By now, you’re probably well aware of the importance of tracking analytics and organising that data in a live report thanks to our recent blog posts on the matter. But knowing what to do with the information you’ve captured is what matters most.
After all, you’re essentially conducting ongoing reviews and research on how your digital presence and marketing efforts are performing. Not doing anything with that data makes the entire process a waste of your time.
Conversion rates and why they matter
A conversion rate is the percentage of users who take action on your site.
This can include many “actions”, such as clicking a free download, making an enquiry, calling your business, subscribing to an email list, making a purchase, or following your social media account.
A conversion rate of 1% for a website that receives 1000 visitors a month means that 10 out of every 1000 are converting. So whether your business builds homes or sells computers, even a slight change in conversion rate can make a huge impact to your revenue and profit.
Your digital presence should have a purpose, whether you have an online store or are running a social advertising campaign. That means any marketing spend should be seen as an investment.
Ready to turn that investment into profit? Check out these simple ways analytics can be used to improve your conversion rate.
Find your audience
The advantage of digital marketing is the ability to find the exact audience for your product or service. But that only works if you’re actually using the information available to you.
“Your digital presence should have a purpose, whether you have an online store or are running a social advertising campaign.”
Even the best ad creative is wasted if you’re not putting it in front of the right audience. If an ad isn’t relevant to the viewer, they’re not going to click through. This is why it’s crucial to use audiences correctly.
Whether you use Google Ads or advertise across social media, taking advantage of the user data can transform your conversion rates. If your conversion rates are low, it might be time to re-examine if you’re targeting the right users.
Optimise the user journey
The great thing about analytics is how much detail they provide.
Let’s say you’re running ads trying to get people to fill out a form on your website. The analytics might tell you that people are clicking through, but your bounce rate is high— this means they’re clicking away from the page rather than staying and filling out the form.
The user has already expressed interest in taking action by clicking the ad. So what’s stopping them?
This tells us that there’s a disparity between the message they’re seeing in the ad and the form they end up at. In other words, it’s a disconnect in the user journey. Thanks to analytics, you can see exactly which part of the process you need to fix (the form).
“Remember: There’s always a chance to make more money.”
Another example is eCommerce customers who add items to their cart but don’t follow through with the purchase. You can target these people with cart abandonment software, sending them a reminder email or even a discount code. This turns those window shoppers into paying customers.
Conversion Rate Optimisation takes this to the next level with the goal of continually finding ways of improving different pages. You run A/B versions of your page, buttons, colours, text, imagery or entire website to different audiences and see which performs better. The changes you implement may be small, but can have huge impacts on your conversion rate— and therefore your revenue!
Always be improving
There’s no point trying to fix something that isn’t broken. But you still need to tend to something so it continues to grow.
Whether it’s increasing your media spend, creating more of a specific kind of content, or retargeting a profitable audience, it’s important to avoid becoming complacent. Yes, even when the results are already great.
Remember: There’s always a chance to make more money.