Whether you provide a product or a service, in person or online, the internet has become an efficient and effective way of offering and accessing information from anywhere and at any time.
As a business with an online presence you need to understand that your website visitors are more savvy than they used to be. There’s a lot more to consider when optimising your conversion rates.
Every image and all navigation has an impact on whether or not your target audience will stay on your page, move through it, and convert.
Making decisions or guesses not based on metrics and data when you are changing your website can have dire results for your conversion rates which, in turn, effects sales, revenue and can even lead your potential customers directly into the arms of your competitors. So, it’s important that you take the time to understand how conversion and tracking can increase your overall business revenue. But firstly we need to understand the basics of conversion rates.
What is a good conversion rate?
As a general guide, a good conversion rate sits around 2%; that’s a typical goal for businesses and websites but it’s always nice to aim high. Keep in mind that eCommerce sites tend to hit a lower conversion rate than lead sites so don’t let this discourage you. Regardless of percentages, you should be aiming to build on your current conversion rate, little by little.
Why is your conversion rate critical?
It’s a predictor of leads and sales based on the current website data available in conjunction with the data you hold on your visitors. You should be tracking your conversion rate on a daily, weekly, monthly and yearly basis. Why?
- Regardless of your current conversion rates, you can always make improvements which will boost your business’ bottom line
- Optimising conversions will help to capitalise on potential customers that land on your website
- Improving your conversion rate can lower your CPA (cost-per-acquisition)
- Optimising conversions can aid in creating more revenue which can be directed to other areas of your business
How to work out your conversion rate?
Essentially, to calculate your conversion rate divide the number of conversions by the number of advert clicks or visitors within the same period of time.
Don’t forget to check back for our next blog where we delve into exactly how to generate conversions. Contact the brand agency Liquid Creativity, your local branding specialist, to learn more.