Conversion rates sound more like a religious mantra for digital marketing. You can say so because it is one of the most effective ways to measure your campaigns.
As compared to the cost per click and click-through rate, conversion rates are more effective. They provide you accurate information about whether or not you were able to reach your target audience. It also gives you a precise idea about whether you were able to achieve your set marketing goal.
Before you step into the world of conversion rates, it is important to know what they are.
Source: Evergage
What are the conversion rates?
The conversion rate is the percentile of visitors on your website. The percentage of visitors on a specific landing page is referred to as conversion rate. The ideal percentile of conversion rates varies based on your business needs. Some of the common goals for conversion are discussed here-
- Using your online ChatBot
- Actual purchase
- Calling your business
- Submitting an online form
- Registering on your portal
- Downloading your app
Apart from these, there are other plans to action to get the conversion rate for your site. However, it depends on your current business needs and what conversion you are looking for.
Conversion rate is the measurable action of your potential customer on your website.
Source: SellerApp
How do I calculate conversion rates?
The calculation process of conversion rates is simple. You have to divide the total number of conversions you have gained in a specific time frame by the total number of people that visited your website and multiply it by 100.
For instance, there are 1700 conversions and 34000 visitors, then
(1700/34000) X 100= 5%
Easy enough?
If you have an effective tracking tool, then you can easily get a glance at your conversion rate on your dashboard. The best aspect of conversion rate is that you can acquire a minute as well as large data about the campaigns.
You can use the following conversion rate types to trace your performance-
- Page-level conversion rate
- Overall conversion rate
- Individual ad conversion rate
- Marketing channel conversion rate
- Keyword conversion rate
This is a compilation of the common conversion rates detected by all businesses. Apart from these, there are different types of conversion rates that you will have to acquire based on your business needs.
Remember, that you can use the conversion rate to evaluate the performance of all your online marketing aspects.
For instance, you are gaining clicks but do these clicks get converted into sales? You can check this and take the necessary actions to convert them into sales.
How to acquire valuable insights?
While calculating the conversion rate, it is important to be mindful of them. This data also provides you with valuable insights that can be useful for your business.
Often, you can visualize good conversion rates but there is no significant impact on the actual sales. For instance, you have a good conversion rate but the sales are just half of what it should be.
At this point, you have to search for the real cause of the decrease in sales and can design a marketing campaign to boost sales. You can trace the effectiveness of your plan with a significantly longer timeframe.
The timeframe for each business is different, it mainly depends on the nature of the product and service.
Source: Wordstream
How to track the conversion rate?
Conversion rates cannot be the only source to measure the growth of your business. It is an important and effective tool to track performance but you ought to use other tools to measure your success.
You can track conversions better with a few additional efforts. Most advertising and marketing analytics platforms have provisions to track conversions. You can have a quick sneak-peek to track your conversions better-
- Google Analytics
- Google AdWords
- Twitter Ads
- Facebook Ads
- Pinterest Promoted Pins
A good developer can guide you in the right way to track your business conversions. You can also search for firms that offer Magento Ecommerce Development services as they have experienced developers. These developers are well-equipped with the latest technology, analytical tools, and eCommerce solutions.
It is wise to seek assistance from them as they have a better tracking understanding than you. They can help you with fruitful online marketing tactics.
Your business is likely to enter the group of elite online marketers with an improved conversion rate. Therefore, search for the best digital marketing firm so that the experts can provide you with tailored services.
Conversion rate optimization
Conversion rate optimization helps you to assess sales drawn through your website. It also helps you to determine effective ways to improve your website. This will eventually help you to attract more potential audiences to sign up for your product and services.
The following steps can be followed for conversion rates optimization-
- A timely update to users to sign up
- Develop a hypothesis to test
- Upgrade website to test your potential
- Ask the potential audience to register
- Compare the results of the current and previous website
This will help you to acquire actual conversion rates and optimize your business potential.
As a matter of fact, enterprises as well as budding entrepreneurs use layout, design, and copy to optimize conversion rates. Layout, design, and copy do have a huge influence on web traffic. A well-maintained website with good content enables more sign-ups. This eventually increases sales of your product/service.
Source: Mikesell Digital Consulting
A single click on the button can ensure call-to-action from your potential customers. HubSpot successfully helped a company to improve clicks by 21% with a red button rather than the usual green button.
A lot of companies also tend to follow the strategies mentioned here-
- A/B testing- It is similar to a scientific research study.
- Customer value proposition-whys should a customer purchase from you and not your competitor.
- Effective landing page– Enlighten the customer about the benefits of your services/products and urgency for your product.
- CTA- Develop an effective call-to-action to attract more customers.
Conclusion
Conversion rates are, therefore, very important for your business. They can help you gain more customers, create brand awareness, and eventually lead to sales. However, it is equally important to search for the right firm to guide you through digital marketing.
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