All your digital marketing efforts should focus on converting traffic into paying customers for your product or service. However, the conversion rate doesn’t just indicate sales. It can represent appointments, filled up contact forms, requests for free quotes, etc. In essence, you can address this as an action that increases the chance of a sale for your business. There are countless ways to track conversions. But you have to find out the ones that yield results and separate them from the non-performing ones for improvement. In this article, you will come across the most critical conversion rate metrics for your business needs. If you measure and optimize them, success can be a reality for you.
Sources of traffic
Traffic is crucial, but finding out where that traffic is coming from is more critical. It can be direct, search, or referral traffic. Direct traffic refers to the inflow of visitors who type your URL in the browser. Search traffic refers to the number of visitors coming from Google and other search engines. Referral visitors can visit your site from a third-party website, a social media account, etc. Since each channel has its specific engagement model, you need to track all the sources to observe their performance. Also, having multiple traffic sources is necessary to avoid the risk of losing out due to sudden changes.
New visitors
Repeat users and new users engage differently. Hence, you need to separate new users from loyal customers to understand what attracted them to your site and what you can do to enhance their experience. Since you get only a few seconds to draw their attention, you have to be right with your communication. It can be possible only when you analyze all the factors that can create a significant first-time impression on them. These can include easy navigation, site content, and information.
Repeat visitors
When looking at this metric, you need to analyze two situations. You should locate why the user came back and what he or she did the first time. If the person didn’t convert earlier, you should attempt to convince him or her this time. Converting a return visitor is comparatively easier.
Engagement rate
You need to track the behavior of the visitors on your site even if they don’t convert. By observing what they do and where they go on your website, you can strategize around influencing their behavior. Some useful tools are there in the market. You can use one of them for this purpose.
Conversion cost
Also called lead generation or referral cost, this metric is quite vital in terms of margins and spending. If you spend $100 per conversion and each conversion only pays $50, you will soon book loss. Hence, you have to watch your cost per conversion and margins continually.
Bounce rate
If people leave your website immediately without any interactions, you can find it difficult to convert them. A high bounce rate can happen due to various reasons. For example, the traffic source is not relevant for your business, or the landing pages lack proper optimizations. Besides, higher load time, weak design, and other such factors can also be there.
If you correctly measure these and other vital metrics, such as value per visit and exit pages, you can come up with stronger SEO strategies for improving conversion rates. Since it’s not an easy job, you may want to hire reliable SEO services for this.
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