Conversion is a word that might be nightmarish for every marketer. And today, we will discuss about Conversion Rate Optimisation strategy through HubSpot.

To put it simply, conversion means when someone that visits your website takes a desired action, such as making a purchase or signing up for a newsletter.

Doing that is not an easy task. It requires a deep understanding of your target audience, strategic planning, and tailoring your message to make sure that every marketing effort that you make is optimum.

That’s what conversion rate optimization means.

Conversion rate optimization (CRO) is the key to sustainable growth for any business, including managed service provider (MSP) businesses.

In customer-based business, CRO means continuously analysing and improving the customer journey to increase the likelihood of conversions.

In the client-based business, like MSP, CRO involves optimising various touch points such as website design, content, and user experience to ultimately drive more leads and sales.

But how do you do all of that delicate strategy? One of the solutions is by using a software solution.

The software solution can help track user behaviour, perform A/B testing, and provide data-driven insights to make informed decisions on how to improve conversion rates.

Popular choice for this is HubSpot, which is known as a software that has all-in-one features regarding marketing, sales, and customer service platforms.

So today, we are going to dive deeper, talking about CRO and HubSpot.

Before we jump into the practical steps, let’s discuss the concept of CRO itself so you can have a deeper understanding of that.

Let’s get to it.

What is Conversion Rate Optimisation in Marketing?

Conversion rate optimization, or CRO, is the process of increasing the percentage of users or website visitors who complete a specific action, such as making a purchase, filling out a form, or signing up for a service.

All of those efforts are put towards the goal of eventually increasing revenue, decreasing customer acquisition costs, and producing more highly-qualified leads.

Since we talk about optimisation here, the goal here is all about the numbers.

For example, if a landing page has a conversion rate of 10% with 2,000 visitors, it generates 200 conversions monthly. What it means by CRO strategy is you doing all the efforts to increase the percentage to 15%.

Those increases in percentage mean that you are getting more value out of the same amount of traffic, ultimately leading to higher profits and a more efficient marketing strategy.

Focusing on improving conversion rates, you can see significant growth without necessarily needing to increase their advertising budget.

More in Nexalab’s blog: HubSpot Optimisation Strategy for Business Growth, From CRM to Marketing

What is the Good Conversion Rate Number?

Unfortunately, there is no certain answer to that question, so it will always be relative.

There are many factors that can affect what a good conversion rate number is for your specific business, such as industry standards, target audience, and the type of product or service you are offering.

HubSpot in their article mentioned that a “good” conversion rate depends on a variety of factors, including your industry, niche, goals, traffic channels, and audience demographics.

For example, that article also mentioned that in the second quarter of 2022, 2.3% of visits to e-commerce websites in the United States converted to purchases. Meanwhile in Great Britain, the online shopper conversion rate is 4%.

Though their conversion rates may differ, both belong to the same industry—that of e-commerce websites. What separates them is just where they are.

So, there’s no standard number of “good” conversion rate numbers.

However, it’s important to note that there are several factors that can affect it such as:

1. Industry Benchmarks: Different industries have varying average conversion rates. Comparing your website’s performance to industry benchmarks can provide a good starting point for determining what a good conversion rate is for your business.
2. Marketing Channel: The marketing channel through which visitors arrive at your website can impact conversion rates. For example, visitors from email campaigns may have a higher conversion rate compared to those from social media.
3. Product or Service Type: The complexity and price point of your offerings can affect conversion rates. Higher-priced or more complex products may have lower conversion rates compared to simpler, lower-priced items.
4. Target Audience: Understanding your target audience’s behavior, preferences, and pain points is crucial. Conversion rates may vary depending on factors such as demographics, location, and stage in the buyer’s journey.
5. Optimisation Efforts: Continuously testing and optimising your website, marketing campaigns, and overall customer experience can lead to incremental improvements in conversion rates over time. The more you optimize, the higher your conversion rates may become.

If your conversion rate is lower than you’d like, it’s time to optimize. 

Conversion rates can be raised by better meeting the demands of your target audience through data analysis and change implementation based on customer input.

Recall that maintaining consistency in optimisation endeavours is crucial for achieving sustained success in raising conversion rates.

How to Maximise CRO in HubSpot

Now we already know all about the concepts of conversion rate optimization itself.

So how do you maximize it if you are using HubSpot as your marketing operating system?

HubSpot’s suite of tools and features can be a powerful ally in your CRO efforts. There are several ways you can use HubSpot to maximize your conversion rate optimization.

Let’s break down the way to unlock it, starting by learning about the key metrics that you need to know.

Key CRO Metrics in HubSpot

HubSpot’s analytics and reporting capabilities can provide valuable insights into your key CRO metrics, such as conversion rate, lead-to-customer close rate, and net new customers.

There are three CRO formulas that you can use to understand, analyse, and improve your conversion rate:

• Conversion Rate: Leads Generated ÷ Website Traffic x 100 = Conversion Rate %
• Number of Net New Customers: New Revenue Goal ÷ Average Sales Price = Number of New Customers
• Lead Goal: Number of New Customers ÷ Lead-to-Customer Close Rate % = Lead Goal

You can make data-driven decisions and spot areas for improvement by monitoring these metrics in HubSpot. Let’s take the conversion rate as an example.

Let’s say you want to know how your website traffic is converting into leads.

You can use the funnel reports from HubSpot to get that insight. Here’s the step-by-step to access that data.

1. Go to Reports & Analytics in your HubSpot account
2. Click Create custom report and select Funnels
3. Choose your data source, such as contacts or deals, and set up filters
4. Configure your funnel by adding stages that reflect your sales process
5. Customise your report by selecting a chart type and date range
6. Run the report to see your conversion rates between each stage

After that, you can analyse the data to identify any bottlenecks in your sales process and make adjustments accordingly. This will help you optimize your funnel and improve your conversion rates over time.

Types of HubSpot’s CRO Tools

Funnel reports is only one example of HubSpot tools that you can use to maximise your conversion rate. Aside from that, there are other HubSpot tools that can be used for CRO.

Here are some examples.

1. CTA Tool: This tool allows you to create and track call-to-action buttons on your website, helping you to drive more conversions. Additionally, the A/B testing tool in HubSpot can help you test different variations of your pages to see which ones lead to higher conversion rates.
2. Lead Flows: Another useful tool for CRO in HubSpot is Lead Flows, which allows you to create pop-up forms on your website to capture leads. These tools combined can help you optimise your website for maximum conversion rates.
3. Website Grader: This tool provides a comprehensive analysis of your website’s performance, including SEO, mobile responsiveness, and security. By using these tools in conjunction with each other, you can make data-driven decisions to improve your website’s conversion rate optimization.

Those tools above are only several options available, especially if you are using a website as your main conversion point. Of course, the tools and strategy can be different if you are using another channel as your conversion point.

HubSpot CRO Techniques

According to the article, you can implement various CRO techniques using HubSpot, such as:

1. Optimising High-Performing Blog Posts: One way to improve your website’s conversion rate is by identifying and optimising blog posts that are already driving traffic and engagement. HubSpot can provide insights into which posts are performing well and help you make data-driven decisions on how to further enhance their conversion potential.
2. Use Retargeting Tools: Another effective CRO technique with HubSpot is using retargeting campaigns to reach out to visitors who have shown interest in your website but have not converted yet.
3. Maximise CRO Analytics Tools Usage: Maximising the usage of CRO analytics tools within HubSpot can help you track and analyse key metrics to identify areas for improvement and make informed decisions to boost conversion rates.

More in Nexalab’s blog: HubSpot CRM Optimisation Tips to Drive Your Business Growth

Conclusion

Effective conversion rate optimization is important for business. So learning about CRO strategies is a must for businesses, including MSPs, that want to drive sustainable growth and profitability. The strategies we mentioned might not be bulletproof, but they are a good starting point to improve your conversion rates and ultimately increase your revenue. Remember to continuously test, analyse, and optimise your strategies to stay ahead of the competition.

Investing in marketing software like HubSpot is a smart move for any business looking to improve sales, marketing, and customer service.

But to get the most out of your business growth, it needs to work with your other tools. While HubSpot App Marketplace offers some basic integration, you’ll need expert help when it comes to custom integration.

Nexalab’s App Integration can help you integrate HubSpot with custom integration, connecting HubSpot with other software, like PSA software, for example. This means you get a complete view of your customer data, automate repetitive tasks, and personalise your customer interactions.

It’s a solution that helps you get the most out of your CRM investment. Contact Nexalab today to explore how App Fusion can drive your business forward.