In general terms, conversion rate is simply the number of people from a whole sample that takes the desired action. In website marketing, it is the number of users who actually buy a product relative to the number of visitors.
To calculate your conversion rate, simply divide the number of conversions by the number of visitors and multiply the results by 100.
It’s typical to have less than 3% of conversion rate depending on the industry. This might look steep for some, but this figure is actually pretty average. Some industries like hotels and commercial insurance industries, have even lower benchmarks.
Understanding your audience. The benefits occur as early as the research stage. Once you decide to optimize your website, you will have to revisit the buyer personas you had from when you started. Knowing your visitors makes your approach more objective.
Relevant observations can include change in buyer interests, setting too broad of a target audience or missing a key detail. All data gathered contributes to strategy planning.
After understanding your visitors, you also gain insight on what got them to the product page but stopped them from purchasing. That gap between being a visitor and buyer is what needs to be filled.
Lower Customer Acquisition Cost. If you spend $1 for every customer gained by factoring in the costs related to the creation and maintenance of a website, having a higher conversion rate means getting a couple of clients for the same dollar spent.
It doesn’t actually lower the cost but produces a higher return for the same. Higher revenue per visitor means increase in sales.
Increase Customer Loyalty. Customer Lifetime Value is a metric used to measure the total amount of money one person spends during their life as your customer.
A visitor arriving on your page and successfully making a purchase or signing up for a service does not mean they will come again.
By making sure that they have a delightful experience searching, browsing and choosing a product, they are bound to remember the experience and increase the chances of visiting again.
What’s even better, is having them have the best experience, enough for your company to be referred to a friend. Successful customer satisfaction efforts can make your visitors free advocates.
Improving the overall structure and content of a website puts you ahead of the game.
Website conversion rate is a first class metric marketers use to measure success of campaigns. Establishing it as a main gauge can give other marketing efforts a clearer direction.
Reexamine your digital marketing funnel. Consult an seo expert. Hire a social media specialist. An seo expert in hk offers a comprehensive line of digital marketing services to help grow your business amidst fierce competition.
Every initiative at every stage in the buyer’s journey contributes to the overall performance of the business. Continuous tweaks are needed to make sure you catch up to the latest technological and digital trends. A competent digital marketing agency can take you a long way.
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