Conversion, conversion, conversion. As a business owner this is the ultimate goal for your online marketing campaigns. There are so many different ways to try and improve your conversion or customer retention rates, but before launching a new strategy or tweaking an existing one, you need to be analyzing your metrics to understand what exactly you should be trying to improve.
Here Are the 4 Main Metrics You Should Always Be Tracking:
There are three main categories of traffic sources. Direct Visitors are searchers that inputted your website URL into their browser, Search Visitors are customers that visited your site as a result of a search engine query and Referral Visitors are those that were directed to your site from being mentioned in a blog or on another website.
Ideally, you have a nice mix of all three sources. Make sure to identify your conversion rates for each traffic group separately to be able to properly optimize them individually.
New and Return Visitors
You need to isolate first time visitors from your return visitor traffic. How someone interacts with your site the first time they have visited is generally very different than how a returning or loyal customer does. Monitor to gain an understanding of what your first time visitors see when they visit your page and how you can improve their user experience to reduce bounce rates.
For Return Visitors, you need to understand first of all why the visitor came back to your site and also if they did not convert on their first visit, how you can convert them the second time around. By isolating your return visitor page views, you can design a strategy on how to increase the opportunity for converting.
Cost Per Conversion
Here is where you measure your lead generation cost. Increasing your conversion isn’t helpful if your online marketing costs are so high that you are left with no profit. Set a budget and work on increasing your conversion rate within that margin.
High bounce rates can be a flag for several things. First, you could have irrelevant sources of traffic directing to your site and visitors finding it of little interest or value to them. It can also be an indicator that your landing page is not optimized for conversion, whether that be a poor design, slow page load, or not providing a user friendly experience. To work on minimizing your bounce rate, analyze when and where it is happening most frequently and optimize the areas that are causing the problem such as an overly complicated checkout process or confusion cost calculations.
Once you being to monitor these metrics for several weeks, you will see patterns in your data and be able to initiate a plan for optimizing. Knowledge is power and having visibility to what is and isn’t working for your online marketing and lead generation campaigns is the first step in being able to increase your conversion rate successfully and profitably.Back to blog