How to Improve Your Conversion Rate By 50% in One Day
Anyone who’s worked in digital marketing knows that conversions are the lifeblood of any online marketing campaign.
You run a marketing campaign to get people to do something—sign up for your services, buy your product, fill out a lead gen form, give you their email, etc.
Essentially, you market in the hopes that people will do what you want them to do and eventually produce profitable revenue for your company.
A good campaign will get a lot of people to take your conversion action.
An ineffective campaign won’t.
As a result, improved conversion rates are a key goal for any decent digital marketer. Marketing costs money, so the higher your conversion rate, the more bang you get for your buck.
Improving your conversion rate is a great goal, but to do that, we need to look at your conversion tracking.
One of the fundamental ideas behind conversion rate optimization (CRO) is the notion that you are effectively tracking conversions.
Think about it, in order to improve your conversion rates, you have to actually know what your conversion rate is to begin with!
And, to do that, you need fantastic conversion tracking in place.
Unfortunately, most marketers aren’t tracking their conversions effectively. To understand how this affects conversion rate, let’s take a look at how well marketers are implementing conversion tracking in AdWords.
AdWords Conversion Tracking
AdWords is an ideal medium for conversion tracking.
Google itself makes implementing conversion tracking incredibly easy and paid search is typically a direct response marketing channel, which means that most of your conversions should be directly attributable to clicks on specific campaigns.
In contrast, higher funnel marketing campaigns like social media or branding efforts can be a lot harder to effectively track.
It’s doable, but it’s harder.
Since conversion tracking is so easy in AdWords, you’d think that every marketer would have great conversion tracking in place, right?
Sadly, that’s not the case.
Over the past 2 years, we’ve audited well over 2,000 AdWords accounts at Disruptive Advertising. Amongst all of those audits, perhaps one of the most common problems was a lack of effective conversion tracking.
Accounts Without Conversion Tracking
To the credit of everyone who’s encouraged conversion tracking over the years, 57.7% of AdWords accounts had set up some level of conversion tracking.
But, if only 57.7% of accounts have tracking in place, then 42.3% of AdWords account managers have absolutely no idea whether or not their campaigns are working.
Not surprisingly, AdWords campaigns without tracking rarely turn a profit.
In fact, according to Hubspot’s State of Inbound report, 97% of inbound marketing campaigns without tracking fail.
So, even in AdWords—one of the most trackable marketing platforms—42% of campaigns have almost no chance of success.
Accounts With Conversion Tracking
Of the 58% of AdWords accounts with conversion tracking, half were only tracking a small percentage of their actual conversions.
In other words, 29% of AdWords accounts are technically tracking conversions, but their setup is so poor that they might as well not be tracking anything at all.
Source:: Kiss Metrics Blog