Assignment #1: Conversion Metric Analysis
Metric Identification: Conversion
The second metric I would like to analyze is the conversion metric under the conversion metric category. Conversion metrics, though commonly associated with ecommerce strategy, are very applicable throughout your site.
Conversion metrics essentially represent any action you want a site visitor to complete while on browsing your website. Duct Tape Marketing (n.d.) provides a comprehensive list of potential conversion measurements, which I found very helpful for this exercise:
- Purchase a specific product or service.
- Book a consult.
- Request more information.
- Sign up for email updates or a free offer.
- Free trial signups.
- Whitepaper or ebook downloads.
The following examples I will provide for this assignment come from my current professional experience at ZO Skin Health, and my interaction with Hubspot content on a regular basis. The latter content will be an assumption of the conversion goals and analytics and is not based on actual data.
Real World Example #1
At ZO Skin Health, I am responsible for all social media and public relations efforts for the business. Prior to my hiring at ZO, social media was a branding necessity rather than a potential revenue contribution; there was no knowledge of the fiscal contributions from social media and there was no marketing strategy to drive sales.
Google Analytics has been an invaluable tool for me in this position to prove that social media can provide a noticeable source of revenue, which not only proves that my presence as the Social Media Marketing Specialist is a positive ROI, but that allocating resources to social media marketing is a positive ROI. Google Analytics is helping me keep my job.
Google Analytics allows me to track revenue contributions from social media and determine the ecommerce conversion rate for social media either for industry comparison or compared to other aspects of acquisition on site (i.e. email marketing, organic SEO, PPC, and more).
To provide an example, after conducting a couple of Facebook Lives over the past few months, I pulled a Google Analytics report to determine if there was a spike in website traffic on the day of the Facebook Live. I then pulled a GA report to examine whether the conversion rates on Facebook were higher during these Facebook Lives, and they were. So I allocated more resources towards coordinating and executing Facebook Lives as the ROI was positive for this social effort.
Real World Example #2
A completely different use of the conversion rate metric for on site analytics can be exemplified by the Hubspot marketing automation platform.
Hubspot is notorious for their powerful education resources, which provides the brand with a unique value proposition for customers and potential customers. This information is so valuable that they determined to provide free, downloadable eBooks to anyone willing to input their contact information (their inbound marketing efforts are amazing, I recommend you interact with Hubspot to see what I mean).
Hudson, E. (2017, August 23). 7 digital marketing strategies that work: a complete guide. Retrieved from https://blog.hubspot.com/marketing/digital-strategy-guide
The “Featured Download” popup on the bottom of the screen leads you to the landing page featured below. Hubspot is guaranteed tracking the conversion rate of this pop-up. What does this mean?
Hubspot. (n.d.). The beginner’s guide to digital marketing for small businesses. Retrieved from https://offers.hubspot.com/beginners-guide-to-digital-marketing?hsCtaTracking=22f16398-15e0-43b2-9691-3dba8e7e967c%7C6afc42d9-b9eb-4e19-8a4f-f5c47d77cea3
It means that they have established a goal within their web analytics platform that tracks a visitors’ click on the “download now” button on the pop-up to the landing page featured below, to the subsequent download confirmation page. This goal will produce a total completed downloads metric and a goal percentage conversion rate metric based on traffic to the landing page.
If Hubspot is unhappy with their goal percentage conversion rate, they can A/B test the landing page until they find a sweet spot. This metric allows Hubspot to maximize downloads and ultimately augment their contact list for potential sales leads for future contact.
References
Duct Tape Marketing. (n.d.). 3 Simple Steps to Determining Your Website's Conversion Rates. Retrieved from https://www.ducttapemarketing.com/conversion-rates/
Hubspot. (n.d.). The beginner’s guide to digital marketing for small businesses. Retrieved from https://offers.hubspot.com/beginners-guide-to-digital-marketing?hsCtaTracking=22f16398-15e0-43b2-9691-3dba8e7e967c%7C6afc42d9-b9eb-4e19-8a4f-f5c47d77cea3
Hudson, E. (2017, August 23). 7 digital marketing strategies that work: a complete guide. Retrieved from https://blog.hubspot.com/marketing/digital-strategy-guide
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