With so many conversion metrics to track, which ones are truly significant and crucial? When your website isn’t accomplishing the goals you set, you need to focus on the right metrics, so you know what to improve on.
Let’s look at 5 valuable conversion metrics that will actually move the needle for your website and marketing efforts.
5 Valuable Conversion Metrics To Track
1. Traffic Sources
Although many people tend to focus on increasing current traffic, it’s more important to see where your traffic is coming from. If you don’t know where your visitors are coming from, then you can’t accurately adapt your advertising campaigns and marketing efforts to reach more viewers and increase brand awareness.
Your visitors likely fit into one of three categories: direct visitors, search visitors, and referral visitors. Direct visitors are those who type in your website’s address without an intermediary like a search engine or an ad. These people are already familiar with your brand and will intentionally visit your website.
Search visitors, as you might imagine, are those who find your website through an online search. Referral visitors come via a link from another site, usually social media or another website.
Knowing where your visitors are coming from and understanding your most valuable traffic source will provide you with insight that can be useful in future or current marketing campaigns, so make sure you’re tracking where your visitors are coming from.
2. Click Through Rate (CTR)
There are several things that may affect your CTR depending on where visitors are coming from. Since CTR can be measured for email marketing campaigns, paid advertisements, and organic search results, you’ll need to account for different aspects when looking at it.
For example, with email campaigns, this would be the number of people who opened your emails versus how many actually clicked on the link to visit your landing page. With paid advertising, it would be the number of people who clicked on your ad over the number of ad impressions.
Your CTR is important in determining the efficiency of your digital marketing tactics. If your CTR is extremely low, it could mean you need to enhance your ad copy or email title to entice more clicks. Analyzing your CTR and thinking of ways to improve it can make a significant difference in your marketing efforts.
3. New Visitor Conversion Rate and Returning Visitor Conversion Rate
New visitors will interact with and view your site very differently from returning visitors, so ensure that you measure the conversion rates separately. Something that may be great for a returning visitor may not be helpful for a first-time user, so analyzing these two components separately can help you get a better idea of how to convert new visitors.
Returning visitors may or more not already be paying customers, so you’ll want to take this into consideration. However, regardless of whether they actually purchased anything, the fact that they’re back means you’ve succeeded at capturing their attention. What you need to work on is the next step of converting them.
Think about why this visitor has returned or if they purchased something the first time they visited. If they didn’t, think of some ideas of how you can turn them into a paying customer this time around. Ultimately, your return visitor conversion rate is a good indication of how well you’re establishing and maintaining your customer relationship.
4. Cost Per Conversion
It’s vital that your business runs in a cost-effective manner and that you’re getting the most out of your marketing budget. This is why monitoring your cost per conversion or customer acquisition costs is a good idea.
To do this, you need to first choose a traffic source you want to focus on (for example, a paid search campaign, email campaign, or social media platform). From here, determine how much you spent over a certain period and divide it by how many conversions you received from that source. This will give you your estimated cost per conversion via that source and help you analyze which campaigns are worth it.
Tracking your cost per conversion is vital as it helps you to know if your marketing investment is worth it. You need to also know your customer lifetime value so you can compare your cost per conversion against the the value of each customer.
5. Bounce Rate
Your bounce rate will impact your ranking in search engines, so it’s crucial to understand it and work on improving it. Bounce rate is measured by how much time visitors spend on your site. Do users click on your site only to leave without scrolling, or do they spend time reading various articles on your site?
If you have a low bounce rate, this means users are staying on your website or interacting with it in some way. A high bounce rate, on the other hand, means that users are leaving your site quickly.
A high bounce rate is bad for your website and can be due to a number of things. It’s possible that visitors clicked on your website accidentally, that it doesn’t have the information they want, or your web pages aren’t loading quickly enough. Whatever the reason, it’s vital to look into it and work on fixing it so that your site doesn’t suffer and you can give your visitors exactly what they want.
Conversion metrics matter significantly, whether you’re looking to sell products, sell a service or gain more subscribers. To enhance your conversion rate, you need to understand how you’re engaging your visitors and where you can improve.
Need help analyzing and improving your conversion rate? Contact our Orlando office today, and we can help you get the most out of your marketing budget by focusing on the conversion metrics that matter!