What is a Conversion Rate?
Your site’s conversion rate is the percentage of visitors to your website (or eCommerce store) that complete a desired goal -known as a conversion- out of the total number of visitors. The higher the rate, the better your site or store is doing. You can use a handy tool like what Entrepreneur has here to see what an increase can do, and what impact improving your site or store can have on your total sales.
Types of Conversions
A conversion can change based on what your end goal is, and even what industry or market you’re working in. A few examples include:
- -A click on a button/link
- -Submission of a form
- -Completion of a purchase
- -Viewing certain pages
- -Bounce rate
- -Reading a specific article
Many different types of conversions can be tracked and measured. This helps you determine the overall health of your online store or site. These can help you measure the goals you have created and see if you’re on track towards completing your goals. Most different types can be measured using an A/B test on your site. For more information about A/B tests read this article.
ECommerce sites should focus heavily on increasing the percentage of visitors who make a purchase. For Fera we would use a conversion rate that tracks the number of users who click to signup for a Fera free trial. This helps us to see how successful our offering is, and where we can make improvements. Some improvements we could test with A/B testing are: changing the signup button colour, or making it more prominent when you visit the site’s homepage.
Ultimate Conversion Goals
A site or store can have many different conversions to track, but most sites will have an ultimate conversion goal that is the primary or overall goal of the site. Figuring out the specific action you want your visitors to complete the most will help you determine the best setup and what tests to run to ensure you’re having the right impact. The end goal is having an increase in your conversion goals, or to have high rates.