you to spot the weaknesses and strengths of your sales funnel. Nowadays there is a rich choice of software that can track data in real-time. This includes Google Analytics, BigCommerce Analytics, and Crazy Egg.
You need to acquire data over a meaningful sample size so that conclusions drawn are accurate. Calculating a meaningful sample size is a tricky process – especially if you’re scared of math. However, you can use an online sample size calculator to get the job done.
At this stage, it’s important to determine the desired action that leads to a conversion. This might be the subscription to a newsletter, buying a product, or clicking on a link that takes the lead deeper into your website. You need to track the right action to figure out the conversion rate at the end of the process.
Feel free to track more than one action so you can calculate conversion rates for various activities. For example, you can track the conversion grow rate for purchases and e-mail subscriptions at the same time.
2. Analyze data
Once you’ve acquired a sufficient amount of data, you need to analyze it. It can be a tricky process if you don’t know what you’re looking for. The previous step should have laid the groundwork for the steps to come. So if you outlined the landing page conversion rate metric then look for it in your data.
Calculating the conversion ratio is a simple process: Conversions/Visitors*100
For instance, if you have a web page where 5,000 people landed and 25 of them performed the desired action, then the conversion rate is 5%. You won’t need to do this manually since your tracking software will do it for you.
Furthermore, take the time to look for unusual patterns that signal interesting customer behavior. For example, website visitors might be subscribing to your newsletter at an unusually high rate from a particular page. You could study that page to find out why and replicate the successful contributing factors on other pages.
3. A/B Split Testing
The process of A/B split testing can help you figure out the specific changes you need to make. It’s one of the key tools for how to get the conversion rate to increase. The idea is to create two versions of a page where only one variable is different. This might be the lead magnet, aesthetic changes, or the price.
Again, record data for a meaningful sample size and determine the page that gets the better lead conversion rate. Consequently, the better performing page is kept and the other one is discarded.
A/B split testing can be a powerful tool when figuring out how to increase store conversion rates. For example, one test based on 2,000 visitors found that there was a 21% increase when the CTA button was changed from green to red. That’s a staggering increase when you consider the simplicity of the change. It goes to show that simple actions can significantly increase a conversion grow rate.
You can come up with an infinite number of A/B split test for your quest on how to triple your conversion rate. There are many page elements that can be changed, so it should be an ongoing process.
Get more Free Online Conversion
There are no “free” methods of increasing your conversion rate since everything takes time, and as the saying goes – time is money. However, there are a few things that you can do without eating into your budget.
Speed test: use free website speed test tools to figure out how your website is performing from a technical standpoint. A slow website might be frustrating for users that don’t have patience. Also, some potential buyers might be connecting from locations with a slow internet connection. A poorly optimized website adds to the problem and you could be losing potential sales.
Customer testimonials: in the modern online shopping environment, customer testimonials and feedback are extremely important for online conversion rate increase. Social proofing your services and products tilts the odds of success in your favor.
Therefore, you should encourage customers to leave reviews and testimonials without coming across as too needy. Forcing customers to take the optional step of leaving a review can do more harm than good to your conversion grow rate.
Urgency: casual visitors are more likely to become buying customers if you create a sense of urgency. This includes time-sensitive offers and limited edition products that will run out of stock. However, you can’t use gimmick tricks since the modern-day customer can see right through that.
If you create urgency, it needs to be real. For instance, if customers know that a discounted or limited edition product will also be available next month, there is no urgency to buy now.
Reduce choice and clutter: businesses tend to think that the more the merrier, but that couldn’t be further from the truth when trying to increase your lead conversion rate. Too many choices and too much clutter can overwhelm the user, preventing them from taking action – the confused mind says “no.” In the end, they may leave your website and do something else instead of buying because that’s the simpler choice.
Payment options: provide as many payment options are possible to keep customers from leaving during the checkout process. If a customer wanted to make a large purchase but can’t because you don’t provide the right payment options, you’ll both end up frustrated.
Tiered pricing: there is a psychology at play that pushes us toward the mid-priced item. Use a technique known as decoy pricing to use this to your advantage. Create a tiered pricing structure with 3 options; one of the options is a decoy that pushes people toward the middle option.
Mobile optimization: the volume of poorly optimized mobile websites is staggering when you consider that 49% of unique traffic comes from mobiles. To stay competitive you must optimize your website to be responsive for any device, or create a standalone mobile version of your website.
Any Additional Tips
Investing in an online conversion grow agency is one of the best additional tips for conversions. You can take the entire process off your hands and leave it to the professionals, while you get back to the everyday tasks that help your business grow.
The cost of investing in said service will pay for itself down the road when your increased conversion rate leads to more sales. You can treat the hiring of a lead conversion firm as a learning process. Learning from professionals allows in-house staff to understand what needs to be done for effective results. Once you know how to increase your conversion rate, you can do it yourself.
The tips presented in this article are just the tip of the iceberg for increasing your online conversion rate. There are many pieces to the puzzle, but starting with the information here will set you off in the right direction.
Online conversion optimization should be an ongoing process that never stops. There is always something that you can do to boost sales, whether it’s providing a better product, changing your process, or improving your website design.
Don’t make the mistake of thinking that online conversion optimization is an afterthought – something that’s at the bottom of the priority pile. It should be at the forefront of your daily agenda, with an entire team of professionals tending to the tasks that increase your bottom line.