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What’s the Most Important CRO Metric You Should be Tracking?
May 04, 2020 | 05 min read
2. Formula to Calculate Conversion rate:
Calculating your conversion rate is very simple and easy. You can do it by adding a code to your website and set up a tracking that will show data on the google analytic. Also, you can manually calculate.
To calculate conversion rate you need details of conversions and total visitors then put this detail in the below formula.
Conversion rate = (conversions / total visitors) * 100%
Divide the total number of visitors that is converted by the total number of people that visited a particular web page and then multiply it by 100.
Let’s take a look at below example:
Conversion rate = (20 / 1000) * 100%
Conversion rate = 2 %
In the above example if 20 people have been converted out of 1000 visitors then according to this formula conversion rate would be 2%.
3. Conversion rate optimization process
Conversion Rate Optimization is the process to increase the conversion rate of your website and to make visitors do what you want them to do. If you want to run a healthy conversion rate optimization process and generate a lot of conversion from it you read our full guide on it:
4. How CRO can benefits your store
Here’s how your online store can benefit from conversion rate optimization.
- Understand your visitors better
- Better ROI
- Generate more sales and leads
- Get more conversions
- Increases your website traffic
5. What is a good and average conversion rate?
Conversion rates depend on the business model and its vary industry by industry . According to one study the good conversion rate is somewhere around 2% to 5%.
The best conversion rates for landing pages is nearly 30 percent, while the average is around 4% across all the industries.
For Facebook Ads average conversion rate across all industries is 9.21%.
For Google Ads advertisers less than 1% conversion rates are considered as lower conversion rate, 2.35% to 5.31% as medium or average while 11.45% consider as good conversion rate.
For shopify stores the average conversion rate is 1.5%. Anything more than 3.1% is considered as good performing stores and conversion rate less than 0.3% considered as worst performing store.
6. Conversion Rate Optimization Metrics to Analyze:
CRO’s ultimate aim would be to increase revenue, effective lead or sales.
But what metric is the best way to predict the potential progress of your efforts to maximize your conversion rate (CRO)? Here in this article, discover the answer to this question.
1. Bounce rate:
The site’s overall bounce rate can tell us how long users stay on site until they leave. To calculate bounce rate on each page, we can break it down by different pages. This metric can also give a clear insight of your efforts.
2. Time on site:
You can analyze this metric on google analytics it tells how much time (in minutes or seconds) users have spent on your website as in the CRO process you have worked on the website design and user experience.
3. Shopping cart dropout:
It gives an incredible insight as to how many users have abandoned the cart and left the website without buying the product. After analyzing this data you can take desired action in your CRO process.
4. CTA Submissions:
This metric can give valuable insights on how many visitors have clicked on the call to action button created as an invitation for a user to take some desired action. Understanding CTA submissions lets you prioritize your CRO efforts to concentrate on optimizing only one conversion before moving on to the next.
5. Website Clicks:
The website clicks indicate the number of times a user has clicked a particular page before leaving the website.
6. Website visitors:
Website visitors can be described as traffic on the website. It can be determined by the number of visitors visited the website and the number of pages they have visited as an after conversion rate optimization of the store. In CRO, website visitors dictate your possible conversion success and website popularity.
7. CTR:
Click through rate is the percentage of website users who click on a specific link to the total number of visitors viewing a page. It is commonly used to measure the success as well as the effectiveness of ads or a particular website page. Click through rate is considered as a number one CRO metric to pay attention to as high CTRs lead to higher conversion rates.
8. Order Value:
This metric tracks the total amount users spent on a website each time a customer places an order. It keeps the record of the purchase value of your online orders.
9. ROI:
As a performance measure, Return on Investment (ROI) is a metric used to evaluate the efficiency of an investment. A high ROI means the investment’s gains compare favorably to its cost.
Conclusion:
After collecting and analyzing these metrics you can calculate your CRO efforts successfully.
