Wednesday, December 16, 2015

The One Thing You Need to Know About Conversion Rates

Lead conversion is defined as that point when your marketing efforts successfully result in your targeted consumers performing a desired action, whether it’s subscribing or contacting you. The frequency of that happening compared to the number of visits you get on your website is called the conversion rate.

Marketers recognize conversion rate as one of the must-track success metrics for a business, but its significance has also become a subject for debate. Many articles online tell you why you should ignore the average conversion rate at face value, with reasons ranging from it being a skewed percentage, to it being unreliable.

There is actually just one thing to do so that analyzing your conversion rate would be more helpful and meaningful to you and your company: BREAK IT DOWN.

Okay, so how to I "break it down?"

Smart Insights suggests breaking your conversion rate down by channel, by visitor type (is he a new or a returning visitor?), and by task (e.g. sales, customer support). This way, you’ll be given a clearer picture of the nature of your conversion rate instead of just benchmarking it to the industry average or just looking at it at face value. You should also ask “Why?” instead of just declaring “That’s Great!” whenever you see the percentage.

By breaking the information down, you’ll know what specific areas to optimize so that your business’ rate makes more sense.

Still doesn’t seem all that clear to you? Contact 9DotStrategies now and consult with us! To every question, we’ll offer a solution.