What Conversion Rate Stats Should You Aim For
In order to properly measure success in digital marketing, marketers must understand how to calculate conversion rates. Conversion rate is the metric that measures how many visitors have successfully completed a desired action on a website.
In other words, it’s the number of people who complete a specific task or goal on a website after visiting it. For example, if a person has visited your store site and added something to their cart, but they never complete the purchase, your conversion rate for sales would be 0%.
What is a Conversion Rate in Digital Marketing?
A conversion rate is a metric that measures how many visitors have successfully completed a desired action on a website. Successful actions could be signing up for your mailing list, becoming a subscriber to your blog, or purchasing an item from your e-commerce site.
Track Performance Stats Over Time
It’s important to track the success of your website over time. Measuring your site’s performance allows you to identify areas in which you need to focus your attention. For example, if you are running a blog and the number of daily sales has decreased over time, this would be an indicator that your site may not be optimized for conversion rates.
Another way to measure success is by setting goals for your site. The goal could be anything from increasing conversions or reducing bounce rate through content optimization. You can set goals for different parts of your website, which will allow you to measure how well they are meeting those goals.
Aim for a Lower Bounce Rate
The bounce rate is the percentage of visitors who visit your site and do not go to another page. Essentially, it’s your website’s “bounce rate” when it comes to content. For example, if you have a 100% bounce rate, this means that all the traffic to your site only viewed one page on your site before leaving.
Conversion rates are always lower for sites with high bounce rates because visitors simply leave instead of browsing your site. You can lower your bounce rates by increasing the number of quality and engaging pages on your site. To reduce the bounce rate on a single landing page, you should use persuasive content and make sure there are clear calls-to-action for conversion goals.
Monitor Click-Through Rate for All Steps of the Marketing Funnel
It’s important to make sure your website is optimized for conversions and one of the most important aspects of conversion optimization is ensuring that every page on your site has a click-through rate (CTR) above 10%.
Click-through rates typically vary by industry, with some industries having higher conversion rates than others. No matter what industry you’re in, the goal is to create a website experience where visitors are clicking through as many pages as possible. That way, those visitors will be more likely to convert and become customers or leads.
Identify Weaknesses Where Customers Drop Off the Funnel
A conversion funnel is a framework that marketers use to track the stages that a customer goes through when they visit their site. The goal of this funnel is to best identify where customers drop off during each stage and what the problem might be.
The three common stages in a conversion funnel are:
- Awareness Stage: In this initial stage, you want your customer to know you exist. You have an opportunity to show them why they should care about your product or service before you even ask for anything from them.
- Consideration Stage: In this stage, you’re asking your potential customer to learn more about what they offer and figure out if it’s right for them. This is usually done with things like blog posts or videos that demonstrate how your product or service can help them meet their needs.
- Conversion Stage: This is the most important stage in your conversion funnel because it’s when you make a sale. In order to convert people, you need something they want and something they need.
Reduce Time Spent in the Marketing Funnel
Time spent in the marketing funnel is a measure of success. An important metric to track is how much time visitors spend on your site before they convert. By understanding the time visitors spend on your site before converting, you can get a better idea of where they are getting stuck.
If it takes someone five minutes to add something to their cart, but they never complete the purchase, then you know that there is some issue with the checkout process. A better conversion rate would be if it only took them two minutes to complete that action.
Conversion rate is a key metric for digital marketers. Most marketers want to reduce time spent in the marketing funnel because it means they are getting people closer to making a purchase. The less time someone has to make up their mind about converting, the more likely they will do so.
Melanie G. is a freelance writer and editor living in Tampa, Florida. She’s freelanced full-time since she left her writing job at Nielsen in 2012.