Converting the masses
We’re not talking about cult initiations; we’re talking strictly about our own religion here at PMW – marketing. The term “conversion” holds a significant amount of weight in the world of marketing, but it might not be what you think it is.
As a business owner, you might think a conversion is when you’ve made a sale or acquired a new customer. Whilst this is correct and certainly important, this only represents a fraction of the broader concept. A conversion in the digital marketing world refers to a significant action that you want a user to take after they click on your ad. This could be filling out a form, making a phone call, messaging you, visiting or spending a certain amount of time on a chosen webpage or, yes, it could even be buying something.
While conversions are often viewed as important (primary) actions, we can also use them for secondary goals like gauging engagement. This could include tracking specific button clicks or even scrolls, which help us determine how to best improve a landing page.
What’s the point of setting up conversion tracking?
Setting up reports to show the detail of your conversions will give you valuable data that can serve as the driving force for your marketing campaign. The stats will provide invaluable insight into consumer behaviour, preferences, and the effectiveness of your marketing tactics which can be used to decipher the underlying motivations and triggers that drive your audience to take action.
When it comes to this topic, other terms you will hear are “conversion rate”, the percentage of users completing a desired action, and “cost per conversion”, which isn’t to be confused with CPC (cost per click) and represents the average cost to generate a conversion. Both measurements are crucial to consider when evaluating your campaign against business goals.
Tracking down the fundamentals of a successful campaign
By now, you’ve probably worked out that you need to do something with your tracking data to get the most value out of it, and it should form a crucial part of your marketing strategy. By monitoring and analysing the conversion data, an expert eye can gain a deeper understanding of an audience and refine an ad campaign accordingly. From identifying high-performing channels to optimising website design, conversion tracking empowers marketers to make informed decisions that continue to build success and drive results.
The effective utilisation of conversion data involves interpreting trends, identifying patterns, and implementing targeted strategies to resonate with your audience more and, therefore, enhance conversion rates even further. In application, this could be tweaking the tone of voice ad copy, focusing on a winning ad design, refining targeting parameters to reach the most receptive audience, or perhaps optimising a landing page to reflect your findings.
Simply put, conversions are more than just transactions; they represent meaningful interactions between brands and consumers. The insights gleaned from conversion tracking data serve as your unique roadmap for ongoing improvement, to forge deeper connections with your audience and deliver tangible results for each campaign that you run.
