When you think about digital marketing, the first thing that probably comes to mind is web traffic. However, the truth is that website visitors are just one piece of the puzzle. In order to fully understand how digital marketing works, you need to know about conversion rates and what these are measuring. In this article, we will discuss:
What is a Conversion?
Broadly speaking, a conversion is an action that a user takes that is directed toward the action of purchasing or downloading a product or service. In the digital marketing world, conversions often occur when users click a link, reach into their wallet, and make a purchase, or they perform some other action that is intended to fulfill a buying desire. Conversions are often measured through the use of conversion tracking tools, such as Google Analytics and Hotjar, and can be used to determine the success of a particular marketing campaign or piece of content.
Why do you need to track conversions?
Tracking conversions is important because it helps you understand what is leading up to a buying decision or action, and it allows you to measure the effectiveness of your marketing efforts. For instance, if you want to know what blog article or webinar led to a conversion, you can use conversion tracking to determine this. This could be useful for identifying a future content topic or format that might perform better than what you are currently using.
What makes a good conversion?
In order to maximize your conversions, you need to understand what characteristics or qualities your potential customers have that make them more or less likely to do business with you. With this in mind, let’s take a look at some of the critical criteria that you should consider:
- E-commerce Value: The more expensive your product is, the more you are going to want to charge for it. However, your customers might not have the money to spend. In this case, consider offering them a discount or a free product to make the purchase worthwhile.
- Trust Indicator: This is simply how much your customer trusts you. If they already have a good feeling about you, your product, or your service, then they are more likely to be inclined to click your offers or take your suggestions. This is why you should always use email marketing to provide your customers with valuable information that they can use to better their lives.
- Frequency of Visit: If a customer comes back frequently, this is a good indication that you have caught the attention of a potential customer. He is either interested in your product, or he has already fallen in love with your brand and is coming back for more.
- Clicks: If a customer lands on your website and opts to click an affiliate link or other content, this is called a “clicks” action. When you identify this action, you can attribute it to a specific piece of content or a specific call to action such as subscribing to a blog or joining a mailing list.
- Converted: This is simply how you define a person who took an action that is directed toward purchasing or using your product or service. Think of this as a “conversion path.” Once you identify a path to conversion, you can strategize and create a plan on how to get people to take this action.
- Re-conversion: This is when a previously uninterested or dormant customer takes an action that is directed toward purchasing or using your product or service. Think of this as a “second conversion.” If you can get a percentage of these conversions, you would be able to claim some level of success for this particular campaign or piece of content. This is a fairly new area of digital marketing and something that many marketers are just starting to experiment with.
How to Measure the Results of Your Conversion Campaign
Once you have established the goal of your conversion campaign, the next thing to do is to measure the results of your efforts. There are several ways to do this, but one of the simplest and most effective methods is using conversion tracking software such as Google Analytics or Hotjar.
With these tools, you can track the sources of your traffic, the actions that your users take, and the monetary values associated with each action (e.g., purchase, leads, website traffic). You can use this information to identify the goals of your conversion campaign and the qualities of your target audience that make them good candidates for your products or services.
Make Money Off Your Conversion Campaign
If you are looking for ways to make money off your conversion campaign, there are various options including showing ads, selling affiliate products, or offering discounted products in an E-commerce store. For best results, use a tool like Google Adsense to find the right audience for your product and to show them ads that are relevant to their interests. You can also use affiliate marketing to make a commission when someone clicks a product or service link within a web page that you own.
In an E-commerce store, you can use a tool like Drop-Shipping to allow you to sell products without having to be physically present in a store. When a customer makes a purchase, you can have the product delivered to the person at their address. This can be an effective way to generate sales, especially if you combine it with an affiliate program where you make a commission for referring people to a specific retailer.
As discussed above, tracking conversions is important because it allows you to measure the results of your marketing efforts. If you want to continue to grow your business, it is important to continuously analyze the data so that you can make better informed decisions and create more effective marketing campaigns. For this reason, don’t forget to look at the analytics for each of your marketing efforts when making important business decisions such as allocating resources, expanding to another city, or re-branding.