You can track many conversion rate metrics to improve your conversion rates. Some conversions are designed to result in a purchase, while others are meant to encourage the prospect to continue down the sales funnel.
Conversion rates are critical to a business as it has been found that 70% of marketers will use the results from their conversion rate optimization tests to make important marketing decisions. Conversion rates are also important because when leads are nurtured through proper conversion rate optimization, they spend 47% more than other customers. But which metric should you focus on? The following are eight metrics that should be on your radar and by the end you will know which metric to start focusing on.
Many business metrics can be tracked as conversions, but some are more important than others. Let’s see how focusing on the following eight metrics will improve your conversion rate:
- Traffic sources
It is more important to have visitors who help you reach your goals than to just have many visitors. You need to be able to know where your visitors are coming from. Here are the main sources of website traffic:
1) Referral – These visitors find your website through a different source, like another site or social media
2) Paid search –The visitors find your website through a paid search ad
3) Organic search – People find your website using links in search engine results
4) Direct – These visitors come to your site by typing your URL into their browser address bar or from a bookmark
5) Email – They visit your site from an email link
6) Social –These visitors reach your site through a link on social media platforms
For the best results, get traffic from various sources and analyze each one individually. This way, you can identify areas you need to improve and better focus your efforts. Also, diversifying your traffic sources is a safer option since relying on a single source can be risky.
- Value Per Visit
The most important thing to figure out is how much your website’s traffic is worth. To calculate the value per visit, divide the total value created by the number of visits. Although it can be difficult to figure out how much each visit is worth in terms of value, many additional factors come into play, making it difficult to pinpoint an accurate number.
- Cost Per Conversion
CPC is also known as “cost per referral” or “lead generation cost,” and this is a crucial metric for you to focus on if you want to improve conversion rates. If your conversion costs are too high, it doesn’t matter how much each visit is worth. You won’t make any money. Keep your overall margins high in an attempt to increase conversion rates.
- Click-Through Rate (CTR)
Your content’s click-through rate (CTR) is important whether you’re running paid ads or only getting organic traffic. The CTR (click-through rate) is a great way to measure how effective your ad copy, meta descriptions, headlines, and title tags are. The CTR (click-through rate) is determined by taking the number of clicks your ad or SERP listing receives and dividing it by the number of total impressions.
- Conversion Rate
The conversion rate is the percentage of visitors who take the desired action on your site. This metric measures how successful your website is at converting visitors into leads. A first-time visitor to your site will interact differently from a returning visitor. To improve conversions for both categories, you must separate the metrics and pay attention to what works well for them and how you can enhance their experience. The average conversion rate is approximately 2%. But this rate can vary depending on the industry, with rates as low as 1% or as high as 10%.
- Interactions Per Visit
The interactions per visit measure the average number of engagement actions users take during each visit. Even if visitors are not converting immediately, they may take steps towards it by viewing products, reading the reviews, and adding them to their cart. Measure the interaction between visitors and your websites to understand their behavior and determine how to improve your website conversion. You must aim to increase interactions even if there’s no conversion yet.
- Bounce rate
The bounce rate is the percentage of new visitors who leave your website after only viewing one page (without taking action). You want your visitor bounce rate to stay low when you are just starting. Google calculates bounce rate as a ratio of single-page sessions to all sessions. A high bounce rate indicates your website needs to be more compelling to keep people engaged and browsing.
This could be because your page needs to be designed to drive conversions or sales, or traffic is coming from sources that are not related to your page. Recheck those pages and make the necessary changes to lower the bounce rate.
- Exit Pages
If you’re losing potential customers because they are leaving before the final step, you must identify which pages are making people go. Look more closely at your website’s exit points and find out at which stage of the process your visitors are leaving or abandoning their cart. There might be several reasons for it, but if you improve your website’s exit pages, you will see an improvement in your conversion rate.
Are you feeling overwhelmed by all these? You may need someone to point you in the right direction, or you’d prefer the professionals handle this. At SocialSeo, we specialize in providing conversion rate optimization services to help you skyrocket your website’s performance. To learn more about our services, feel free to contact us.
The Bottom Line
Track the right metrics and understand how your target market reacts to yoHi ur site. Whether you want to boost sales successfully, drive more offline store visitors, or attract more clients to your site, an improved conversion rate is key to success.
Written by Greg Walthour.
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