You already know that your business should be tracking conversions, but the percentage of customers that make purchases is only one indicator of business success.
For your business to reach its potential, you need to have a clear view of the big picture.
Here are 6 metrics that you should track to get a clear view of your company’s performance and make the most money.
Cost Per Conversion
You know how many of your customers make purchases, but do you know how much marketing money you spent to make that sale?
Tracking cost per conversion means that you get the most out of your marketing dollar.
Spend more money on marketing sources that produce great results, spend less on sources that aren’t as productive, and you’ll achieve the most important goal:
Bounce Rate and Time on Page
Bounce rate refers to the amount of people who visit only one page on your site before they leave.
Often, these people find you through Google or social media, and when they either find what they’re looking or or decide to look elsewhere, they “bounce” back to the page they were on before.
Time on page is just what it sounds like – how long they’re on your webpage.
Consider both metrics together to determine whether your website is effective.
If most people don’t stick around, you probably need to work on your copy or design.
Conversion per Lead Source
While you’re tracking your overall conversion rates, it’s important to examine each source of leads independently.
Often, there are channels that bring in lots of traffic and leads don’t convert well.
Remember to prioritize quality in addition to quantity.
Touches to Conversion
How many times do you have to contact a lead before a sale is made?
Once you determine how many touches are usually required to make a sale, you can then optimize your sales funnel to ensure you’re doing enough.
Viable leads frequently get dropped too early.
You already spent money to get those leads – don’t waste it.
When people come to your website, what are they clicking on?
Do they follow links off of your site?
Page clicks are a reliable way to tell how engaging your website is, and a website with good engagements gets more leads and sales.
Sales Funnel Drop-Off
Where are you losing leads?
By tracking each step in the sales process and determining how many people abandon the process at each step, you can pinpoint and optimize every phase in your process and maximize conversions.
If lots of people sign up for your free lead magnet, and many of those people click your email links and come to a landing page, that’s a good sign.
But, if a huge percentage of the people on that landing page leave without clicking on anything else, your landing page probably needs some work.
You put lots of effort into your sales funnel, so make sure it’s performing at its best.
Tracking Is Vital
Running your business without efficient tracking is like trying to throw a dart at the bullseye while wearing a blindfold.
Hit that bullseye by paying attention to overall performance.