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There are many ways to segment your audience and target marketing efforts. One of the most powerful is through the use of conversion rate optimization (CRO) metrics. In layman’s terms, this means analyzing how many people you are targeting and how many people are actually coming to your website to take action. For example, if you have a landing page or an email capture form that visitors can visit in order to sign up for your email newsletter, that’s a good place to start measuring your conversion rate, or the rate at which people take action after visiting your site. This blog will discuss some of the conversion rate metrics that every marketer should track to improve their CRO performance. Keep reading for more details…
What is a conversion rate?
A conversion rate is the percentage of visitors who come to your site and take the desired action. For example, if you have a landing page that directs visitors to sign up for your email list, your conversion rate is the percentage of visitors who sign up for your list. You can also measure how many visitors come to your site, how many leave the site without taking any action, how many sign up for your list and how many purchases come from these sign ups.
Enhance your website that drives users to complete a desired action to become your customer.
Want to increase conversion
rate on your website?
Enhance your website that drives users to complete a desired action to become your customer.
8 Most Important Conversion Rate Metrics
1) Leads Generated
If you are running a lead generation campaign, then you want to know how many leads you are generating. To do this, you first need to know how many visitors you are getting to your site. You can do this with a variety of methods, such as Google Analytics, Clicky, UTM tags, and so forth. Once you know how many visitors you are getting, you then need to know how many customers you are getting from these visitors. For example, let’s say that you are running a lead generation campaign, and you have set up a sign up form on your website. Every time a visitor to your site signs up for your list, you will get an email address for that person. To measure the number of leads you are generating, you will first need to know how many emails you are getting from your signups. You can do this by counting the emails in your inbox. Another great way to track this is with Google Analytics.
2) Click-Through Rate (CTR)
This metric is pretty self-explanatory. The click-through rate shows how many people actually make it to your site after visiting your content. This metric is important because it shows how many people are finding your content and clicking through. You can use click-through rate as an indicator of how good your content is or how well your landing page is designed. To determine your click-through rate, you need to know how many people click on your content, how many people click on your call to action, and how many people leave your site without taking any action.
3) Revenue
This is one of the more important metrics that every marketer should track. It shows how much money you are making from your efforts. To calculate your revenue, you will need to know the price you are charging for each product or service you are offering, as well as the total number of people who bought from you. You can use a variety of metrics to calculate revenue, such as the net profits, revenue per customer, or net sale revenue.
4) Cost per conversion (CPC)
This is one of the most important metrics for CRO because it shows you whether your marketing efforts are actually producing revenue for your business. It also shows how much each customer is costing you, so you can refocus your efforts if they are not profitable. You need to first understand that CRO metrics are based on the conversion process, whether it be leads, sales, or other conversions. After successfully converting someone into a customer, you need to determine how much it costs each customer. To calculate your cost per conversion, you will need to know your marketing budget and how much revenue you are actually making. You can use a variety of CRO metrics to calculate your cost per conversion.
5) New visitor conversion rate
This shows you how many of the people who visit your site actually take action and convert into a customer. You can use this metric to determine whether your call to action is strong enough to get visitors to take action. If most of your visitors do not convert into a sale, then you need to adjust your landing page, content, and marketing strategy. To calculate your new visitor conversion rate, you need to know the number of people who visit your site, how many of them reach the desired action, and how many of them are new visitors.
6) Returning visitor conversion rate
This is similar to the new visitor conversion rate. It measures how many of the people who come to your site are actually interested enough to return to purchase something from you. You can use this metric to determine whether your marketing efforts are actually getting people to return to purchase something. To calculate your returning visitor conversion rate, you will need to know the number of visitors who come to your site, how many of them return, and how many of them are returning customers.
7) Return on investment (ROI)
ROI is one of the best metrics that shows you how profitable your CRO efforts are. You can calculate ROI in a variety of ways, the most common being return on investment (ROI) and net profit margin. To calculate your ROI, you will need to know how much has been spent on advertising and how much is being made as revenue. You can use a variety of CRO metrics to calculate your ROI.
8) Bounce Rate
This is one of the most important metrics that shows how interested your visitors are in what you have to offer. You can use bounce rate to determine whether your landing page is too long and boring, or if it is too short and uninteresting. What you should look for in a landing page is whether you actually want your visitors to come to your site and leave, bounce, or stay. If you want people to stay, you need to make sure your landing page is interesting and engaging. Bounce rate is calculated by taking the percentage of people who leave your site and dividing that number by the percentage of visitors who come to your site.
My Experience in Improving Conversion
As you have seen, there are different types of conversion metrics. Allow me to guide you through how I assist my clients in achieving their conversion goals.
To begin, let’s discuss how we helped ‘MIS,’ a provider of specialized microbiological investigation services, achieve a 375% improvement in website leads. For MIS, we focused on various parameters such as content creation, page development, rectifying technical issues with forms and the website, and most importantly, enhancing CTAs and UI/UX. For the full case study, please click here: MIS Organic Leads CRO Case Study.
We also achieved a 176% increase in leads for ‘Dun & Bradstreet,’ a leading B2B data, insights, and AI-driven platform provider. To attain this improvement for a multinational corporation, we concentrated on multiple factors including a user-centric philosophy, technical robustness, understanding consumer behavior, UI/UX enhancement, and fostering trust as a pillar. For the complete case study on D&B, please click here: Dun & Bradstreet CRO Case Study. We have not only assisted the B2B industry but also helped other sectors such as BFSI, E-commerce, etc. For a comprehensive view of all our CRO case studies, please click here: All CRO Case Studies.
Conclusion
Conversion rate is the ratio of people who take action to those who visit your website. There are many aspects that influence a visitor’s decision to buy from your website such as the landing page, the offer, the value, and the brand. There are many ways to improve your conversion rate, and CRO is one of them. With CRO, you aim to generate as many sales as possible from the traffic you get to your site. You can do this by improving the quality of your landing pages and the offers you put on them.
Co-Author: Nitin Vishwakarma
Last Updated on: 16 Feb 2024
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