Conversions play a vital role in a business’s marketing strategy. A conversion means that a digital user took a desired action to further their experience with a business. A conversion can refer to everything from opening a marketing email to filling out a contact form. But in order to become a customer, a user has to complete several conversions to reach the finish line.
The conversion funnel is essentially the journey that a person goes through to become a customer of your business. It starts at the very first point of contact and consists of several steps that lead to a purchase. This journey can be tracked through conversion funnel metrics. By analyzing these metrics, you can adjust your marketing strategies to improve your customer acquisition rate and revenue.
What you can learn from your conversion funnel metrics
We all know that metrics can provide insight into the effectiveness of your marketing efforts. From engagement on social media to site bounce rate, gathering the right data about your marketing performance can help you see where your strengths and weaknesses are. The goal of analyzing marketing metrics is to figure out how you can tweak your strategy. It should broaden your reach, boost site traffic and increase lead generation.
By looking at conversion funnel metrics in particular, you can make strategic decisions that help to guide users through the funnel and reach the end goal, whether that be to purchase a product or book your service. That means that they start off with awareness and go through consideration before making a decision to become a customer.
At BURG+CO., our conversion strategy services help you gain more customers, increase your return on investment (ROI) and optimize your site pages. We track conversion funnel metrics to make sure that both your site and marketing efforts are as effective as possible in moving your bottom line.
Strategizing around conversion funnel metrics can not only help you boost your revenue, but they can also increase customer retention and improve user experience on your site.
Here are some examples of influential conversion funnel metrics:
- Customer acquisition cost — This metric refers to how much is spent on acquiring new customers. It’s the total cost of sales, marketing, equipment and property that is utilized for the top of the conversion funnel, which is awareness. By tracking how much money is put toward customer acquisition and comparing it to the number of customers acquired, you can adjust your efforts accordingly to maximize your ROI.
- Leads — A person has to show interest in your company before they decide to become a customer. Leads indicate how many people are intrigued enough by your company that they provide their information. By looking at how many people provide their information versus those who leave your site without doing so, you can strategize to increase engagement and personalize their preferences to move them through the funnel.
- Sales funnel duration — Moving through the funnel takes time. A customer may spend a bit of extra time in the consideration phase, perhaps by researching your history or comparing with competitors. But it’s important to note how long it takes for a person to become a customer once they are made aware of your business. This metric can help you figure out how to speed up the process, such as targeted ads or push notifications.
- Customer retention rate — The end goal should be loyalty. You don’t want a one-time customer, which is why retention is the last phase of the conversion funnel. Your customer retention rate refers to the percentage of your customers that you keep over a particular period of time. By tracking this metric, you can determine how to nurture the connection with your customers, such as exclusive deals or a referral program.
Want to attract new visitors to your website and improve your conversion funnel metrics? BURG+CO. can help
Increasing traffic to your website plays a role in increasing conversions and leading to new clients. However, it’s difficult to attract visitors to your site when you don’t know what to do. Fortunately, this is what we specialize in at BURG+CO.
Our team has years of experience in helping businesses improve their digital presence to attract new leads and retain existing ones. If you’re looking to perform better in search engine results and attract more visitors to your site, we’re ready to talk to you to see how we can help. Contact our team today for more information about digital marketing or to schedule a complimentary consultation.
