Define & Monitor Conversion Actions
Define & Monitor Conversion Actions:
These are the actions that should be measured and have a strong relation with your internet marketing strategy. Remember , sales are not the only available goal , when you have a good business plan and well defined internet marketing strategy , you can and should consider the various steps involved in a typical sales cycle and conversion. Brand promotion, visitor loyalty, trust and authority are some of the factors that pay off in long term but only when they are a goal of your website. Following are some of the factors that can be defined as “conversion actions” and are a positive symbol of your lead generation and possible future prospects.
1. Revenue per visitor:
Many people have limited themselves to CTR of pages, sales conversion rate (the percentage of unique visitors who complete a purchase), and their shopping cart abandonment rate, little effort is put in measuring revenue per visitor. I will summarize some points regarding this aspect:
· if you sell multiple products at widely varying prices, you can bias the mix of products that you sell intentionally. This may mean that you choose to lower your sales conversion rate to focus on higher-ticket items. Conversely, you may seemingly raise your sales conversion rate by emphasizing smaller-ticket items. The merit of the trade-offs involved in such situations can be evaluated by focusing on the revenue per visitor metric.
(Remember: If the products that you sell have different profit margins, the revenue per visitor metric can be deceiving. This can happen when you boost your revenues by selling very low margin or even unprofitable loss-leader items.)
· It is possible to boost your revenues while at the same time actually lowering your overall profits. A more sophisticated metric for such situations is the profit per visitor. Instead of assigning the full revenue value to the sale conversion action, you use only the profit margin onthe sale.