Conversion Rate Metrics Essential For Business Tracking

Conversion Rate Metrics Essential For Business Tracking

There are many conversion rate metrics you can track on your website. However, identifying the one that will benefit your website can be tricky. It is important to know which metrics you should give attention to for your business to improve. Hence, here are some of our insights about metrics that greatly impact your performance:

Important Conversion Rate Metrics

Traffic Sources

Although increasing traffic is on the top of the list of every website, how those traffic help or impact your overall sales is also equally important. Your traffic sources will tell which of your marketing scheme or channel is the most effective and give focus on that.

Kinds of Traffic Sources

  • Direct Visitors – visitors that directly type your URL to the search bar.
  • Search Visitors- these visitors found your website through surfing or exploring search engines.
  • Referral Visitors- visitors that found you on another website’s page or content and clicked your name or a link leading to your website.

Each traffic source has different engagement levels which will tell you which of your tactics work best. Tracking each traffic source will help you identify your best marketing scheme. On an important note, it is crucial to have different sources of traffic on your website. Depending solely on Google can be risky due to its fleeting and fast-paced nature.

Return Visitor Conversion Rate

Looking at the returning visitor conversion rate of your website, makes you wonder why the visitor returned to your website. Also, makes you assume that the visitor probably made a purchase during the first visit. If the visitor did not convert during the first visit but then again returned, your website probably made a good impression and that the second visit will be a better experience for the visitor.

 

If you want to tap on your return visitor rate, you will need to isolate each data of your returning visitors to pinpoint strategies to increase it.

Interactions Per Visit

Looking closely at your visitor’s behaviour when on your website can also help you pinpoint your best or bad assets. If you know what your visitors are doing, you will be able to come up with ideas that will encourage them to do more on your website and lead them to make a purchase. Even though your first-time visitors did not convert into sales during the first visit but they explored your website and spend ample time in it, it could be a positive behaviour from your visitor.

 

If your first-time visitor spent time reading your blogs, reviews, or checking your products, it means that they are interacting or engaging on a high level and eventually, they will convert into sales.

Value Per Visit

 

Although value is incalculable, it is, however, simple to comprehend. Value per visit figuratively mean how each visit is worth and you can get the value by dividing the total number of visitors by the total value made.

 

For example:

 

If your online store’s conversion rate is at 3% while the average purchase is $100, it means you garner a $300 sale for every 100 visitors to your website. Therefore, your value per visit is $3.

 

Some value can’t be calculated due to its intangible nature or when the value of the visit comes after. Thus, these values can be hard to measure. Typically, the intangible value your visitor creates when on your website is when the visitor comments or give a review.

 

Another important conversion rate to look at is the cost per conversion and the bounce rates. Cost per conversion is also known as lead generation cost. The cost of conversion will greatly influence your overall cost. Hence, it could make or break your profit at the end of the day.

 

Bounce rates, on the other hand, is something you’ll want to decrease or maintain to a minimal rate. If you are earning a lot of bounce rates, it could mean your website is not translating effectively to your target audience. Your landing page may lack some information or content that will trigger engagement.

 

These conversion metrics are vital if you want to build a resilient yet robust website structure. It is important to closely examine these factors that greatly impact your sales.