When you run a campaign, your main aim should be to reach as many potential customers as possible. And the more you increase your visitors, the higher the chance of conversions. The more conversion rates you gain, the better you will know your marketing is working. This article talks about the definition of conversion rate. We will show you how you can calculate the conversion rate or conversion metric and how you can improve it.
Conversion Metric Calculator – How to Calculate Conversion Rate?
What is the conversion metric?
A conversion rate is a percentage of how many visitors visit your website and fulfill your purpose. For example, if you want your landing page visitors to visit your product page, that is considered your business goal. Conversion varies from one business to another. And if your business goal for conversion is to make your visitors click on your “buy now” button, this might not be the case with every other business. In fact, there are different types of conversions that online businesses follow.
Driving your visitors to make a purchase is a conversion. Submitting forms such as contact us forms, lead generation forms, etc is also a type of conversion. Some businesses want their potential customers or visitors to call their toll-free phone number. Some businesses want their visitors or potential customers to avail themselves of their online chat support. You can also request your visitors to sign up for a free or paid newsletter or any other subscription. Sometimes website owners request their visitors to download something, such as an ebook or software, from their website. Asking visitors to register with an email address for free or otherwise is also another way of creating conversions. Website owners can also allow visitors to use something on their website or application, such as a new feature, a specific number of times. Upgrading some services can also be another form of conversion. For example, if your website offers a software application, you can recommend that your visitors upgrade that software for better functionality. Other than the above pointers, you can also create conversions by engaging the customers with some kind of activity on your sites, such as surveys or quizzes.
These are just some examples of how business websites create conversions online. But there can be many other forms of conversion. Fundamentally, on a short note, conversion can be measured and it is progress and action that allow potential customers to be actively engaged with the online business. Conversion is what makes a visitor a business customer. To understand how your business is performing and if your marketing campaign is powerful enough to convert your visitors into customers, you will have to follow a formula.
How To Measure Conversion Metrics?
Measuring your conversation is not a hard job at all. You will just have to divide the number of conversions by a specific number of people who have visited your website in a certain time duration. Then multiply that by 100%.
Conversion rate = (conversions / total visitors) * 100%
For example, your website received 1000 visitors last month and 500 of them had been converted. Your conversion rate is 0.5%. You can even use Google ads or Facebook ads or Google Analytics to track your conversion rate. Analytics platforms like Google Analytics can show your conversion rate right in the dashboard. There are actually different types of conversion rates and you can use all of them to examine how your website is performing.
This is obviously a list of examples that are related to conversions. In general, there are various conversion metrics that help you evaluate the performance of any area in your website or marketing campaign. But you will have to understand that your conversion rate is doing great and that your website has the potential to gain more revenue than in the last few days.
What does a Good Conversion Rate look like?
There are different factors that are involved in a conversion rate. The quality of your traffic, your business, the industry you are involved in, the services or products you are selling, and the particular conversion action you are taking all combine to determine your conversion rate. Therefore, there are broad conversion rate statistics, but what conversion rate is good for you is specifically related to your marketing campaign and business needs.
However, you should also remember that conversion rate does not always mean purchase rate. The conversion rate is how much your online traffic is responding to your request or call-to-action sentences. Even though creating sales is the biggest goal of many businesses, conversion and purchase are not the same things. Your conversion goal can be to increase the number of followers on your social media channels or get more subscribers. Therefore, it does not matter if your visitors are buying something from your shop. If your conversion goal is to increase your followers, then it would be a good conversion metric if you are gaining followers. But if you are feeling conscious about your conversion rate, then there are several ways you can optimize it for better website performance.
Conversion Rate Optimization: How Do You Do It?
Now that you know what conversion rate is and how to track it, you should also try to understand what you can do with that data. But you should also try to find out what you can do to optimize your conversion rate. Conversion rate optimization, also known as CRO, is a method of optimizing the landing page of your website. Optimizing the landing page of your website will help you increase your website traffic.
Here are some of the ways you can increase the traffic to your website and improve your conversion rate:
1. Create a Landing Page
To test your conversion rate, you will have to create a landing page. If you are running social media ads or Google Ads, then your website will need a dedicated landing page where the traffic will be transported. You can also measure your traffic from the landing page easily because most of the traffic will land there in the first place.
2. Make a Hypothesis
For starters, every conversion rate test needs a hypothesis. You will have to guess the site elements that might have great importance for your site’s conversion rate. Here are those elements:
Your call-to-action buttons media, such as images and videos
Create at least two versions of each of these elements to see which performs better.
3. AB Test
AB tests are also about testing multiple versions of a single website or website elements. You will have variant A and variant B in AB testing and allocate traffic to both of the variants. The traffic will give you real-time feedback on how the element versions work under different circumstances.
Conclusion
In this post, we have offered a conversion metrics calculator that can be used to measure the conversion rates of your website. However, there are also some other methods you can use to track conversion rates. As we mentioned above, you can track your conversion metrics using Google Ads, Facebook Ads, Twitter Ads, Google Analytics, Pinterest-promoted Pins, etc. The importance of tracking and using conversion metrics data cannot be overstated. It helps you understand what you can do to improve your marketing approach. You do not have to worry since we have also given you some of the best conversion rate optimization strategies.
Be careful not to confuse conversion rate with click-through rate, which also sounds similar. A conversion rate is calculated by dividing the total number of conversions by the total number of visitors. In contrast, the click-through rate, also called the click conversion rate, is calculated by dividing the converted visitor number by the total visitor number and multiplying it by 100%. The conversion metrics calculator should be used with this in mind.
People are also reading:
- Important Conversion Metrics
- Best CRO Tools and Tips to Increase High Conversions
- A/B Testing in Digital Marketing
- What is Web Analytics Tools
- What is Web Analytics
Simran works as a technical writer. The graduate in MS Computer Science from the well known CS hub, aka Silicon Valley, is also an editor of the website. She enjoys writing about any tech topic, including programming, algorithms, cloud, data science, and AI. Traveling, sketching, and gardening are the hobbies that interest her.
