What is conversion rate? Conversion rate is a measure of how well users converts from one state to another action. For example, if your website has 100 visitors and of those 100 visitors, 20 of them take some form of action, the action can be anything from generating a lead to making a sale. If 20 of the 100 visitors take action then you have a 20% conversion rate. Conversion rate marketing is basically the practice of trying to improve your marketing effectiveness. Conversion rates often are used as a measuring tool, these rates should let you know how well your site is doing. It also lets you know what is working and what is not working.
In order to widen the analysis, it is often necessary to see how different types of traffic rates when it comes to the specified conversion rates you are tracking. Typically you would at least identify and track these types of traffic:
- Organic (SEO-targeted keywords)
- Organic (Long Tail)
- Referring (Link Building)
- Referring (Affiliate Links)
- Direct traffic
- Campaigns
This will give you a good measure on what traffic converts the best and where you need to put effort into your conversions.
There are several online tools for measuring Conversion Rates. Google Analytics lets you specify Goals where you can easily, both graphically and by numbers, track your conversions on a very detailed level. I would suggest using Google Analytics for this kind of analysis.
Conversion rates can be affected by a range of factors, including demographics. I ran across this article some time back. It’s several years old, but it covers usage demographics on paid search conversion rates. Good read.
This reminds me of a dabate I have come across many times on the internet. Which is more importnant, traffic or conversions. This is a hard one, but simply put they are both equally important and you need success with both in order to succeed online. You cannot earn money with no traffic, but on the other hand, if the 5,000 visitors coming finding your site every month do not buy, or follow through with the required action, you will not earn money. Both are important and you should not just focus on one of them.
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Great blog by the way! Keep up the good work.
Andy