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Posted on Oct 6, 2022
As a digital marketer, you might have come across a vast spectrum of conversion rate metrics to track your performance. And you must have faced the trouble of picking the most important metrics in order to thrive towards Conversion Rate Optimization (CRO) as well as your site improvements.
This article is completely dedicated for the purpose of saving you from the misery of determining the most important conversion rate metrics out of the sheer number of ones out there. Stay tuned!
More than the quantity of traffic towards your site, the importance lies in the fact that how well they contribute towards your goals. So, one of the key conversion rate metrics is to determine the traffic source, instead of getting traffic in numbers. It’s important that you have an understanding on the,
Having to make sure that your incoming traffic is spread through the different sources is important as having to depend on one source is too risky. Above data can serve you well in your attempts of Conversion Rate Optimization (CRO) targeting different sources.
First time visitors give you a lot of important data on the first impression generated by your site. Such data is absolutely vital for you to improve user experience subsequently. Think through it! How your site caters to the usability factor, transparency and clarity, value generation are some key data you can obtain from the conversion rate of the new visitors and they indeed are clear depiction of the overall first impression that your site creates. So, fine tuning your site based on the result will help you a great deal towards Conversion Rate Optimization (CRO).
Interactions per visit metric serve you invaluable data on the behavior of the people on your website. Think about it! The things they do on the site, the way they behave towards certain elements, the areas they keep ignoring, and these are golden data for you to optimize your website for the betterment. Making use of such data to optimize your website can increase the level of user engagement, increase lead generation and overall web performance.
The data on the matter gives you a strong understanding on why a visitor returns, whether he/she was converted the first time or what makes him/her to convert the second or third time etc. Based on such data you can decide how well you have created the impression or what else to be done to create a stronger positive impression towards Conversion Rate Optimization (CRO).
Even though value per visit is quite difficult to calculate, such data is important for you to track your average earnings against the conversion rates. This metric is quite useful for e-commerce sites and you can divide your earnings by number of visitors to determine the end value. By having a track of values per visit for over a period of time, you can assess the progress or decline of your earnings as well as how proportionately were the changes made.
Determining the cost per conversion is absolutely vital to have a clear understanding of your net income. Think about it! You have a higher conversion as well as a high value per visit. But if your cost per conversion is comparatively high, then you are not making a good deal of it. Therefore it's a must that you keep cost per conversion in mind while setting the margins. Trying to work towards Conversion Rate Optimization (CRO) without considering the cost per conversion is like blindly counting your income.
It’s absolutely important to determine the pages where most people tend to leave your site. Then you can trace what makes the visitors abandon your site and what is the motivating factor presented in that particular page for them to do so. What if that page contains your final call to action for conversion? If you don’t act quickly you will be losing potential leads at steep rates. Optimizing such exit pages disabling the motivating factor for the visitors to leave can help in your process of Conversion Rate Optimization (CRO) a great deal.
Bounce rate is the rate of new visitors immediately bouncing away from your website without doing anything potential towards conversions. So basically it can be used to tackle the landing pages which are poorly optimized towards conversions. High bounce rate is indeed a great threat for the survival of your site. If you happen to see a considerably high bounce rate, check your landing page in terms of all quality standards of designing to determine what went wrong.
