Once you’ve built your audience and they are engaged with your brand and your content, you then want them to take the specific action that you want to directly contribute to your business goals such as making a purchase, signing up for a service or completing a form. These are the KPIs that you’ll want to track at the conversion stage.
- Conversion rate – this is the percentage of users who have completed the desired action out of the total number of visitors to your landing page or website. It directly measures the effectiveness of your campaign in driving conversions.
- Cost Per Conversion (CPC) – This metric calculates the average cost incurred in achieving each conversion. This helps to assess the efficiency of your campaign in terms of ad spend compared to the value that is generated from conversions eg value o sales generated or a lead form completed.
- Return on Ad Spend (ROAS) – ROAS measures the revenue that is generated for every unit of currency (pound, dollar etc) spent on advertising. It helps to determine the profitability of your conversion activities.
- Click-Through-Rate (CTR) on Call-To-Action (CTA) Buttons – Tracking the CTR specifically on CTA buttons can indicate how compelling your offers are and how effective your campaign is at driving visitors to take the action that you want.
- Conversion Funnel Drop Off Points – Analysing the stages of your conversion funnel and identifying drop-off points can help to identify areas to tweak to improve the overall conversion rate.
- Average Order Value (AOV) – For e-commerce businesses, tracking the AOV can provide insights into the value of each conversion and help to optimise pricing strategies and upsell opportunities.
- Conversion Attribution – Understanding which channels and touchpoints contribute most to conversions can help to allocate resources and budget effectively and optimise your campaign strategy for maximum impact.
- Cart Abandonment Rate – For e-commerce campaigns, tracking the rate at which users abandon their carts without completing a purchase can help to identify barriers to conversion and implement strategies to address them.
- Customer Lifetime Value (CLV) – Calculating the CLV helps to estimate the long-term value of acquiring a customer through your conversion campaign over the longer-term, guiding decisions on customer retention and loyalty initiatives.
- Post-conversion Engagement – Monitoring post-conversion engagement metrics such repeat purchases, customer reviews and referrals can help to gauge customer satisfaction and loyalty resulting from your campaign.
By tracking these metrics, you can evaluate the performance of your conversion campaign, identify areas for improvement and optimise your strategies to drive more valuable actions and achieve your business goals.
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