Conversion Rate Optimization (CRO)
Conversion Rate Optimization (CRO) is the process of improving the percentage of website visitors who complete a desired action, such as making a purchase or filling out a form. The goal of CRO is to increase the conversion rate of a website, which can result in increased revenue, leads, and overall business success.
A/B Testing: A method of testing two variations of a webpage to determine which one performs better in terms of conversion rate. This involves randomly showing each version to a portion of website visitors and comparing the results.
Call-to-Action (CTA): A button, link, or image that prompts website visitors to take a specific action, such as "Buy Now" or "Sign Up."
Conversion Funnel: The path that a website visitor takes from initial awareness of a product or service to completing a desired action, such as making a purchase. The conversion funnel typically includes multiple stages, such as landing page, product page, shopping cart, and checkout.
Heatmap: A visual representation of where website visitors are clicking, scrolling, and spending time on a webpage. Heatmaps can help identify areas of a webpage that are receiving the most attention and areas that may need improvement.
Landing Page: A standalone webpage designed specifically for a marketing campaign or promotion, with the goal of converting visitors into customers or leads.
Multivariate Testing: A method of testing multiple variations of a webpage to determine which combination of elements performs best in terms of conversion rate. This involves creating different versions of a webpage with varying headlines, images, and other elements, and testing them all simultaneously.
Split Testing: Another term for A/B testing, which involves testing two variations of a webpage to determine which one performs better in terms of conversion rate.
Usability Testing: Gathering feedback from website visitors to identify any usability issues that may be hindering conversion rates. Usability testing can involve surveys, interviews, or observing users as they navigate a website.
In conclusion, CRO is an essential aspect of product management that can greatly impact the success of a business. By understanding and implementing these key terms and strategies, product managers can optimize their website's conversion rate and ultimately drive revenue and growth.