There are thousands of conversion rate metrics you can track.
But which ones are really important? If your website is not achieving its goals, which ones should you look out for and work to improve?
The sheer number of metrics can be overwhelming, but in this article I’ll show you the top eight conversion rate metrics. If you measure and optimize these, you will see how well your website is performing.
At the end of this article, you will learn what to study, what to ignore, and how to improve your website’s conversion rates.
1. Traffic sources
Surprised that my first metric is no traffic?
Do not be so. Traffic growth isn’t as important as many people think when it comes to conversion rate metrics. What really matters is not how many people visit you, but how well those visitors are helping you achieve your goals.
And understanding where visitors are going to find your website is key. There are three main sources of traffic.
- Direct Visitors: These are visitors who come to your website by typing your URL directly into the address bar of their browser.
- Search for visitors: You can find these website visitors using a search engine, usually Google.
- Referral Visitors: These visitors click a link to your website from a different location, whether it’s a different website, social media page, or any other.
Different types of traffic have different levels of engagement. Since engagement is the biggest challenge facing B2B marketers, it’s a good idea to track each traffic source individually and see which one performs best.
It is important to have a variety of sources of inbound traffic. When you have all of your visitors from a single source, this can be risky.
For example, if all your traffic is from search and Google’s algorithm changes, you could lose all of your traffic overnight. It’s best to keep your traffic varied to keep yourself safe.
2. Conversion rate for new visitors
The way a first-time visitor interacts with your website is very different from how a returning visitor interacts.
To improve first-time visitor conversions, you need to isolate this metric from the conversion rate metrics of your loyal or returning customers. See what they are interested in when they first visit the site and how you can improve that experience.
You only have a few seconds to grab a visitor’s attention. So take a close look at your first impression and compare it to your competitors. What message are you communicating?
Think about what matters to you when you first visit a website. You might be looking for factors like ease of use (how well you can navigate it), clarity (understanding what the site is about), and value (finding the information you are looking for).
How can you make the first impression of your website clear, useful and valuable?
3. Return visitor conversion rate
When looking at the conversion rate for returning visitors, there are two questions you should ask yourself.
First, why did the person return? Second, did the person convert for the first time? And if not, how can you convert them the second time you visit your website?
Remember, even if someone didn’t convert as a new visitor, you made enough impression to make them want to come back. This means that the conversion process will be a lot easier the next time you visit than the first time you find your website.
You need to isolate the conversion rate for returning visitors and figure out how to increase it.
4. Interactions per visit
Even if a visitor doesn’t convert, all is not lost. You can still monitor their behavior on the site.
What exactly are they doing, how can you get them to do more of it, and how can you influence that behavior in conversions?
For example, if visitors look at many different pages, spend a lot of time reading those pages, and leaving comments or ratings, they are still interacting at a high level. Even if they aren’t converting (yet), your goal should be to reinforce these interactions.
You can use a tool like Crazy Egg to understand where your visitors are clicking and how they are interacting with your content.
You should also figure out how to leverage those interactions for higher conversions, whether it’s downloads, subscriptions, purchases, or something else.
5. Value per visit
The value of each visit is easy to understand but much more difficult to calculate. Basically, the question is how much each visit is worth.
The easiest way to calculate this is to divide the number of visits by the total value created. Let’s take an e-commerce shop as an example.
As you can see from the latest data, most conversion rates for ecommerce websites are between three and four percent, with mobile users hitting about half that.
If this store has a three percent conversion rate and the average purchase value is $ 100, it means that it sells about $ 300 for every 100 visitors. In other words, their value per visit is $ 3.
Sometimes this metric is difficult to calculate because the value is long after a visit or in an intangible form that is difficult to measure.
For example, blog visitors can add value every time they add a page view to your traffic when you sell advertisements. But they also create intangible value when they comment on your website, which makes it appear more authoritative and engaging.
Likewise, visitors to ecommerce websites create value every time they buy a product, but they also create somewhat incalculable value when they leave a product review or verbally tell their friends about the website.
6. Cost per conversion
This is the consequence of the value per visit and is one of the most important metrics that you can calculate. This is also known as a lead generation cost or a cost per referral.
It doesn’t matter if you get high conversions and high value per visit. If your costs are prohibitive, your net income can be zero or even negative.
In the example of the $ 3 per visit ecommerce store, this can be helpful when the traffic is free. But if it costs you $ 150 per conversion and each conversion only places one order for $ 100, the business will go broke quickly.
When trying to increase conversion rates, consider your cost per conversion and overall margins.
7. Bounce rate
When you’re just starting out, you’ll want to minimize the bounce rate of your visitors. Bounce rate is the rate at which new visitors visit your website and immediately click away without doing anything.
Since they are not spending time or interacting, it is a sign that they are not going to convert.
A high bounce rate can mean a variety of things, including weak or irrelevant traffic sources or landing pages that aren’t optimized for conversion. Common problems are poor design, poor usability or long loading times.
Another problem could be the type of page people land on. For example, research has shown that product detail pages do not meet other types of landing pages. If this is a problem on your website, drive visitors to other pages instead.
When you’re in ecommerce, bounce rates are often referred to as abandonment rates, which is the rate at which users exit their shopping carts without buying anything.
There are many more factors at stake when it comes to a purchase, but this is usually the result of a complicated ordering process or surprising costs or fees.
8. Exit the pages
Finally, you need to figure out which pages are causing people to leave. In many cases, your final call to action or to conversion might be on page two or three of a process. For example, you might want users to browse products, add one to a shopping cart, and then enter payment information.
If people leave before they get to the final step, you will lose potential customers.
To solve this problem, dig deeper into your exits and find out at what stage in the process your visitors are exiting or exiting their carts.
There are many reasons, of course, but as you optimize for your exit pages you will find that your conversion rate metrics increase.
Regardless of whether you want to sell more products, acquire more customers or attract more visitors to your offline shop, the metrics for the conversion rates are the key to success. To be truly successful, you need to focus on the right numbers.
Find your traffic sources and the conversion rates from these different sources. You also want to see how busy your traffic is. Are they interacting with your content? Do you find tangible or intangible value during your visit?
Do they stay around and browse different pages – or do they bounce as soon as they arrive? If they leave, which pages are they causing them to go?
Understanding how your target audience is reacting to your website is key to improving conversion rates.
Which conversion rate metric will you track and improve first?
See How my agency can drive Firmly Traffic volumes on your website
- SEO – Unlock tons of SEO traffic. See real results.
- Content Marketing – Our team creates epic content that is shared, links accessed and visitors drawn.
- Paid media – effective paid strategies with a clear ROI.
Book a call