What is a conversion rate? It’s the percentage of sales or call-to-action clicks to site visits = the conversion rate. This rate is normally in the 1-5% range — if you experience a rate of 5% or above you’re doing great. It’s converting a visitor to a lead and then to a sale. Sure, you may convert them into a sale right away, but not everyone is ready to buy on their first visit.
What do you want to accomplish? Do you want to grow an email list? Generate leads? Sell something?
How To Determine The Conversion Rate
- The industry sector in which your business operates. For example, the average C-rate within the healthcare industry is 1.8-2.1%, food and beverage .9-1%, transportation 1.4%.
- Your target demographic: age, gender, sex, etc.
- How competitive is your product/service
- How large is your social marketing budget
If your site is getting good traffic but not many conversions (a high bounce rate) you need to change your online marketing strategy. For example:
- your market coverage is inadequate
- the site is not engaging
- you’re targeting the wrong demographic
- your product/service has low demand
Analytics Must Be Reviewed at least Monthly
Carefully study your site’s analytics to determine where your falling short of your sales goals and try one or more of the following to-dos to get your Conversion-rate higher:
- Incorporate good infographics and videos in your marketing.
- Redo your narrative. Highlight the benefits of your product/service to the buyer and explain those benefits in terse, straight-forward wording.
- Use podcasts and, if possible, a webinar or other form of live streaming which would include a Q&A session.
- Analyze your competition. How are they marketing? Do they have a blog? And where do they rank in a Google search vs your company.
Ensure that your access, login, and payment processing are easy to use and response is short. Take all credit/payment options and make sure your site is secure.
If your objective is to generate leads, then make sure your call-to-action (CTA) is clear and you’re not making the visitor hunt for what you want them to do. Don’t ask too many questions in your intake form. You do want to segment your list, so you can ask 2-3 questions — no more.
Make sure all of your communications are relevant and specific to your target market demographic. If sending email blasts via MailChimp, etc., make sure the emails have enticing subjects lines. The same goes for any articles or blog posts you publish. Use the free Co-Schedule Headline Analyzer Studio.
Using a mix of social and traditional marketing is best for most products especially if marketing to a local/regional demographic. The C-rate is a good metric but should not be relied upon to rule your social marketing plan. Social marketing is inexpensive vs. traditional marketing but it may not be the way your product is “best” marketed. Radio, TV, public relations, charity partnerships, print, public speaking, seminars and workshops are just a few marketing avenues that need to be researched.
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