Knowing your conversion rate(s) also tells you where you are excelling and what you need to improve on, especially when combined with other metrics. (Keep reading. We’ll get to that in a moment.) It’s important to note that this can help you reduce the cost of acquiring new customers and also make the customers you need to spend more, essentially increasing the value of each customer.
Finally, although conversions represent a single action/event, we can look at them from a broader perspective: conversion funnels , sometimes referred to as sales funnels. This represents the journey of your users as they move towards the desired conversion. Your funnel can start with a lead magnet they opt into and end with buying your product. The sales funnel can reveal what your users like about the journey and, conversely, where they go.
Let’s go on. We need to explore another important question.
What is a good conversion rate
In order to know if your own conversion Indonesia Phone Number List rates are on the right track, you need to have an idea of what they should ideally be.
So what is a good conversion rate? To give you a rough idea, 10% is what you can generally aim for.
To be clear, the conversion rate you are aiming for will depend on a number of factors, including:
- Support: Your website ranks highly in Google and converts people who find you in search results into loyal users. Organic traffic from Google is usually a huge source of traffic for brands. Social media conversions have declined over the years as platforms have become more competitive, but they’re still great for building brand recognition. Email marketing is incredibly profitable with a high ROI because the people on your list are hot or hot prospects and already loyal to your brand.
14 More Conversion Metrics to Track
- The purpose of that medium: A common goal of email marketing is to get subscribers to buy, because those relationships have already been nurtured. The goal of a website’s homepage, on the other hand, can be to get users to opt in to a giveaway. Within social media, a common goal is to get followers to like, comment on, or share a post, as this greatly increases brand exposure.
- Your industry/niche: The conversion rate can easily fluctuate depending on the size of the audience you’re trying to reach. For example, with a more niche industry (and therefore target audience), you can expect a higher conversion rate. However, with a larger (read: wider) audience, your conversion rate may naturally be lower.