Most efforts invested in online marketing are met with a level of success. Creating landing pages, running ad campaigns, managing social media platforms, and building website content are all time consuming and strategic tasks. The goal? Incredible results.
In the pursuit of digital success, it’s crucial to measure results. Measuring data allows you to separate worthwhile strategies from wasted efforts. In the content below, we define conversion tracking and discuss ten reasons why it is imperative to your search marketing efforts.
What is Conversion Tracking?
Essentially, conversion tracking works by monitoring the actions consumers take. To measure a worthwhile action, one must evaluate how it impacted a business goal. Common business goals may include having a customer submit a contact form, click on your ad, add an item to their cart, download an app, start a product trial, watch a video, or subscribe to your newsletter.
Without a calculable method to measure data, marketers will struggle to determine the effectiveness of a marketing campaign or strategy. Did customers find your business from an organic search query, paid Facebook ad, or Google ad? Are they visiting your homepage from your Instagram profile, PPC campaign, or last month’s blog?
Setting up conversion tracking tools highlights which efforts are valuable, helping marketers move forward with successful strategies and see improved results.
5 Reasons Conversion Tracking is Imperative
1. Conversion Tracking Forces Marketers to Set Specific Goals
Valuable conversion tracking tools, such as Google Analytics, require specific, measurable goals. Markers must evaluate and determine the most valuable conversion goals. Whether connected to a specific event, or products and services page, conversion goals must be specific, measurable, and realistic.
2. ROI Requires Conversion Tracking
How profitable are your expenditures? ROI is an important key performance indicator that can only be determined when you know how much a conversion costs.
Do you see a return on your Facebook ad investment? Is your time spent crafting search-optimized content returning profitable? Every online marketing strategy costs something, and it is important to know exactly how much.
Is your current strategy profitable? If not, make changes to improve and better allocate your marketing budget.
3. Conversion Tracking Promotes Campaign “Evolution”
Without measurable tracking campaign success, it is impossible to evaluate informed improvement. For example, aimlessly running PPC ads without evaluating success or failure will not drive business objectives and long-term business growth. Instead, launch a PPC campaign, evaluate the resulting data, and perform a deeper analysis on the ads that performed well. Then, remove and replace any ads that failed to succeed.
Over time, you will build a successful campaign strategy that is structured by reliable conversion data. (In essence, only the fittest survive.)
4. Conversion Tracking Improves Assets
A digital marketing asset is a piece of valuable information that is regularly profitable to your organization. For example, a long-form blog or informative video may produce results again and again, driving valuable traffic to your website. Digital marketing assets include blogs, videos, informative graphics, interviews, or open-source software.
Conversion tracking allows marketers to determine which assets are effective. Once again, the process involves building an asset and testing to determine worth. Successful assets can be repurposed, providing extended value.
Is your team working on developing a new marketing asset? Refer to any successful data pointing to something that resonated with your target audience to promote future conversions.
5. Conversion Tracking Enhances Audience Segmentation
Tracking and evaluating marketing campaign results can significantly inform audience segmentation. Are you sending the right material to the right people? Who’s been following the link on your LinkedIn promotion?
After evaluating results, if one particular ad seems to attract a specific demographic, associate the example below with that segmented group.
June’s Jelly Jars, a fictional jam company, creates two Facebook ads. One of the ads featured a 10% discount off select jellies. However, the second ad highlighted a nonprofit 5K race sponsored by June’s Jelly.
For one reason or another, young moms appreciate the 10% discount add. However, middle-aged exercise enthusiasts preferred the 5K advertisement. As a result, June’s Jelly Jars can utilize this data to focus on their target audience in future campaign ads.
6. Conversion Tracking Can Improve Website User Experience
One of the most valuable pieces of data marketers glean from conversion tracking is landing page performance. How well is a certain web page performing? If conversion tracking data points to high bounce rates halfway through a sales funnel, improve that part of the process.
For example, imagine that your conversion rate data revealed 85% of online purchasers left your website during a segment of checkout. Something may be flawed on that web page.
Or perhaps one of your service pages fails to drive further website perusal or contact form completion, compared to others. This page can be evaluated and optimized to improve user experience and drive conversions.
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