What is conversion rate optimization?
The process of increasing the rate of conversions from a mobile app or a website is known as conversion rate optimization (CRO). CRO typically entails brainstorming ideas for improving elements of your website or app and then validating those hypotheses through A/B testing and multivariate testing.
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Why is conversion rate optimization important?
Conversion rate optimization is important because it enables you to reduce customer acquisition costs by extracting more value from existing visitors and users. You can maximize revenue per visitor, reach more customers, and expand your business by optimizing your conversion rate.
For example, if a landing page has a 10% conversion rate and receives 2000 visitors per month, it will lead to 200 conversions per month. If the conversion rate can be increased to 15% by optimizing various components on the page, the number of conversions generated increases by 50% to 300 per month.
When it comes to increasing conversions, there is always room for improvement, and the best businesses are constantly repeating and enhancing their sites and apps to provide a better experience for their users and grow conversions.