Key Performance Indicators
To understand conversion rate optimization KPI’s, you first have to understand conversion optimization. Next you need to determine what your KPI’s will be. There’s no one size fits all, but all Key Performance Indicators do share a common goal. The ability for a brand to make wise business decisions based off performance. This is why you have a business website.
Conversion Optimization is basically the art of increasing traffic/visitors to a site to convert them into clients or engage them with your online presence more efficiently. Conversion rate optimization for brands theoretically should increase brand awareness and revenue.
The name of the game is engagement. Your mindset should be focused on:
- Responsive Web Design
- Targeted Traffic
- Nurturing Solid Leads
- Customer Loyalty Building
Which Actionable KPI’s Should I Track?
KPI’s are like the chalk on a playing field…they keep you on track and closer to the goal line. They give you ACTIONABLE data driven direction. In other words, business objectives should have a strategy and the results need to reflect your predetermined goals.
KPI’s are not only about sales and cost of acquisition. Sometimes you need to build a foundation to make all the other working gears in your marketing strategy move fluidly. Sometimes it’s tackling the fundamentals that makes all the difference in the world. Even though CRO and SEO differ slightly when it comes to which data points to monitor, a brand can benefit from setting KPI’s for both. In doing so, the results can be outstanding.
Optimizing for conversion should always be trackable. So what KPI’s are best when analyzing search engine optimization? A good starting point for monitoring Key Performance Indicators is measuring:
- Keyword Performance
- Page Views
- Page Depth
- Time on Site
- Bounce Rate
- Referral Sources (organic, social, direct, email)
- Click Through Rate (CTR)
- Goal Completions
If you are selling products (e-commerce) and need to interpret your conversion rate, then your KPI’s could become:
- First Time Visitors
- Returning Visitors (quality potential leads)
- Referral Sources (organic, paid, social, direct, email)
- Entrance Pages / Exit Pages
- Goal Completions
- Shopping Cart completions / bounces
- Cost Per Conversion / PPC
Why Is CRO Important?
Keeping an eye on your KPI’s is essential. But conversion rate optimization serves another purpose. In some cases it can cut your costs. When you’re optimizing to convert visitors into leads, this forces you to pay attention to your audience and not deviate from that goal. And because of optimization, your Organic reach should improve along with other KPI’s. That’s free traffic. And as your organic traffic grows, that’s more eyes on what your brand has to offer. This helps you to be more flexible with your marketing budget.
At the end of the day, it’s all about digital marketing. That’s why researching and understanding your audience is key. It’s not a matter of just getting people to your website, it’s also about maintaining a connection with your audience. By using inbound and outbound marketing techniques you can nurture your leads. CRO increases your lead potential.
Maybe you have a new product, or you’ve upgraded one of your services. Whatever it is, conversion rate optimization just like search engine optimization is an ongoing strategy. And for some of us it’s a labor of love. Once your lead generating campaigns are in play, you’ll be able to use your KPI’s in a way that helps you determine the next logical direction.
Other Ways To Improve KPI’s
Measuring your optimized landing page performance can guide you toward what visitors to your site are interested in most. Just check to see which page has the highest sessions, or better yet which one has a growing conversion rate. If a landing page has a low conversion rate, try to revise that page in a way that captivates your target audience more effectively.
Is there a great way to do this? There sure is!
One of the best ways to fuel your conversion rate is to incorporate a call-to-action (CTA). And not just on your blog posts, but strategically placed across your website. Think about it. Once a new visitor comes to your site or returns to your site, you want them to take action. If done properly you can influence their behavior. Just make sure you’re delivering great content and measuring their activity. This way you can craft a CTA that’s focused on what your audience needs, wants, or is interested in when they get to your website. But how can you extract data and activity to improve your KPI’s?
This is where heatmapping your website comes into play.
Using heatmapping allows you to see if your CTA is effective or what part of your content is performing best. You then can set revised KPI’s to see if you’re on the right track and adjust accordingly. Yes, sometimes KPI’s change depending on your data, but over time they should be aligned with the main goals you setup.
Data Driven CRO For Brands
Your digital marketing agenda should include conversion rate optimization KPI’s that are actionable. Want to know how your website is performing? Get a complimentary CRO audit of your content and website from our Creative MMS digital marketing experts.
We know how to not only increase your traffic, but deliver results based off KPI’s. Reach out to the Conversion Optimization experts at Creative MMS and let’s work together.