What Business Metrics Should You Track to Increase Your Conversions?

June 20, 2018 Emma Miller

Boosting your conversions sounds like a great plan, yet, this is not something that can just happen on its own. Same like with boosting your traffic, you know what you want, however, you don’t necessarily know how to get there in the best way possible. That being said, there are several metrics you should keep an eye on when deciding what steps you should take in order to give your conversion a considerable increase. While not all of them may be as revealing, there are some which can directly lead you to the results you need.

Traffic sources

The first thing you need to understand is that the source through which your audience arrives makes all the difference. For instance, there are those who just type your brand name in the URL and arrive directly (which is probably the group that’s the most likely to interact with your brand). Then, you have the search visitors (this often happens as the result of your SEO efforts). Finally, there are those who visit your site because it was mentioned or linked towards somewhere else. The efficiency of the latter can be determined by the reliability of the blog in question, the quality of the content, and several other factors.

Apart from this, you also have to keep in mind the power of paid search, email marketing, and referrals. Each of these ways may vary in success, depending on your niche, industry, and the efficiency of your marketing team. In other words, by pinpointing the problem, you’ll also reveal the action that could potentially lead to its solution.

New versus old visitors

The second thing you should consider is the amount of new (first-time) visitors you receive every day, versus the number of the old visitors. For some, it takes significantly longer to decide to take action, yet, it’s completely natural to invest both time and effort in building brand loyalty. On the other hand, by closely monitoring the visit duration of your first-time visitors, you can determine whether your website has a problem with a high bounce rate. This can often be improved by optimizing your website, in order to make it as responsive as possible, and carefully picking your keywords.

Number of interactions per visit

How do you decide when someone is interested in becoming a customer? Sure, most people need some persuading, yet, not everyone who visits your website will actually become a client. One of the hints that you can pick up early on is the number of interactions per visit. This is especially useful if you go with the micro-transaction option enabled. In this way, you see which of these potential customers actually stands a better chance of making the transition. When presenting people with a clear and direct CTA (call-to-action) button, it’s much better if you had them interact with your website several times before.

Return visitor conversion

Perhaps the most important thing that you need to focus on is the return visitor conversion. This is due to the fact that this metric unveils some of the deepest, systematic errors in your website’s structure. You see, a one-time visitor may leave because of the price, because of the speed or simply because of the lack of interest in your offer. A person who returns several times over, and still finds no reason to engage with your brand, has probably noticed something else in your system, something that managed to make it through all of your testing and analysis efforts.

On the other hand, expecting for your website to start passively converting people is a tad unrealistic. After all, customer engagement, or “closing the deal”, is a skill that even some of the veteran entrepreneurs never master properly. Therefore, even the most seasoned Australian entrepreneurs might want to look into some business mentor courses, especially if they aim to implement some of these methods through technological solutions. For example, this business coach from Sydney has a variety of resources and videos, covering topics from conversion rates to business metrics.

Exit pages

Earlier on, we mentioned the term bounce rate, which mostly refers to the number of people who leave as soon as they enter your domain. Naturally, this almost always has something to do with your landing page. On the other hand, if people browse your website and show an inclination of leaving always at the same page, this might be an indicator that there’s something systematically wrong with it. Moreover, this might simply be the point past which your website becomes so repetitive that they see no reason to stay. Recognizing an exit page can give you an answer to most of these questions.

Conclusion

At the end of the day, you need to understand one thing – everyone can be converted with the right offer, even the person that sees no need for your products/services. The problem behind this lies in the fact that the end result may not yield a positive ROI. When you do this by using delicate software or consulting with an expert digital marketing team, there’s a way to estimate how much money an average conversion costs your company. Then, if the average value of customer interaction doesn’t manage to surpass it, it is a sign that, while you’ve managed to boost your conversion rate, you’ve still lost money. Always keep in mind that, although important, the conversion rate is never the end goal.

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Emma Miller

Emma Miller is a Sydney based writer with a degree in marketing. Interested in digital marketing, social media, start-ups and latest trends. She's a contributor at BizzMark Blog.