13 Biggest Conversion Rate Optimization Benefits
Trustmary teamLast edited: June 25th, 2024
Are you a start-up aiming to become a unicorn? Are you looking for a way to achieve hockey stick growth for your business?
In order to achieve those ambitious goals, it is more than essential that you understand your customers.
One of the best ways to understand your customers is to find out how they behave: what makes them do or not do something online?
To find that out, you should look into conversion rate optimization.
This blog will help you understand the biggest conversion rate optimization benefits and show you how to create a CRO strategy using social proof in 3 easy steps.
Let’s go, CRO!
What Is Conversion Rate Optimization?
Conversion rate tells you the percentage of people who performed the desired action (aka conversion event) on your website or other online content.
Conversion rate optimization (CRO) is the process of trying to increase the conversion rate.
In practice this means that you need to study what makes people perform the conversion events, and what prevents them from performing those. Based on that information, you make changes that increase conversions, like in the example below where a simple color change had a significant effect:
For a more in-depth definition of conversion rate and other related terminology, see the Definitive Guide to Optimizing Conversion Rate.
13 Biggest Benefits of CRO
The biggest CRO benefits include the following 13 aspects. Start optimizing your conversion rate today, and soon enough your business will reach these results.
1. More Leads and New Customers
When your website visitors are likely to stay on your website for a longer period of time thanks to the conversion optimization you have been doing, you can generate more leads and acquire more customers.
The next logical outcome to having more customers is getting more sales and more money. Yay!
2. Increased ROI on Paid Advertising
When you get more conversions through your paid advertisements, the ROI increases and you get your money’s worth of traffic and transactions.
3. Lower Customer Acquisition Costs
The number of conversions you get in exchange for certain investment defines your customer acquisition cost. The more you convert, the lower the cost.
4. Minimized Bounce Rate
I hate it when websites don’t work properly, or if they are difficult to navigate. In case I encounter websites like that, I will willingly just move my business somewhere else. And I am not alone: the average bounce rate is around 50%.
This of course depends on your industry, but if you are able to keep over half of your site visitors browsing your pages, you are doing well! And if you are not doing that well yet, CRO helps you lower the number.
5. Improved Digital Customer Experience
If people are enjoying your website, find their way around your landing pages and like the design, they are happier with the experience. Happy customers tend to visit your site again.
6. Learn More About Your Customers
In order to gain deeper understanding about your customers and how CRO might affect them, you should create buyer personas who imitate your target audience and help you figure out what they really want.
Once you test out different solutions, you simultaneously learn more about your paying customers and can further improve the customer journey.
7. Increased Customer Lifetime Value
If your online store is easier to navigate and use than your competitor’s, or if your website has more perceived value, the customer will be more likely to come back again. This means that over time they will purchase multiple times from you and grow customer lifetime value.
8. Maximum Benefit from the Marketing Budget
If your marketing efforts bring lots of traffic to your website and your CRO process makes sure that the traffic results in conversions, you have successfully maximized the potential of your marketing campaign.
9. More Visibility in Search Engines
If you are able to minimize your bounce rate and keep your customer on the website longer, you will reach better search engine results.
10. More Website Traffic
Because of the increased visibility in search engines, you will get more traffic on your web pages.
11. Stay Ahead of Your Competitors
When you are actively doing CRO testing, you can notice changes in user behavior and react to them fast, which might possibly get you ahead of your competitors.
12. You Make More Educated Decisions
When your decisions are based on hard data rather than just intuition or “hunch”, you can be more confident about taking risks and experimenting with different solutions.
13. Overall Higher Revenue and More Profit
If we look at all the benefits listed above (in a nutshell: increased conversions and decreased costs), they will result in higher revenue and more profit.
Create CRO Strategy Using Social Proof in 3 Easy Steps
When you start your CRO efforts, you want to know what would make your site visitors perform the desired actions such as making a purchase, requesting a quote, booking a demo or starting a free trial.
Let me tell you that social proof is extremely beneficial in conversion rate optimization.
Social proof refers to the psychological phenomenon that makes people act and think like their peers.
If your prospective client is just about to convert, and they see a review or testimonial from a previous happy customer, that might be just the push that they need to make the decision.
Now, let’s discuss how you can create your own CRO strategy utilizing social proof.
Step #1: Adopt Trustmary to Collect Social Proof
If you are not yet familiar with Trustmary, let me tell you what the software can offer you:
- Collect testimonials and reviews (=social proof)
- Showcase the testimonials on your website
- Set automations for the process
- A/B test testimonials and lead generation widgets
- Collect feedback and conduct customized surveys
- And more!
When you place testimonials (that you have collected with Trustmary) near your CTAs, you can notice a difference in conversions!
Step #2: Integrate Trustmary to Your CRM System
You can connect Trustmary to many different CRM systems, such as Pipedrive, HubSpot, and others. See our Integrations-page for instructions on how to connect your CRM system with Trustmary.
When the two systems are integrated, you can easily transfer data between them and set automations for different actions, such as testimonial requests. Using social proof has never been easier!
Step #3: Do A/B Split Testing
After you have implemented the previous steps, you can start tracking which testimonials work best on your website and on your target audience.
Over time you will start noticing that some testimonials convert better than others. And I would bet that video testimonials like the one below make a great impression on your potential customers!
Conclusion
Conversion rate optimization is the process of figuring out how to make more conversions happen online. Improving conversions through CRO has many benefits, which combined result in better profit for your business.
Using social proof is one of the best ways to optimize your conversion rates, and the best tool for using social proof is Trustmary.
With the Trustmary software, you can collect testimonials and reviews and showcase them on your website.
By integrating Trustmary with your CRM system, you can make the use even more effective and simple.
Finally, Trustmary lets you conduct A/B testing on the widgets and testimonials, which helps you improve your conversion rate further.
Start improving your online business – now!
FAQ
What are conversion rate optimization benefits?
- More leads and new customers
- Increased ROI on paid advertising
- Lower customer acquisition costs
- Minimized bounce rate
- Improved digital customer experience
- Learn more about your customers
- Increased customer lifetime value
- Maximum benefit from the marketing budget
- More visibility in search engines
- More website traffic
- Stay ahead of your competitors
- You make more educated decisions
- Overall higher revenue and more profit
How can social proof affect conversion rates?
Social proof is an effective way to convert people into customers. When you exhibit social proof, such as reviews and testimonials, on critical points of your website, you can push the site visitors to convert.
How can I integrate Trustmary with my CRM software?
Trustmary is compatible with many different CRM systems. See our Integrations page for instructions on how to connect Trustmary with your existing CRM system.
