Conversion rate optimization is the process of improving the rate at which a visitor takes a desired outcome on your site. For credit unions, this typically means increasing the rate at which they fill out a loan application. Unlike other digital marketing tactics, conversion rate optimization is not about driving new visitors to your website. Instead, it's about increasing the rate at which they do what you want once they're there.
Credit union website are excellent candidates for conversion rate optimization, or CRO, due to their high volume of website traffic and clear indications of visitor success (i.e. completing a loan application). With only minimum tweaks to certain credit union pages, a website can see measurable improvements in the rate at which site visitors enter, and ultimately complete a loan application.
Our process for conversion rate optimization for credit unions begins with implementing sound, reliable website analytics tracking. Once we can better understand how visitors behave, we can identify where the best opportunities exist. From there, we focus on ways to improve messaging, page design, and calls to action to increase the rate visitors accomplish a specific task, like starting or completing a loan application. We use A/B testing to see how well these changes have the intended impact on the user experience.
Measuring conversion rate optimization for credit unions involves tracking the rate at which visitors accomplish a goal (known as 'conversion rate'). This typically results in a net lift in total applications submitted. We also use metrics like bounce rate and time on page to determine how well a page is resonating with a visitor. While there are several other metrics that show incremental improvement on a user's website experience, the ultimate goal is to increase the rate at which someone converts, or conversion rate.