How to Calculate, Track, and Analyze Conversion Rates
Managing an online business requires a robust digital marketing process that includes SEO, PPC advertising, content marketing, social media marketing, email marketing, and affiliate marketing. These efforts should ultimately lead to conversions, or else you will need to quickly change your strategy.
Yes, in the end, if you are not getting conversions then certainly something is wrong with your approach. Additionally, another crucial requirement is to Calculate, Track and Analyze Conversion rates to understand what is working for your business and where improvement is needed. In this article, we will have a look at all the aspects which help us to analyze conversion rates in a more comprehensive manner.
Calculation of Conversion Rates
A conversion happens when an online visitor completes the desired action such as downloading an e-book, signing up for a newsletter, making a purchase or downloading a whitepaper.
Every website owner keeps a set of goals which they want to achieve through their online visitors. Therefore, to find out the conversion rate for your website divide the number of conversions by the total number of visitors to your website and then multiply the value by 100.
For eg:- If your landing page has 15000 visitors and of those 2000 got converted then the conversion rate shall be 13.33%.
Tracking Conversions
As a conversion rate optimization agency, we believe that conversion tracking is very important to understand how online visitors interact with our clients. Here are the tools which can help you track conversions:
Ad words and Google Analytics
Both Ad words and GA collect a huge amount of data therefore you need to use the proper set of filters to get relevant insight. For example, If you are handling a Google ad campaign then you might want to filter your data only to show visits that came through the ad.
Or if you want to find out how effective your content marketing strategy is, then you will need to filter your data to show only the visits that came through organic search results.
Heat Maps
Heat Maps like Hotjar, and Microsoft Clarity allow website owners to detect potential and weaker elements on their website. Heat Map tools disclose user behaviour on a website, It lets you know where users are clicking, pointing, scrolling and hovering their mouse.
Session Recording and Replay Software
Session Recording and Replay tools store the user’s interaction with a website or mobile application, Which can be played later on to find out how users are interacting with the website or app. This practice helps website owners to identify which part of the website was able to engage customers the most.
Net Promoter Score (NPS) and Customer Satisfaction Surveys
CSS and NPS tools are used to measure customer satisfaction, However, the purpose and method differ for both tools. A customer satisfaction Survey finds out how satisfied a customer is with a product or service. Whereas, NPS is a measurement which informs how likely customers are to recommend a product or service to others.
How to increase the conversion rate?
Getting online visitors to purchase your product or service requires focus and attention on some very important factors, You can also take the assistance of a professional conversion rate optimization agency to save time and get results. Let’s have a look at some of the methods which can help you increase your conversion rate:
- Personalized offerings: Online audiences usually get attracted to personalized communications. By behavioural targeting, you can design personalized customer experiences. Focus on metrics like Geographic location, device type, search or browsing history and purchasing habits.
- A/B testing: The A/B testing process compares different versions of web pages of your website to find out which one is performing better. If you want to get full efficiency out of this process you need to concentrate on Headlines and ad copy of your web page or landing page, a captivating value proposition, CTA and a well-designed landing page or web page.
- Easy for Visitors to contact you: Visitors should be able to reach out to you if they have queries and doubts, this can really help in boosting conversion rates.
- Offering Incentives: People love discounts and offer like free shipping, Churn out ways to provide such novelties.
- Trust: An online visitor has never seen you or met you, therefore it is important to make them feel secure when they make any kind of purchase on your website.
- Live Chat Option: The best thing about live chat options is that you don’t need to call anyone over the phone and wait for their response, or send an email with your query and wait for 2 or 3 days. Live chat provides instant solutions for your product and service-related questions which makes it easy to attract and convert customers.
- Listen to your customers: A genuine conversion rate optimization company in India always gives importance to customers’ expectations. What standards do they expect? What new additions do they want in your product or service?
When you start listening to your customers you create what they want which makes selling an easy task. Relevancy is the key, It doesn’t matter how expensive or luxurious products you offer to customers until it makes sense to them, the point is that it should be useful to them. No one wants to invest their hard-earned money in something that doesn’t fulfil their demands and needs.