Using the Online Conversions Metric, the marketers can examine how well does their online audience convert into buying customers.
Online Conversion Metric Overview
Conversion refers to the action happening when visitors click ads and take actions that the marketing team considered as valuable. However, the conversion metric varies depending on the business type being operated.
For example, the SaaS business want to measure the total number of trial sign ups while the ecommerce company want to measure the online purchases.
What is the formula used?
To calculate the online conversion rate, the total number of conversions is divided by the number of clicks. Then, the answer will be multiplied by 100.
The audience for Online Conversions Metric are the marketing managers. Then, the role who will use the metric goes to the manager.
The new customers, returning customers, average revenue per buyer, total transactions, and total revenue are the variations include in the metric.
What is the Role of Online Conversions Metric to the Marketing Team?
By measuring the traffic to shopping cart, feature, and product pages, the team can obtain a strong indicator of the people with the purchase funnel who display intent or consideration to purchase.
Thus, by tracking the on-page completion rates, it demonstrates how effective the website at converting site visitors into leads.
In the conversion rate, it is important not just to focus on the volumes of sales. It also necessary to consider the percentage of the repeat visitors, login vs registration rates, login vs abandonment, and more. That is because the identifiers are useful in telling which areas of the purpose and checkout process are under or overperforming.