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Importance of Conversion Tracking

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Importance of Conversion Tracking

  1. 1. The Importance of … CONVERSION TRACKING BZ9.com :: Marketing Solutions Since 2003
  2. 2. INTRODUCTION In this presentation we are going to discuss the importance of conversion tracking, covering points such as: • • • • • • • What is a Conversion? What is Conversion Tracking? Why is Conversion Tracking Important? Where Do You Use Conversion Tracking? Understanding Conversion Rates! Conversion Tactics Conversion Tracking = IMPROVED PRODUCTIVITY BZ9.com :: Marketing Solutions Since 2003
  3. 3. WHAT IS A CONVERSION? If you are a sporting person then you may be more familiar with the term ‘conversion’ being used when a goal is scored within Rugby or a touch down is scored within football in the US. So a conversion is the ultimate aim of these two sporting activities. And within the context of marketing a conversion is the ultimate aim of what you want to achieve for your marketing efforts. BZ9.com :: Marketing Solutions Since 2003
  4. 4. EXAMPLES OF A CONVERSION Here are some examples of a conversion in terms of marketing … • • • • • • • • A sale An optin A lead An enquiry A completed questionnaire A phone call A Facebook ‘like’ A Google Plus One What ever your ultimate aim, this will be your conversion … BZ9.com :: Marketing Solutions Since 2003
  5. 5. WHAT IS CONVERSION TRACKING? If you are unfamiliar with the term’ conversion tracking’ allow me to explain … When marketing online (or offline) conversion tracking is the means by which we know where the conversion came from and what triggered the conversion. Conversion tracking will allow us to PRECISELY know where the lead, optin, enquiry or sale came from. BZ9.com :: Marketing Solutions Since 2003
  6. 6. WHY IS CONVERSION TRACKING IMPORTANT? Conversion tracking is important because marketing online will invariably involve multiple marketing activities and promotions so unless you know where the conversion has come from ... you won’t know what part of your marketing is working and what parts are not working. Conversion tracking allows you to identify where the conversions are coming from and then focus on those marketing activities to improve the conversion rate even further. By also identifying what is NOT working conversion tracking allows you to either stop the marketing activity whichh is not working or make changes until you are happy with the conversion rate. Remember the age old saying that ‘time is money’ …. so it doesn’t matter whether your marketing has a direct cost (paid advertising) or not … each conversion has a cost whether its a monetary or time cost to you and your business. NOTE: conversion tracking is not a one off activity, it should be a constant within all of your marketing by continually tracking and improving conversion rates. BZ9.com :: Marketing Solutions Since 2003
  7. 7. WHERE SHOULD YOU USE CONVERSION TRACKING? The simple answer is EVERYWHERE! If you fail to track one single marketing activity it could lead to a loss in productivity, sales and lead generation. If that one unproductive marketing activity is taking 30 minutes each day, this will soon add up to nearly 4 hours each week (half a working day) and more than 4 average working weeks over the course of the year! BZ9.com :: Marketing Solutions Since 2003
  8. 8. WHERE SHOULD YOU USE CONVERSION TRACKING? For example you may be promoting a product or service via a tracking link which you then place for example on: • • • • • Your blog Your website Your email signature Your newsletter On facebook • • • • • On Twitter On Google+ Within downloadable documents Google Adwords Facebook Ads By employing conversion tracking … when a conversion takes place you will know EXACTLY where the conversion came from. Obviously there are 100′s of places you could promote your tracking link, the above are just a few examples. BZ9.com :: Marketing Solutions Since 2003
  9. 9. UNDERSTANDING CONVERSION RATES This is critical … Your conversion rate will indicate the success or failure of any given marketing activity. EXAMPLE: Lets assume you have spent time on 3 separate marketing activities. Each will have its own conversion rate. The conversion rate is calculated by taking the number of conversions, dividing this by the number of ‘actions’ and then multiplying this by 100 to give a % (percentage conversion rate.) BZ9.com :: Marketing Solutions Since 2003
  10. 10. UNDERSTANDING CONVERSION RATES … continued Marketing Activity #1: Conversions = sale x 8 Action = completed questionnaire x 164 Conversion rate = 4.87% Marketing Activity #2: Conversions = product download x 26 Action = newsletter optin x 475 Conversion rate = 5.47% Marketing Activity #3: Conversions = telephone enquiry x 73 Action = online product demo x 1257 Conversion rate = 5.80% BZ9.com :: Marketing Solutions Since 2003
  11. 11. CONVERSION TACTICS Conversion tactics will vary according to the type of product or service, the way its being marketed and what your conversion aim is. As a rule of thumb always have at least 2 versions of your marketing activity, for example run 2 types of advert, try two types of call to action, then drop the one with the lowest conversion rate and replace with a new version. Then repeat this over and over again, the end result will be that your conversion rates continue to improve and increase for ever more. BZ9.com :: Marketing Solutions Since 2003
  12. 12. CONVERSION TRACKING = MORE PROFIT If you have not yet embraced conversion tracking for your business you will be amazed at just how more profit you will extract once you leverage this simple strategy for your business. With increased productivity comes more conversions, more sales and ultimately more profit and more time to spend your profits … BZ9.com :: Marketing Solutions Since 2003
  14. 14. IMAGE RESOURCES USED WHILST CREATING THIS SLIDESHARE… • Question mark & van image from Icons8.com • Exclamation image from vistaico.com • Location image from danilodemarco.com • Chess image from everaldo.com • More image from ionicons.com BZ9.com :: Marketing Solutions Since 2003
  15. 15. What is BZ9? Marketing Solutions Since 2003 Affiliate Solutions Webmaster Solutions Website Builders Solutions Software Solutions WordPress Solutions Social Media Solutions BZ9.com :: Marketing Solutions Since 2003