If you run an online business or blog, conversion tracking is an important part of your marketing strategy. Below, the experts at 51Blocks help define conversions and point out several you should be tracking.
What are Conversions?
Conversions are the end-game when it comes to an online business. They are the response to your call to action (CTA). However, what most do not understand, is that conversions can be split into two distinct categories.
A macro-conversion is the type that most business owners focus on. They are the ultimate goals. For an e-commerce website, the macro-conversion is the purchase of their product. For others, it may be filling out a consultation form, scheduling an appointment, or becoming a member.
On the other hand, you have micro-conversions. Micro-conversions are the actions that a potential client or customer make that brings them closer to the macro-conversion. In other words, micro-conversions are the indicators that a potential client or customer has taken an interested in your business.
Conversion Tracking Matters
Why does conversion tracking matter? Because if it does not convert, it probably does not matter.
The truth is, conversion tracking is the best way to help you evaluate the effectiveness of different marketing strategies. Are those hot pink leopard-print slippers not selling as well as you thought they would despite massive amounts of money spent on Facebook or YouTube ads? By conversion tracking, you can determine where your biggest customer base comes from, as well as what pages and items are viewed before a customer purchases or leaves your page.
Macro-conversions are important. After all, that is the point of a CTA! Macro-conversions, however, capture very little information aside from the final customer decision. Those micro-conversions, however, tell you the digital journey each potential client or customer took before they ultimately decided to buy or leave.
Identifying Your Micro-Conversions
Identifying your macro-conversion is easy. However, figuring out what your micro-conversions are may be a bit trickier.
There are two ways you can figure out what your micro-conversions are.
- Brainstorm the things potential clients may also express interest in. For example, if you sell hot pink leopard-print socks, a potential customer may also follow #hotpinkleopardprint on Instagram, sign up for “fierce” motivational quotes, view similar products, add our socks to their shopping cart, or download a hot pink leopard-print PDF poster.
- Evaluate your onsite conversion funnel. A what? An onsite conversion funnel is a graphic representation of every step leading from your homepage to the purchase. Let’s say 100,000 people visit your homepage a month. That is the top of your funnel and your 100% mark. Of them, 90% (or 90,000) visitors will go to your category listing and click “socks”. At that point, 80,000 (or 80%) of your visitors will search for a keyword, like “leopard-print”. From there, only 60% (60,000 visitors) will actually go to your product page for those hot pink leopard-print socks. Half of them, or 30% of your total visitor calculation, may even add the product to their shopping cart. While 30,000 may add your product to their cart – only 10,000 will hit the “checkout” button. Once all is said and done, shipping prices and discounts are applied, roughly 2,000 may successfully purchase the socks, giving you the final ring of your onsite conversion funnel.
Whether you brainstorm interests or evaluate an onsite conversion funnel, the idea is to quantify and study the micro-conversions that lead to a successful purchase.
There are dozens of micro-conversions. You do not have to focus on each and every one. Instead, you need to focus on ones that do one of three things:
- Lead to macro-conversions;
- Grow leads; and/or
- Reinforce key performance indicators (KPIs).
Depending on your goal, you may find certain micro-conversion groups more beneficial to track. These include interest, engagement and activity micro-conversions.
Interest micro-conversions include things like:
- Adding an item to the cart;
- Viewing a product page;
- Using the search function;
- Clicking through search results, contact forms, etc.;
- Clicking on a product page; or
- Viewing pricing pages.
Engagement micro-conversions are more focused on communications and feedback, like:
- Downloading a resource from your page;
- Joining your mailing list;
- Watching a video;
- Commenting on a blog;
- Liking or commenting on a Facebook, Instagram, or other social media post;
- Re-tweeting on Twitter; or
- Requesting a consultation, call back, etc.
Activity micro-conversions include:
- Time spend on your site or specific pages;
- Number of pages that were viewed;
- The creation of an account;
- Frequency of visits; or
- Navigation to an offsite product.
A Helping Hand
Paying attention to your micro-conversions is important. This is especially true if your site is not doing as well as you had hoped. However, marketing and conversion tracking may not be one of your strengths.
The professionals at 51Blocks are passionate about digital marketing strategies. As experts in conversion tracking, marketing analysis, and more – we are here to help you get the most out of each and every step. Contact us today to find out how we can help boost your conversions today!