Conversion Rates: Transforming Leads Into Revenues
Conversion rates represent the marketer’s aptitude in converting visits into better sales revenues. Does your e-commerce site has the capability to transform leads to desired revenues?
Another significant indicator of usability of a website is its conversion rate. Knowing your web’s analytics is good start as it will help you set your benchmark for a successful business. But you have your other business goal and that is good conversion rate or CR. It is vital for better website usability. It is also an important SEO function.
Profiling Conversion Rates
Conversion rates refer to statistics that provide information and updates marketers and advertisers whether their online marketing strategies are working well. How they are measured differ between the advertisers and marketers. It is the number of potential visitors who took a particular action divided by the total number of visitors who visited the website. While other marketers consider sales as their complete conversion, some includes other activities like subscribing newsletters, downloading free products, and registering to website. The decision of the consumer is affected by direct marketing tips on a website.
Marketers should determine their target audience if they want to increase their conversion rate. When target audience is determined, marketers will be able to develop the appropriate marketing strategy. Knowing their target audience will help them identify appropriate texts and graphics to attract the potential audience and take action. Aside from this, by increasing the usability of the website, making it easier to browse, and building trust relationship with the customers are factors that can boost conversion rates of website.
Review and improve other tools like landing pages, also known as lead capture pages where potential customer lands after pressing a link or the ads. Enhance features like graphics, copy, call-to-action, and other marketing features. The most effective landing page occurs when it reaches higher percentage rate of visitors who did specific action on the website.
In other words, conversion rate quantifies the number of visitors that become buyers. “Buyers” refers to people who purchase, fill out forms, download documents, and the like. If you are running an ecommerce site, your goal is to make people to make an action that you desire. Good usability, then, is significant in achieving that business goal.
How does it work?
Conversion rate is technically defined as the ratio of conversion to visitors which is signified by percentage rates. If you are checking real online purchasers of products and records show that in specific month, your site has 3,500 visitors. From these visitors, there are 200 who bought your product, then, your conversion for a specific month is 5.7%.
Nowadays, there are advanced tracking systems where you can check conversions outside analytics. It would be good to assess all the visitors who converted or took action, and avoid focusing on the quantity of their purchases, like a single buyer purchasing 12 items is considered one conversion.
When conversion rates change …
Avoid getting too excited on tracking numbers but consider checking on changes over longer period of time. You can compare numbers every day but it become pointless later. Try considering tracking numbers or statistics on weekly and monthly basis – separately. Take note and compute unique site visitors basing on time periods like week to week.
If you decide to change something on your ecommerce site and notice that your conversion rates go up and down, do not think that the reason for this is the changes that you did. Study the general factors that may affect or influence conversions like customer confidence, holidays and weekends, and even marketing strategies.
Ensuring better performance and usability of your website, you may avail of reputable SEO agency who has experienced SEO experts who can help you optimise your website. It may seem expensive but just like any starting business, you need to invest. Investing in reliable SEO experts guarantee success in your business goals.
Can you now find out if you make changes in your site will have significant effect on conversion rates? That does not end the story. You need another tool to determine the usability of your website. It’s time to learn about “split testing” or A/B testing.