What Are Ways to Track Conversion Rates Wisely ?

The average landing page conversion rate is around 2.35%. That means that for every 100 visitors, you can expect to get about two customers.

Are you satisfied with the results your landing page is generating or do you need to increase your conversion rate?

One report found that just 22% of businesses are satisfied with their conversion rate. If you too are among those who are looking at ways to increase sales, then the first place to start with is by looking at your data. Our team of CRO specialists are ready to help you boost your conversion rates based on your data.

By tracking your conversions, you can determine which tactics are driving conversions and which are not performing as expected.

But with so many conversion rates that you can track, which should you pay attention to and work to improve?

Let’s find out!

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How to Track Conversions in Google Analytics

When it comes to measuring online conversion, then Google Analytics is king. It can tell you how many people have visited your website, what buttons they clicked, when they bounced, and which of your Google Ads campaigns are performing well. Of course, Google Analytics is not the holy grail of all conversion tracking and has its limitations. For example, you can’t use it to track in-store visits and it doesn’t do that much of an excellent job in explaining customer patterns and behaviours. Luckily, there are other tools out there that you can use to get a comprehensive understanding of how your website is performing.

But, for now, let’s get back to how to get started with Google Analytics.

The first thing you will need to do when you start tracking your conversions on Google Analytics is to set up your goals. Keep in mind that goals differ from business to business. For example, online stores may want to track the number of transactions while a hair salon may want to track the number of phone calls and appointments a landing page generates.

Once your goals are all set up, you can begin tracking your landing page conversions.

But, which metrics should you actually track?

The Most Important Conversion Metrics to Track

Traffic Sources

This may sound a bit odd, but here it goes:

Getting more traffic won’t necessarily help you get more sales. Who visits your website and how these people have landed on your page or found your blog post matters more than their quantity.

That’s why more than the organic traffic your content generates it’s important to look at the traffic sources, such as:

• Direct visits: These are people who visit your website by typing the URL directly into the search bar.
• Search visitors: These are people who find your website through a Google search.
• Referral visitors: These are people who have landed on your site after clicking on a link on another site, a social media page, and so on.

But, why is knowing your traffic sources important for conversion? Firstly, you can pinpoint where your most valuable customers are coming from and focus your efforts on that area of your digital marketing strategy. Secondly, it can also tell you if you are too dependent on one traffic source and need to diversify.

The Bounce Rate

The bounce rate reveals the number of people who leave your site immediately without taking any action. And, if people are not spending time on your website, they aren’t converting either.

The bounce rate can tell a lot about your website’s performance and the things you need to improve. A high bounce rate might mean that there is a disconnection between what your prospects expect to get and what they are actually getting. For example, if they click on an ad that promises a free trial for a music streaming platform but land on the home page and have to look for the offer, then they might bounce.

A high bounce rate could also mean that your page is taking too much to load, the navigation is too confusing or the design is outdated.

New Visitor Conversion Rate

How a new visitor interacts with your website differs from what a recurrent visitor does when they land on your page. That’s why it’s important to understand if there are any frictions in this process and address them as quickly as possible. For example, user experience plays a crucial role in determining if a new visitor will continue growing your site. If the navigation is too confusing, if the value of your product or service is too weak or if there isn’t any social proof like reviews or testimonials, then a new visitor might think twice before concerning.

Recurrent Visitors Conversion Rate

Building trust is a continuous effort. If a prospect visited your landing page but didn’t convert the first time around, then you need to determine what made them come back and what type of information would make them click on your call to action (CTA) buttons.

Review your content marketing and see if there are any improvements you can make. Maybe the copy didn’t communicate the value and benefits of your offer well enough. Maybe they needed more information about how they can use the product, such as a “how-to video.

The Cost per Conversion

The cost per conversion (CPC) is an important metric that tells you how much you are actually paying for each conversion.

Here’s an example:

Let’s say that your Google Ad campaign cost you $100 for 100 views and at the end of the campaign you generated 6 conversions. That means that your CPC is $100/6, which is $16.6 per conversion.

It’s difficult to establish a good cost per conversion as each industry is different. Case studies show that the average cost per action in Google Ads is $59.18.

Do You Need Help with Conversion Rate Optimisation?

Whether you are an eCommerce store or a SaaS business, these are some of the most important conversion rate metrics you should track. They will tell you where your prospects are coming from, what they are doing once they’ve landed on your page, whether they are bouncing or returning, and how much you are paying for each conversion.

If you’ve identified the sore points in your website or content marketing’s performance and are now looking for ways to increase your conversion rate, then you should take a look at our services.

We are one of the fastest-growing online marketing agencies in Australia and our digital marketers have a combined experience of tens of years. We’ve helped companies from various industries boost their conversion rates, increase their sales, and grow. We’ve developed a simple yet effective formula that allows us to maximise the results from our digital marketing campaigns.

Get in touch with us today to find out more about how we can help your business grow.