In internet marketing, conversion rate is the ratio of visitors who convert casual content views or website visits into desired actions based on subtle or direct requests from marketers, advertisers, and content creators. The Conversion rate is defined as follows:
Successful conversions are interpreted differently by individual marketers, advertisers, and content creators. To online retailers, for example, a successful conversion may constitute the sale of a product to a consumer whose interest in the item was initially sparked by clicking a banner advertisement. To content creators, however, a successful conversion may refer to a membership registration, newsletter subscription, software download, or other activity that occurs due to a subtle or direct request from the content creator for the visitor to take the action. Now that we know what conversion rates are, the question is: How do I increase my conversion rates?
When wanting to increase your website’s conversion rates, it is extremely important to be open to suggestions, meaning constantly tweaking your website. And one of the many ways to figure out what works and what doesn’t, is to take a peek at your competitor’s website and take into consideration, the loads of market research statistics that is just lying around the web. For instance, if you run your own online storefront, taking a look at the top 10 converting retail sites may be beneficial to your business.
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Here are the top 10 converting websites for June 2009*. These are based on Nielson Panel data and are calculated by user to final conversion.
- ProFlowers 24.0 %
- Vitacost 23.3%
- 1800Flowers 19.5%
- Roamans19.2%
- Office Depot 18.5%
- Blair 17.3%
- QVC 17.0%
- Victoria’s Secret 16.8%
- DrsFosterSmith.com 16.4%
- Amazon 16.4%
The first thing I noticed when looking at this chart was that Amazon was number 10. Although Amazon isn’t number 1, you must realize that any of these conversion rates are considered a blessing in any business owner’s eyes. And fact of the matter is, if you are able to obtain these numbers, we don’t like you. If you take a look at ProFlowers.com, the site with the highest conversion rate, it essentially makes 1 sale within every 4 visits. That is simply insane.
Realize that there are a lot of factors into play that may constitute for ProFlower’s insane conversion rate. Branding and trust for instance, plays a big role in ensuring customers that they are getting high-end products. In return, customers become loyal satisfied customers who repeatedly use their website for buying flowers, which justifies their high conversion rate.
It is no easy job to be able to obtain these numbers. In numerous of cases, it may require tons of tweaking and even entire site makeovers. Although it may sound like a huge investment, it is an investment worth venturing because fact of the matter is, obtaining a higher conversion rate in turn yields higher returns.
