What does CRO stand for?
The acronym CRO stands for multiple things, however, in this blog, we are referring to Conversion Rate Optimisation.
What is conversion rate optimisation?
Conversion rate optimisation is the process of increasing the rate of visitors who perform a desired action on a website or app. This can include adding a product to the cart, purchasing a product, signing up for a service or filling out a form.
CRO involves analysing user behaviour and journeys, generating ideas, testing hypotheses and enhancing user experience. Then using this information to improve the user experience and increase conversions.
It is important to note that optimising your conversion rate requires you to have a good understanding of your customers. Martech Analytics can help you get to grips with your data.
How is the conversion rate calculated?
To calculate your conversion rate, divide the number of conversions on your site by the total number of visitors to the site and multiply by 100. You can use this method to work out the conversion rate for different periods, e.g. monthly, quarterly, annually or during a specific sales period.
Conversion rates vary by industry, generally, they are between 1% and 4%. These numbers are useful for benchmarking, but it is more useful if you have an in-depth understanding of your own site's numbers.
Why does conversion rate optimisation matter?
Examining your conversion rate gives you critical insights into the effectiveness of your site. It allows you to focus on a specific page, a campaign, a sales funnel or something else.
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