The word “conversion” carries great weight in the field of digital marketing. In marketing terminology, when a visitor to your website becomes a subscriber or purchaser of your product, then conversion is said to have taken place. A first time visitor is no more than simply a generic anonymous visitor. Once the visitor becomes engaged with the actions on your website (surfing through products, reading your blogs, clicking on links, etc. are all considered to be actions), then the visitor slowly converts himself or herself into a prospect.
Conversion does not have one definite meaning. The meaning of the word differs from one website to the other. In most cases, it depends on the marketing goals and objectives set by the developers of the website. With that being said, here are 6 different meanings that the world conversion could imply.
● When someone subscribes for your mailing list
● When someone makes a purchase on your website
● When someone downloads an ebook or article contained within a PDF file
● When someone clicks on a link that leads to a different page
● When someone takes part in a poll or survey placed on the website page.
Now that you have a clear idea of what conversion in the field of marketing is, it is time to acquaint yourself with conversion rate. The best marketers in the world, including those under the umbrella of Grey Umbrella Marketing will tell you that keeping your conversation rate high is key to boosting your online sales. In simple terms, conversion rate can be defined as the ratio of how frequently a visitor takes an action that fulfils your marketing goal, expressed in the form of a percentage. If your conversion rate fails to meet your requirements or expectations then it means that you are losing out on a tremendous amount of money.
An increase in the conversion rate almost always translates into an exponential increase in the revenue earned. For instance, a mere increase of 1% in the conversion rate can lead to hundreds and thousands of dollars of increase in your revenue collection (depending on the size of the individual purchases). This is the reason why the top marketers around the world channel their resources in improving the conversion rate. Do not become obsessed with creating a massive influx of visitors. Attracting more attention to your website will be futile unless you can convert that attention into online sales. Besides, it is far more cost efficient to improve your conversion rate than increase the number of visitors to your website. In other words, a higher conversation rate is a good indication to an increased return on investment (ROI).
If you want to get your optimize the conversion on your website, then you need to make use of a number of different tracking software. Google Analytics, KISSMetrics and Mixpanel are fantastic software to begin your conversion rate optimization endeavours.
The key to conversion rate optimization is drawing in the right type of visitors who will actually be interested in making a purchase. Luring in visitors who have no interest in your product and influencing them to engage in actions simply to meet your conversion goals would be an act of foolishness.