A Conversion in Digital Marketing is the completion of a specific goal, e.g. filling out a subscription form, signing up for a trial or making an online purchase on your website. This goal can be defined on a case by case basis and can vary heavily.
Also relevant and related to the Conversion is the Conversion rate, calculated like that:
Reasons to track Conversions
It is important to track not only the number of conversions but also the conversion rate. Without a doubt, conversions are important to monitor since it allows you to track user journey. However without comparing it with the total number of visitors on your website, your landing page or App, this metric cannot tell you much. Hence, it is crucial to make your conclusions about the effectiveness of a specific campaign only after checking Conversion Rate.
Common variations and related metrics of Conversions
|All Conversions||All the conversions that the campaigns are driven by combined, summed up.||Google Ads|
|Custom Conversion||A metric that indicates a specific customer’s action. In other words, customized tracking of conversions with predefined rules. For example, tracking only the number of purchases of the specific phone model or a click when entering your shopping basket. Custom conversion can be configured within the respective platform.||Facebook, Twitter|
|Activities||Similar to custom conversions but within Google’s Campaign Manager (Ad Server).||Google DCM|
|Conversion Value||An assigned value to a specific conversion defined by a marketer.||Google Ads|
|Goal & Goal Value||A specified goal within Google Analytics to be counted if a customer clicks or visits a certain element.||Google Analytics|
|Microconversions||Describing a sub-element of a conversion, such as entering a shopping basket before doing the actual “conversion”. Used to track more granular user steps towards your user journey.||Hubspot|
How can tracking Conversion help you to become more data-driven?
By tracking the number of conversions together with the Conversion rate you can understand what content or a specific campaign was more effective in achieving your goals.
With nexoya, you can easily compare the Conversion rate for both organic and paid conversions/visitors. As a result, by comparing and analyzing different campaigns you can find out what works the best for your target audience. You can also easily create reports to track your progress and make analysis even easier.
Nexoya Pro Tip: Think about your user journey and what steps your user might leave the “flow” today, then start applying micro-conversion steps to have insights at which step of your customer journey you lose your customers today.