Conversion rate metric is most commonly used by advertisers, publishers for measuring performance of advertising campaigns.
In measurement and benchmarking of conversion rate never make comparison of conversions rates or other metrics between different websites. You often find users quoting statistics like 5% conversion rate in retail industry, 10% conversion rate in services Industry etc..
There are publicly available tools like Fireclickhttp://index.fireclick.com/: or shop.org which contain benchmarks on conversion rate statistics w.r.t to industry.
How accurate is it to fix a conversion rate number for an industry? The comparison of conversion rates is irrelevant & inaccurate, Web site A might have 8% conversion rate and Website B may have 5% conversion Rate for variety of reasons
Difference in Conversion Rates between sites may be dependent on:
1) Branding & Overall Popularity of the site: Web site A may be industry leader; Web site B may be a startup.
2) Products Service Offered.
3) Landing Page Structure
4) Sources of Traffic
5) Seasonal Offers, discounts offered by few sites.
Measuring Conversion Rates (Issues): There are issues in measuring conversion rates.
Latency issue:
a. Users may convert at later point of time; Users may bounce but return after a certain time period to sign up or complete the form.
b. Users may call you on the number displayed on your landing page
c. Users may visit your site and buy offline.
Tracking Issue:
d. Google uses a 30 day cookie
e. Analytics Software may use track differently, (Log file analysis tracks conversions differently using IP based tracking)
f. Deleted Cookies
Incomplete conversions:
g. Users who buy a product but abandon the cart at checkout page.
h. Users who fill incomplete details in form
A user visits your website many times and may be through different channels before making a purchase or converting. Is your business capable of measuring such users?
Reasons for users not converting on the site:
- The User did not want to visit your site in First place
- Miscommunication between Ad text and Landing Page
- The Landing Page did not load
- The Advertising Traffic was not directed to the Right landing page
- >Sponsored advertising & external links on landing page may be driving away users
There are various methods to increase conversion rates.
http://www.sherpastore.com/RevisedLandingPageHB.html?8913
http://analytics.blogspot.com/2008/02/learn-about-landing-page-optimization.html
http://www.google.com/support/conversionuniversity/
Other Users
Majority of Users who have landed from advertising channel do not convert. Should we care about them? Yes, because they tell a different story. We can know a lot about our website if we just know the activity of these users online.
How do you measure the activity done by users who did not convert? However advertisers have paid the channel to bring them on their website. Since we are paying to get users on the site, can we identify these users and their actions?
What actions did these users perform?
- Did they click sponsored links, links to external site
- Did they view/navigate to other pages of the site?
- Perform a search on the site.
- Did they view the FAQ, Contact Us, About Us pages?
- Subscribe to Feeds
- Downloaded any content, files.
- Tagging, Bookmarked, Rated any content
- Submitted a Comment
Attributes of these Users that should be measured:
A) The Time Spent by these users on our Site
B) Depth of their Visits
C) Frequency of each Visit (Did they return again to our view the site)
D) How many Unique Visits (Detect unique IPs)
What were these users looking for? The Ad text, keywords and even the channel of advertising can give us a better Idea.
If you are an ecommerce site, find out how many times a user visits your site before making a purchase. And how many users are repeat customers, and through what sources do they visit your site.
Marketing is not about acquiring One Time conversion, it about building relationship. Therefore it is necessary to identify different users online and understand their activity, behavior to value them differently.
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Conversion rate calculation needs a javascript code or embedded Url with parameters..
Maybe advertising agencies must learn from this article on conversion rate.. but industry standard is work by conversion rates, click deals, cost per 1000 impression.. thats how we work..
Originally thought this article was on currency conversion, but it is on conversion rate on Advertising channel…
is there any publicly available resource which gives us an idea of conversion rate of banking, financial insurance industry in India. For example: Lead generation campaigns through SEM on Google.com the conversion rate is 9% ,….
Online Marketing on Shopping sites are geared towards generating leads hence Conversion rate on Shopping Sites such as Indian shopping search
apparel,jewellery,astrological, gadgets, movies, mobile phone, laptops, toy gifts, electronics at one place from different Indian online stores.
Most people work on basis on of cost per converison…what was cost at which the sale was made.
Internet Marketing: A ringside view:
If your business involves products or services spread across the globe or even within a region, internet marketing can be effective in showcasing your product/service to the discerning buyer. The first step towards a successful internet marketing campaign would be building a suitable web-site. Your web-site should be simple but elegant looking. Crisp and precise presentation often scores over too many colors, too many promises or in short too much of anything. The prospective customers would be looking for valuable information that he can instantaneously use.
Great web sites often offer some freebies like music downloads, software downloads, computer games, graphics etc. to attract customers. So if the freebies you offer are attractive enough for the target customer profile, the traffic to your site will also rise rapidly. Internet marketing is indeed a long drawn process where you first build a web-site and then nurture it through all its stages till you can figure at the top of the search engine results.
Search Engine optimization and link building are the two most popular methods to improve the ranking of your web-site. Internet marketing cannot ignore these tools even though they come at a hefty price. Enter any search string into the most popular search engines, and you will stumble upon several hundred, if not thousand pages of information relating to that subject. People searching for information tend to look at the first few web-sites that come up from the search result. Chances are that the information they sought would be contained in those pages. Therefore, most searches do not get beyond the first page of the results. Imagine if your web-site figures in the 20th or 21st page, the traffic it can generate for you would be only closer to zero. This makes search engine optimization relevant to make your web-site work for you.
What are the main attributes of search engine optimization? Keywords and link building; these are the two major attributes that would help you to optimize your web-site for the search engines. Keywords are the possible search strings that a user will enter into the search counter. For example, someone looking for a Home Theatre can use terms like “Electronic product manufacturers” or “Theatre Equipment dealers” or “Home Theatre manufacturers” or even “where can I buy a Home Theatre”. Though all these search strings have a commonality, they are also distinct. Therefore, a web-site representing Home theatre should have all these phrases somewhere in their content, preferably in the first page and right on top. Search Engines crawl through several thousand pages at lightning speed and return with the optimal results. Keywords and key phrases should be coined by experts to get the best results.
Link building is another important aspect of internet marketing. Most popular search engines will look at the number of links that your web-site has to other web-sites and blogs. If the number of links is high, it indicates the popularity of your web-site and hence get ranked at the top.
Article marketing – There are several article banks which will accept your submissions and then feed to
People look for information on various topics. So, if you are in the business of solar energy, you can create or hire people to write articles on solar energy, submit to the article banks, with a link to your web-site. This will induce the visitor to look at your site and when the number of articles is large, the number of visits to your web site will also rise in proportion. Article marketing is yet another tool to lead you to success in internet marketing.
Whatever your business we at designneeds can help you design, maintain and sustain your business website.
conversion rate across PPC campaigns through google is measured only through the google conversion code, once this code is executed, google is initimated about the converison taking place
currency rate conversion…
Didn’t realise there was this type of information out there…
Kuvashan…
I just wanted to say that the quality of your site is exceptional. On top of all that it really complements the content that is provided by your site….
Ecommerce Shopping Sites Conversion Rates…
Hey, i should have been reading this earlier, it’s very informative in certain aspects for me. But i believed some of people here might disagree with some of your thought. Anyway, thank you for sharing. I would love to read your thought in the future …
A Realistic conversion rate Potential
Less than four years ago I was driving this project. Within two years of creating this system I was making more than my doctor, accountant, and attorney COMBINED… while working less than 40 hours a week FROM HOME! Together with my group of leaders we are now seeking qualified entrepeneurs sharein the incredible results of our system.
Basically conversion rate is the most used metric in Internet Advertising..
Conversion rate for Blogs are mainly the getting people to subscribe RSS feeds.. This is what I consider as conversion rate for my blog..
Even getting right people for posting comments and posting the blog in favourites is a conversion for me
Online Banking Marketing Tools…
Found your blog on yahoo – thanks for the article but i still don’t get it….
Indian Jewellery Website – conversion Rate Online…
A heart, a heart that hurts, is a heart, a heart that works. ~ Very low conversion rate
conversion rate using dynamic urls is same as conversion rate in static web pages..
Karan…
Your site looks great! I have seen many other so-called sites and they have been far from good quality.Your site has all the key ingredients to pulling in visitors….
conversion rate for blogs in comments, and brand building, page views and expertise requests, RSS feeds subscription
Online Banking Conversion Rates…
Public Bank Online…Conversion rates
conversion rate for money…
this is comprehensive, but this article seems to be too short and i’m sure that you can explain a little more. thanks…
conversion rate is dependent on geographical location of auidence, their pschographical, demographical divisions. etc
Hi Praveen,
I have gone through your blogs. Your all topics has very much useful contents for those who are involve in Internet/online marketing.
Keep it up…
——-
Simon
Social Media Marketing
Hi there nice article…
currency conversion rate…
I have been looking for a long time and found this post. Thanks a lot….