Want to calculate the conversion rate for your business? Just enter the figures for a given month below:
What is a conversion rate?
A conversion rate refers to the amount of desired actions taken within a particular time frame, this number is then divided by the total times this desired action could have been taken. The result tells you how the desired action converted.
For example, if a popup for your lead magnet is displayed 100 times in a day, however only 5 people actually sign up, your conversion rate for this desired action is 5%.
A conversion can include any desired action which you can measure the outcome, such as making a purchase on a sales page, clicking on an affiliate link, signing up to your newsletter etc.
Why is your conversion rate important?
With every business, you need to understand if your marketing strategies are working. The easiest way to see if your strategies are performing well is if you have high conversion rates.
Setting up goals for specific conversion rates allows you to track and measure the performance of your content, whether it be a landing page or a popup for a lead magnet.
By monitoring your conversion rates, you can divert more resources to the marketing tactics & strategies that are delivering results.
How you can improve your CR
Once you’ve identified your conversion goals, you’ll need to optimize the place where this conversion will take place.
For example if it’s a landing page for a product, for you to convert these visitors into customers you’ll need to understand what it is that makes that customer say ‘yes’ to the purchase and click the ‘buy’ button.
The more you understand what makes them say ‘yes,’ the better the conversion you’ll get.
Here are some examples of ways you can improve your conversion rates:
- Enhance your skills in copywriting – this will help you become more tactful in how you phrase your copy.
- Learn about color psychology – different colors have different effects on people.
- A/B testing – split test different combinations of copy, colors and layout to see which converts the most. Most landing page software will come with this functionality and it’s easy to use.
- Is what your offering worth the desired action? Sometimes the reason behind a low conversion rate is that the reward for the desired action is not appealing to a visitor. Therefore, creating a product or lead magnet that converts is essential.
How to calculate your CR
Conversions (brought a product/subscribed etc) / total clicks = CR
20 subscribers / 1000 clicks x 100 = 2% CR
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