The Marketing Journey: Measuring Conversion

In marketing, we measure. On our social media accounts, the numbers are always present, our profiles showcase our follower growth, likes per post, and so many more. But here's the thing - we often have these numbers available, but what do they mean? Yes, we know the number of comments is, well, the number of comments, but what can we learn from that number?

Every data point on your social media means something different. Harnessing those numbers to inform your strategies and campaigns is key, and we want to discover what that means for you together.

Welcome to "The Marketing Journey: Measuring Conversion." This is the third part of a 5-part series diving into the intricacies of each pivotal stage in the customer journey.

Let's dive into the world of conversions and why they matter so much. We’ll define what conversion means in the marketing context, helping you decide what a conversion is for your specific goals. We’ll explore the importance of engaging with your conversion metrics, especially for omnichannel marketers, and talk about which specific ones to track.

Normally, we wouldn't condone being a 'pick me', but when it comes to moving someone from the consideration phase to the conversion phase, it's the goal. So without further ado, let's get into it!

📊 Understanding Conversion

As we outlined when initially discussing awareness, the customer journey has five distinct stages: awareness, consideration, conversion, retention, and advocacy.

In the realm of marketing, conversion is a pivotal concept. It signifies the moment a potential customer completes a desired action. This action could range from making a purchase, subscribing to a newsletter, following a social media account, or any other goal the marketer defines. The essence of conversion lies in its alignment with the marketer's objectives.

Sometimes, the 'conversion' you're considering occurs outside the typical marketing pipeline. Maybe your goal is simply to funnel users towards your sales team and the rest is up to them. If that's the case, you can set your internal definition of a marketing conversion that measures success in generating leads for your sales team.

While every stage in the journey is essential in its own right, the conversion is typically the desired outcome for your marketing team. We'll provide you with the resources in this blog to help you best identify what a 'conversion' is for your brand.

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Importance of Conversion Metrics

For omnichannel marketers, tracking conversion metrics is indispensable. These metrics provide insights into the effectiveness of marketing strategies across various platforms. Through your marketing dashboard, they help in understanding which channels are driving the most engagement and which ones need optimization.

Key Conversion Metrics to Track

Conversion Rate: This metric indicates the percentage of visitors who complete the desired action. A high conversion rate typically signifies effective marketing tactics.
Cost Per Acquisition (CPA): CPA measures the cost associated with acquiring a new customer. Lowering CPA while maintaining high conversion rates is a key objective.
Growth Rate: If you define conversion as something a bit more unique, tracking increases is key. Regularly measuring how many impressions, likes, etc. are turning into follows, subscribers, etc. will help you understand if your content is resonating with your audience on a deeper level.

📊 Moving from Consideration to Conversion

Transitioning a potential customer from the consideration stage to conversion requires strategic efforts.

Effective Tactics for Conversion

Offers and incentives can tip the scales in your favor. Here are some tips:

Free Trials: Let prospects experience your product firsthand.
Discounts and Special Offers: Provide limited-time deals to create urgency.
Bundled Packages: Offer more value by combining products or services.
Money-Back Guarantees: Reduce risk and build trust.
FOMO Campaigns: Showcase social proof to make prospects feel the deep need to become a customer.

However, it's important to keep an eye on the pitfalls that can occur in this stage.

Points of Failure

Complicated Processes: If the conversion process is too complex or time-consuming, potential customers may abandon it. Simplify forms and reduce the number of steps required. Make it easy for them!
Lack of Trust: If customers are worried about consequences from conversions such as credit card hacks or inbox spam, let's alleviate that. Incorporating trust-building language and proof into your communications is essential.
Irrelevant Offers: Tailor your offers to your audience. Irrelevant or poorly timed offers can deter potential customers. Your audience needs to feel like your product or service was quite literally made for them.

📊 How to Measure Conversion

Measuring conversion involves analyzing various metrics across different platforms.

Depending on your goals, it's important to set specific social media metrics to track. Each metric provides unique insights into your audience's behavior and preferences. Ask yourself, what's the difference between someone in my target audience and someone in my target audience who has successfully developed a level of commitment to our brand? The answer will direct you to what type of conversion you want to measure. Here are some examples:

Follows: Indicates interest and willingness to receive updates.
Purchases: Directly correlates with revenue generation.
Subscriptions: Shows long-term interest and engagement.
Saves: Reflects the value of your content, prompting users to revisit it.

Spontivly dashboard measuring conversion metrics.

So... what does conversion look like for me, the marketer?

For marketers, conversion is the culmination of successful strategy execution. During the consideration stage, potential customers are presented with intriguing opportunities. The conversion stage is where these opportunities materialize into actions. What makes you do a silent fist pump under the table? Success for campaigns often aligns with success for conversions. You got this!

📊 Next Steps

To optimize your marketing journey, start by defining your conversion goals. Track key metrics and analyze the data to identify areas for improvement. Implement effective tactics and avoid common pitfalls to enhance your conversion rates. Continuously refine your strategies based on insights gained to achieve sustained success.

Conversions are exciting - you should give yourself a real pat on the back every time one is achieved. But the next step is ensuring a conversion isn't a one-time thing. How do you turn casual customers into loyal ones? We'll discuss it in depth when we dive into the fourth stage of the journey: retention.

The Marketing Journey: Measuring Conversion