5 Tips To Get Started With Tracking Conversion Rates
Whether it’s hits on your website or marketing emails getting opened, every organization distinguishes the various stages of the buyer journey in its own way. Once you determine the criteria necessary for indicating you have a lead, you’re able to start tracking conversion rates.
A conversion occurs when a prospective customer moves from one phase of your sales process to the next. For instance, responding to a free demo offer on your website is an example. A conversion rate, therefore, is the frequency at which prospects convert to the next milestone in your sales process.
To ensure your content is optimized and effective, you should analyze your conversion rates.
Use these five quick tips as a guide to get started.
- Start small: Just tracking email open rates is better than not tracking anything at all. Start with the small stuff. Once you wrap your head around the method, expand your conversion data collection. Think of conversion tracking like you’re going to the swimming pool. Dip your toes in to test the water before jumping into the deep end.
- Keep it simple: Measure simple data as people convert from one stage of the sales process to the next. Determine what you want to measure and put processes in place that allow you to get the data you’re seeking.
- Listen to the data: Your data won’t lie to you. If you see that only 5 percent of your marketing emails get opened, that’s a sign you have plenty of room to improve.
- Understand your milestones: Your organization establishes the milestones in its sales process for a reason. If you don’t understand the purpose of each sales milestone, the data you collect won’t serve you well.
- Know your goals: When you’re looking at analytic data, it’s easy to lose sight of short-term versus long-term goals. You should know how your goals are differentiated and understand that you’re going to use different KPIs to track different goals.
Remember, however, that spending too much time toying with your data is often counterproductive. “Analysis paralysis” occurs when people are presented with so much information that making rational decisions becomes cripplingly difficult.
It’s easy to become overwhelmed by numbers that don’t matter. It’s unlikely that you’ll overlook any grand revelations if you don’t look at your conversion rate data every day. Try assessing it monthly to start. The sweet spot varies across organizations, but the key is to give yourself enough time to collect statistically relevant data while not viewing it so infrequently that you miss opportunities to improve.
The Tellwise Nutshell (TTN): Tracking conversion rate data is essential, but don’t succumb to analysis paralysis! Breaking data into easy-to-swallow chunks is the most effective way to assess it. Sales executives looking to wrap their heads around conversion rates should segment their data as prospects move through the milestones along the sales pipeline.
Get more expert insight on conversion rates with our FREE e-book, “An Ultimate Guide To Conversion Rates: A Must-Have Resource For Today’s Sales Executives.”