Last Updated: 10th January, 2020
Top 5 Easy and Important Conversion Metrics
Below are 5 Most Important Conversion Metrics every blogger should be tracking.
If you have a Product or Service website or a blog, you will be interested to drive an audience to it. However, it will the topmost metrics which will define you can convert that one-time audience into loyal followers or customers.
There are 1000s of tools which can help in retention and conversion, but before you identify these tools, you need to understand the topmost metrics that needs continuous improvisation.
1. New/Return and Unique Audience
A new visitor may interact with your site in a very different way as compared to a returning visitor. To improvise new visitor conversions, you have to isolate it from the conversion rates of your returning or loyal customers and also determine what they wish to see when they visit the website for the first time and how you can further improvise that experience. Site usability plays an extremely important role in reducing the bounce rate for New visitors.
I am sure you must have asked yourself a couple of questions?
1) Why did the visitor return, and
2) Did the visitor convert the first time ? and if they didn’t, why not and how can you convert them the second time as well.
Note that if someone didn’t convert as a new visitor, then also you made enough of an impression to get them to come back to your site. This is in fact a win-win situation and this means you are doing something good. Now that they have liked you enough to return, your goal is to isolate the return visitor conversion rate and figure out how to increase that.
Organic Search Visitors: The audience which visits your site based on a search query.
Referral Visitors: The audience which visits your site based on a referral. For e.g. a blog, site or another social media platform
Direct Visitors: The audience which knows your site well and visits by directly typing the URL.
All the above sources are extremely important, however you should estimate how much each of the above traffic source is converting and try to deal with them individually.
3. Interactions per audience
Let’s say the audience didn’t convert, do you think that it is important to monitor their behavior on the site? Off-course yes. What are they looking for? how can you get them to do more out of your site, and how you can influence their behavior into conversions?
As an example, what are your page view rates per unique visitors, what is the time spent, comments or reviews made, and so on.
Each of these interactions is extremely important, and the goal should be not only to increase the time of these interactions i.e. the time spent on the site, but also to figure out how you can leverage these increased time/interactions into increased conversions (which might be purchases, subscriptions, downloads etc.)
4. Cost per Conversion
This is one of the most important metrics !!! Lead generation costs or cost per referral. It really doesn’t matter if you have high conversions and high value per visit if your costs are so prohibitive that your net income is a BIG zero. So it is essential to keep your costs per conversion and overall margins in mind while trying to increase conversion.
5. Bounce Rate
The initial goal in an effort to increase all 4 of the metrics above is to minimize your visitor bounce rate.
What is Bounce Rate?
It is actually the rate at which new audience visits your site and immediately clicks away without doing anything, that is they spent very low time with less or no interactions at all.
A high bounce rate can have several meaning,
- including weak or irrelevant sources of traffic
- landing pages that aren’t optimized for conversion (may be have a poor design, low usability or high load times).
For e-commerce sites, Bounce Rates are often called Abandonment rates, i.e., the rate at which your target audience abandon their shopping cart without making even a single purchase. Usually a result of an overly complicated website design, difficult or complex checkout process, expired deals, forced cart additions (e.g. to see the actual price of the product, add to your cart), and so on.
So I would suggest to start monitoring the above metrics right away !!! Also learn about the best SEO tricks from Top SEO Experts