How Do You Measure Conversions?
Marketing plan made – check. Funding secured – check. Launch date set – check. A way to measure conversions….hmmmmm. Measuring conversions is just about how much money made at the end of the month right? It’s just about hard sales…right? Not if you’re serious about growing your business revenue. Measuring conversions separates the pros from the experts. Keep reading to find out how and why…
How Do You Measure Conversions?
1. Make Sure To Measure All Forms Of Conversions
A lot of companies miss the true picture of the data because they are only focused on one part – sales. In order to optimize your marketing funnel, you need to get beyond sales you need to measure your marketing funnel. This will give you the true value of your average cost per acquisition. Once you have that riddle cracked you can launch your marketing with supreme confidence on how much and where you should be spending your revenue.
The top recommended areas to measure when it comes to conversions are:
A) Live Chat Clicks
B) Phone Calls
C) Web Forms
D) Thank You Pages
Start with these areas and make sure you have solid tracking behind each of them to help shape the picture of your cost per acquisition.
2. Make Sure You Have Data To Compare Your Results
There are two ways to go about this. The first (and this should be done regardless) set goals. Create milestones you want to hit with your marketing campaign. With everything you do goals should be in place so you know the entire process is working toward the same endpoint.
The second, compare your previous analytics to your current analytics. This assumes you have analytics installed on your site. You should. That data is gold. When looking at your data have your current marketing campaign period and the previous period. Make sure to look for key activity, ie how is engagement on the site, where are leads exiting, what buttons are they clicking. These types of questions help paint a clear picture of how users are engaging with your brand.
3. Don’t Forget To Measure the Lifetime Value Of Your Customer
Everything has a beginning, middle, and end. Most brands stop before the race is over. They focus on launching the campaign. Having those assets ready and bringing in sales is only the beginning.
Above we talked about measuring conversions. What to look for, how to leverage data to measure growth — we would consider these steps the middle part of your marketing.
The end part would be the lifetime value a customer brings in. For example, did they bring any referral business? Did they end the contract early or perhaps return a product? Did they signup again? These are all good questions to ask and optimize. You want customers to be repeat customers and bringing you more revenue. Make sure to look at your current funnel and begin working on plans to attack these areas.
Conversions mean nothing without data. Data is worthless without conversions. It’s a double edge sword you need to know how to swing. And you can. The difference between brands that just launch marketing strategies and plans that grow are the ones that have a solid process and follow through. Look at your process and chop away at the weak points.
PS. Not sure where to start? You can always reach out to us and ask for help. In the meantime, here’s a little guide on How To Optimize Your Blog Posts. Let us know how you leverage it in your next marketing plan.