Benefits of Conversion Rate Optimization for Online Business

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The Key Benefits of Conversion Rate Optimization
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Helps You Understand Your Customers Better
As an online retailer, understanding your
customer is vitally important. You have to know
who they are and what they want in order to be
able to stock the products that they want or
need, but also to market to them
effectively. This is where CRO can improve your
entire ecommerce business. Much of the research
that goes into CRO has to do with who your
customer is and testing is a big part of making
sure your store is effective and helps you get to
know exactly who youre dealing with and what
they prefer.
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Gets You More Customers (my favorite!)
You are probably already trying to reduce your
cost per acquisition conversion rate
optimization (CRO) can help you do that in
eCommerce. When you continuously optimize your
online store, you tend to understand your
customers better which leads to an improved
overall shopping experience.  The better the user
experience for visitors, the more customers you
acquire from the same amount of traffic youre
already receivingmeaning you dont just save
money, but you actually make more of it since
its costing you less to acquire each additional
one.
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Increases Your Website Profits
This is one of the most major advantages of
conversion optimization. Even just a slight
improvement in your conversion rate can lead to a
massive improvement in your profits. Why? Because
unlike advertising efforts, CRO provides
immediate and tangible profits that go straight
into your pocket, not into paying your
advertisers. For example, lets say you get 100
visitors come to your product page and only 5
(5) purchase it at 10 and your cost of product
is 5 .
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It Becomes Your Secret Weapon
The truth is that many of your competitors are
probably already doing conversion rate
optimization or maybe not. If they havent
started yet, they will start soon.  Competitors
can easily analyze your store to figure out what
youre doing for search engine optimization or
social media marketing.  But when it comes to
CRO, its a whole different story. When you
optimize your site, youre not simply doing one
thing. Its a mix of all sorts of initiatives
that play a role in this process.
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Leverages Your Current Website Traffic
One of the biggest benefits of conversion rate
optimization is that it works with the
current traffic that you already get to your
online store. While there is the initial monetary
and time investment in getting a page optimized,
once it starts working, you really start making
the most of the traffic your webpage already
receives through SEO and other marketing efforts
such as social or email. CRO isnt about driving
more traffic , but about making sure those
visitors convert into customers.  I wrote
about what is cro to help you understand it.
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Lowers Your Customer Acquisition Costs
If you are in desperate need of some funds for a
social media marketing campaigns or PPC, upping
your conversion rate first is a great way to free
up some money for that. When you optimize your
site, all traffic coming from other campaigns
will surely improve as well.  This creates a
cycle of money making that youre sure to
appreciate. Your customer acquisition costs will
be lower as well since youre more focused on
improving conversions and converting those
visitors to customers.
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Allows You to Beat Your Competition
When you actively do CRO, your online store is
going to have an edge over the competition.
Sometimes, thats all it takes to win a
customeryou just have to be a little bit more
efficient, a little bit faster, and youll win
every time. Think of it like a neck-in-neck
horserace the horse and jockey that actually
win, even if its just by a nose, takes
everything homethe money, the trophywhile the
horse that comes in second, even just by a hair,
gets nothing,
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Improves Your Brand Perception
A large part of conversion rate optimization is
making sure your website looks legitimate. Why?
Because online shoppers are very concerned,
especially with recent security breaches at major
retailers, about the safety of their information.
Your website will look as legitimate as your
business really is, which helps to build trust
and encourage those who visit your store to go
ahead and make a purchase.  Reducing friction
starts with a professional brand.
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Google Will Love Your Web-store
Google loves sending traffic to your
online store if you can truly deliver what
theyre searchers are looking for.  Its not a
good sign if lots of visitors leave your site
without making a purchase.  There is something
causing them to head back to Google and search
again.  This scenario can potentially affect your
SEO rankings.
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Increases Your Customer Lifetime Value
Most marketing efforts for online retailers are
centered on getting someone to click through a
link, visit a page and purchase an item. If you
offer specials and discounts through promotions,
thats a good way to encourage someone to
actually make a purchase, but the reality is that
even the most effective marketing campaigns will
essentially be nullified by a website that is not
optimized. 
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Conversion Rate Optimization
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