Conversion in marketing refers to turning a prospect or lead into a paying customer or taking any desired action on the company’s website or platform. The desired action could be filling out a form, making a purchase, downloading an e-book, subscribing to a newsletter, or any other specific action the company wants the user to take.
Conversion rate is a metric used to measure the success of a marketing campaign. It is the percentage of visitors to a website or platform who take the desired action. For example, if 100 visitors visit a website and 10 make a purchase, the conversion rate is 10%. A higher conversion rate indicates the marketing campaign effectively persuades visitors to take the desired action.
Conversion rate optimization (CRO) is optimizing the website or platform to increase the conversion rate. This involves analyzing user behavior, identifying pain points, and making changes to the website or platform, making it easier for visitors to take the desired action. Examples of CRO tactics include:
- Improving the website’s design.
- Simplifying the checkout process.
- Adding customer reviews and testimonials.
- Optimizing the content and messaging.
By improving the conversion rate, companies can increase their marketing campaigns’ return on investment (ROI) and drive business growth.