Conversion Rate Optimization is a hot term in these times, when a click means a lot of profit while none would be a loss, not worth an experience. Though the conversion rates for most of the e-commerce stores are well below 2%, there are stores, which boast of a 2-digit conversion rate.

Find below some of the important things to keep in mind, if optimizing your conversion rates of your website is a priority on your mind:

1. Keep a track of the strategies and progress made by major rivals: There are many instances, one can come across, where an e-commerce executive has some lame excuses for the drastically low conversion rates like economic situation, pricing as well as the products they offer. Nevertheless, the same stores do not tend to keep a track of their rivals, as many a times stores with similar pricing structure, similar range of products and the same economic condition, still manage to convert as much as 7%.
2. Think before implementing any testing strategy: There is a misconception that Multivariate testing is the invincible solution to conversion woos. People tend to forget that inappropriate testing strategy could lead to wastage of efforts as well as capital. Testing is a subset of Optimization and ideally should be few of the last steps one should resort to. Testing is an integral part of optimization, but only if done with proper strategizing as a wrong strategy leads to hazardous results.
3. Keep on Improving: If the conversion ratio is anywhere below 40%, it states that there is a lot of room for improvements. Do a lot of analysis on pages with higher bounce rates and try to zero in on a solution. However, make changes only if you are 100% sure of the consequences of these changes. Chopping and changing frequently indicates a lack of gauging ability.
4. Learn to accept your folly: If a particular strategy does not work, it is a better option to shun your ego and adopt another well thought off strategy.
5. Blindly following a success story does not assure success: Amazon boasts of a 12% conversion ratio, but this certainly does not meant blindly imitating the Amazon strategy would up the conversion rates. Conversion rates depend on target markets and various other factors.
6. Be open to suggestions from experts: At times people believe that they have enough knowledge about conversion rates, and neglect expert recommendations.
7. Optimization will take time to show effects: Like Rome was not built in a day, so also Optimization cannot be achieved in a short span of time. With constant pressure from the customers, there is always indecisiveness whether to stick to a strategy or move ahead.
8. Optimize while creating the website: Mostly firms delay a CRO until the website is ready, but with the expert optimization help while creation of the website, one can escape a lot of rework and save money and time.
9. Usability test with a commoner: Catch hold of a commoner and ask him to try out a demo on buying a product from your website, while offering him a drink. This surely will reveal a lot about your website.

During this cutthroat competition, waiting for things to happen on its own is suicidal. Observe, re-evaluate, and introspect to come up with solutions to conversion rates.

Tags: conomic situation, conversion rates, pricing, same economic condition, strategies and progress

This entry was posted on Monday, March 2nd, 2009 at 1:01 am and is filed under Internet Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.