Conversion rate is one of the most notable metrics of digital marketing services. Did you know only about 22% of businesses are happy with their conversion rate? If you are one of them, that’s great. But what if you aren’t?
If you are not happy with the conversion rate your business has achieved, it’s the point to practice conversion rate marketing to increase it. Conversion rate marketing is also a part of advanced digital marketing services and helps your company improve online buyer experience, making it even more accessible for the users to pick your business.
Today we’ll explain what a conversion rate is and how important it is for digital marketing. If you need to learn more about conversion rate optimization and need professional help for your business’s conversion rate boost, consult professional conversion rate strategist for all-inclusive optimization services.
What is Conversion Rate?
To explain it clearly, the conversion rate is the percentage of your audience that carries out your desired response and converts to your consumers, compared to the total figure of the potential audience, which has had the chance to convert.
Here’s the simple equation for determining the conversion rate –
(Number of visitors that converted / Number of the total visitor of a page) x 100
For example, suppose you have 100 conversions out of 500 visitors. If you take 100 conversions divided by 500 visitors, you get 0.2. Now, when you multiply the 0.2 by 100, you get a percentage of 20%. Hence, your business’s conversion rate is 20%.
If you have achieved a high conversion rate, it indicates the success of your online marketing strategy. It also indicates your effort to improve the value of your products or services to your audience, and your approach to offer a never before experience to your visitors.
What is Conversion Rate in Digital Marketing?
Conversion Rate plays a significant role in every customized digital marketing strategy. Whenever you run an online promotional campaign, you can examine your overall conversion rate to understand how it drives results for your business.
Your conversion rate is a sign of your achievement from your ad campaign. If you suddenly see a high conversion rate only after running a certain campaign, it symbolizes the success of the campaign in generating more potential leads and converting them into sales. Contrarily, a low conversion rate indicates your campaign has more areas of improvement, and that is possible only through conversion rate optimization.
But in digital marketing, the conversion rate isn’t all about sales. In an online marketing approach, it may also include such actions as downloading a white paper or guide or signing up for a newsletter or webinar, submitting a form or chatting online with a chatbot or a human executive, calling your business, etc.
What is a Good Conversion Rate?
Well, this is the most apparent question businesses as every time they talk about Conversion Rate. But why does everyone wish to know this?
They might want to investigate other companies before setting up their goal. But unfortunately, you can’t estimate the good conversion rate for your business with such a random analysis.
So, the million-dollar question is what or how you can measure a good conversion rate for your company?
Well, the truth is that there isn’t any well-defined value or quantity that retains accuracy for every business firm. Moreover, a typical conversion rate differs among different business sectors.
In case, if you want to identify a consistent conversion rate in your business sector, you can run some research and search across your industry to perceive the average conversion rate for your business.
If I have a Low Conversion Rate?
After doing a little research on the average conversion rate of your competitors, you can find if your business is having a lower conversion. But, there’s no need to panic. There might be underlying reasons for the low conversion rate. What could it be?
Three major factors that might affect your conversion rate are –
a difficult landing page design that makes page navigation difficult for users
a not-so user-friendly and not responsive web design
a website that doesn’t explain your business and brand value to your audience
While there might be some other issues contributing to your low conversion rate, these three factors are typically the most important. But the good news is that these factors are easily fixable by a thorough conversion rate optimization service.
Further, as you already know, the conversion isn’t all about making your audience into your buyers. You can set up conversions on your page, like contacting your business, subscribe to your mailing list. It helps you get closer to your ultimate business goal – make your audience buy.
Invest in Conversion Optimization
If you still are not satisfied with your conversion rate, and if you’re ready to improve through digital marketing, contact a white label digital marketing agency, speak with a strategist, and buy an affordable conversion rate optimization package for the best results.