What is Conversion Rate?
Conversion rate is the percentage of visitors to your website that do the action that you want them to do on your website or landing page. It depends on the goals, you set.
It could be anything like few are below example :
- Sign up your news latter
- Fill up a form like lead genration
- Sign up for free Webinar
- Joining a free trial classes.
- Download you app or software.
- Making Purchase
So Conversion is not only related to sales, but the motive of conversion is to make your targeted audience futuristic paying customers for your service or product. Hence a digital marketer focus on conversion rate because Improving it allows you to get more sales with the same amount of traffic.
See the tips to increase the conversion rate : https://digitaldeepak.com/increase-conversions/
Also refer this to understand how to track conversion rate https://digitalrenuka.com/what-is-the-conversion-rate-and-how-to-calculate-it/:
Lets talks about its calculation
What is the formula of Conversion Rate ?
Conversion rate is calculated as the total number of conversion divided by the total number of people who visited your site or landing page and multiply it by 100%
Conversion rate = (conversions / total visitors) * 100%
In order to get a meaningful conversion rate, you must have good numbers of data. If your sample traffic is not big. It might give you the wrong output. Like you have 20 visitors on your website and you see your conversion rate is 5%. than its mean, you have only 1 conversion.
Do you think that it is reliable conversion?
Hence in this case you must pick a wide data range in order get good numbers of data. So that you must get meaningful Conversion rate.
What Tools are required to see Conversion rate in all the perspective?
I will strongly recommend Google Analytic is the best medium through which you can find the your conversion report in different ways
Here we have to understand that calculating overall conversion rate will not help you.
You have to gauge your conversion rate from a different perspective also. See the below different types of conversion rate that you should use while doing analysis or tracking conversion rate.
- Marketing channel conversion rate (Based on Google ads or Facebook ads)
- Page-level conversion rate (Based on your web page ?)
- Campaign conversion rate ( Based on what Campain you are running )
- Keyword conversion rate (which keywords drive more conversion)
What is Click Conversion Rate ?
Click conversion rate is different from conversion rate. In the Conversion rate, we divide the number of conversions by the number of visitors. And multiply by 100. In the case of Click conversion rate, we divide converting visitors by total visitors and multiply by 100%.
Click conversion rate = (converting visitors / total visitors) * 100%
Lets understand the concept of behind this.
Think if the same person converts multiple times? How does that affect conversion rate? Should I count that as one conversion or multiple conversions?”
Hence, to deal with the whole “total conversions vs converting visitors” problem, marketers use different terms to describe each situation.
So this is the difference between conversion rate and click conversion rate.
However most marketer focus on Conversion Rate for more sales.