The evolution of digital marketing has led to a shift in the way that businesses measure conversions. In the past, conversion measurement was largely focused on offline channels, such as sales calls and store visits. However, as more and more businesses move their operations online, the need for accurate and reliable online conversion measurement has become increasingly important.
There are a number of reasons why online conversion measurement is so important. First, it allows businesses track the effectiveness of their marketing campaigns and make necessary adjustments to improve results. Second, it can help businesses identify which channels are driving the most valuable conversions and allocate resources accordingly. Third, it can provide businesses with valuable insights into their customers' behavior, which can be used to improve the customer experience and increase sales.
There are a number of different ways to measure online conversions. One common method is to use Google Analytics, which provides a comprehensive set of tools for tracking website traffic, conversions, and other key metrics. Another popular option is to use a conversion tracking tool, such as Google Campaign Manager, which is specifically designed to track conversions from online marketing campaigns as well as audit campaign performance.
The choice of which conversion measurement tool to use will depend on the specific needs of the business. However, all businesses should have a system in place for tracking online conversions, as this information is essential for making informed decisions about marketing strategy and operations.
In addition to tracking online conversions, businesses also need to measure the key performance indicators (KPIs) that are most important to their business. These KPIs will vary depending on the industry, but some common examples include website traffic, conversion rate, cost per acquisition (CPA), and return on investment (ROI).
Measuring KPIs allows businesses to track their progress over time and make sure that they are on track to achieve their goals. It also helps businesses to identify areas where they need to improve, such as their conversion rate or their CPA.
By tracking online conversions and KPIs, businesses can get a clear picture of how their marketing campaigns are performing and make necessary adjustments to improve results. This information is essential for making informed decisions about marketing strategy and tactics and can help businesses to grow and succeed in an increasingly digital marketplace.
From the desk of: Michael Pierce, Chief Digital Officer