Businesses, for the most part, understand the importance of traffic / visitors. If nobody visits your site, nobody can buy your products. But if buying products is the goal, it comes down to a simple formula:
traffic * conversions = sales
If you have a million visits a month and nobody buys your product, then those visits are worthless, because any number times zero is always zero.
Let’s look at a more common scenario:
10,000 visits * 2% conversion rate = 200 sales
Far too many companies are in this situation and, having never done anything substantial to improve their conversion rate, still decide the way to get more sales is to get more traffic.
Thankfully, more and more companies are waking up in 2020 and realizing the reality of this formula. As diminishing returns make it more difficult to scale up traffic, conversion rate becomes more important. CRO can be extremely low hanging fruit if you’ve never worked on it in the past, delivering substantial increases in revenue and far greater return on investment.
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