Are you an entrepreneur or marketing manager? You have probably heard about conversion. But do you really know what it means?
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What is conversion?
Conversion is the process by which a visitor to your website, online store, application, or even your newsletter takes a desired action, an action that you consider a success.
Which desired actions are synonymous with success?
For an action to be synonymous with success, it must generate value for your business.
Here are some examples of desired actions:
- Newsletter subscription
- Ebook downloads
- Successfully filled contact form
- And finally, the ultimate conversion: generating a sale
And how do you measure the impact of these actions? Through the conversion rate.
What is a conversion rate?
The conversion rate is a percentage that allows you to measure the effectiveness of your current actions. For example, if your website records 100 visits and 10 people make a purchase, your conversion rate for sales is 10%.
Analyzing your conversion rate allows you to determine the effectiveness of your placements, ongoing strategies, and, consequently, reallocate your budgets based on the results to increase the overall conversion percentage.
For instance, if an ongoing Facebook campaign generates a higher conversion rate than an Instagram campaign, you can decide to shift a portion of your budget to Facebook to increase your conversion and, therefore, your return on investment.
A good conversion rate ranges between 2% and 5%. Below this range, it is important to question the strategies in place and improve them to achieve higher conversion rates.
Besides, here are four tips to improve your conversion rate:
1. Website optimization:
It is crucial to adopt a user-centered approach to enhance the user experience on your website. This can be achieved by improving your content to make it more convincing, creating clear call-to-action buttons, and designing intuitive layouts (UX and UI).
2. A/B testing for advertising campaigns:
Advertising campaigns on Facebook or Google Ads can be optimized using A/B tests. The idea is to create multiple ads with different messages, images, or even target audiences. By adjusting various parameters of your campaigns, you can improve their performance.
3. Don't be afraid to make mistakes!
As many successful leaders will tell you, it is important to take risks and embrace making mistakes. When implementing conversion strategies, making mistakes is part of the equation. Testing different options and making corrections are key elements of a successful strategy that often leads to better conversions. Don't be afraid to experiment, especially considering the fast feedback loop offered by digital platforms.
4. Analyze your data :
Data is the key! It is essential to regularly examine and learn to interpret your data. Powerful analytics tools like Smart BI can help centralize and standardize your data, enabling you to make informed decisions.
Conclusion
While conversion may not be an exact science, it is indispensable in implementing your digital strategies and experiences. By continuously optimizing your strategies and ecosystem on a weekly basis, you will witness significant growth in conversions and improved results.
If you have any questions or comments, please don't hesitate to contact us or share them in the comments section.
