Why Tracking The Conversion Rate and KPIs Of Your Business Is Crucial? Any business, big or small, strives to take hold of the market share by expanding their target audience and procuring potential customers with their marketing skills and expertise. When this happens, a visitor becomes a customer of your trade and it is known as Conversion rate. Any activity that makes the customer make a purchase action is fruitful from the business point of view. Here, the desired activity is buying a product or opting for a service.
A good ​conversion rate​ guarantees increased sales and boost the company’s revenues over time. The following are the ways a business can increase the Conversion rate: Excluding unnecessary forms that may not interest the customer, rather making it simple to initiate with one common login ID. Incorporating customer review, feedback section, and testimonials so your potential buyer gets to know about the level of service you offer. Facilitate live chat options, emailing team, and support staff for visitors so they feel free to reach out to you for any help. That boosts customer morale and stimulates them to associate with your business. Putting on descriptive and quality content encourages the customer to take an informed and planned decision that they feel satisfied with.
Before diving into the calculative part, understand what conversion exactly means and how you can track KPIs of your business. The general method of calculating the conversion rate is to divide the total number of conversions by the number of visitors and product them by hundred, this gives you a definite conversion percentage. Tracking conversion rates can be feasibly done by tools such as Google Analytics and Adwords, Heatmaps, and replaying customer sessions. Similarly, measuring KPIs of a business can be done by establishing a plan, working on market indicators, measuring business growth, and understand what is best for the business.