Do you know your Conversion Rate? All Successful Online Businesses Do!
If you ever doubt the success of a campaign—or marketing in general—start tracking conversions. Tracking conversions helps you track thresholds that set a benchmark for your website's or campaign’s performance. This gives you the ability to determine which avenues of marketing or calls-to-action are driving the most conversions, and allows you to put more funds behind what is working and eliminate campaigns that are not.
What is a conversion?
A conversion rate is the percentage, or ratio of people who do something (purchase an item, fill out a form, watch a video, etc.) out of all the people who were presented with the option to do so (total number of website visitors). A conversion doesn’t necessarily have to be a sale, but some form of action you’d like your site visitors to take. The overall conversion rate for your golf company is an important metric for measuring and improving performance.
How does it work?
The formula for calculating a conversion is as follows:
Number of Sales / Number of Visitors x 100 = Conversion Rate
When calculated correctly and reviewed in the proper context, your golf company’s conversion rate is one of the most powerful ways to understand the performance of your business, trends over time and overall performance.
Where do I start?
Before you can track conversions, and this is most important, you need to set Goals. These are actions you want your customers to take on your website or campaign. Most often we speak with clients who have not completed this critical step in the process, therefore they have no idea how to measure return on investment (ROI). Goals help you track your lead generation efforts with ease, speed and accuracy. A Goal should be something that contributes to your bottom line and/or business growth.
If you are focused on e-commerce and revenue is your ultimate metric then you will need to properly establish the GOALS feature in your Google Analytics account. The simplest way to create a baseline for website conversion is to assign a dollar amount for the goal, this would be the retail value of your product/service. Once established, Google Analytics will help you track conversions based on the traffic source such as organic traffic, ppc ads, social media and more. See the video tutorial below.
UTM Source Codes
There are also very simple ways to track the effectiveness of ad and email campaigns by using a UTM source code. The UTM source code is an identifier picked up by your website that assigns a “referral source” for your traffic. This method of tracking your online campaigns is very effective and very simple to set up using this tool:https://ga-dev-tools.appspot.com/campaign-url-builder/
Once setup, you can begin analyzing trends immediately and find ways to optimize the areas where conversion is highest. Conversion Rate is most often overlooked and it can be a costly oversight. With the proper tracking in place you can make smarter decisions about where to spend your marketing budget and how much to spend to get the best return.
This is the first step in improving your online sales. Stay tuned to learn how to optimize your Conversion Rate once you have your tracking established.
Need Help? We have a turnkey Analytics Solution to improve your online conversion tracking. Email email@example.com or call 888.344.9915 to learn more.