Understanding how many visitors your website has is not enough to understand how your website is performing. It's important to measure the key convesion events that eventually lead to bringing new revenue for your business. Read more about the most important conversion events to make your marketing more measureable.
What is a conversion event?
A conversion event is a desireable action a visitor takes on a website. Measuring the conversion events allows you to benchmark your performance and improve your numbers over time, which eventually leads to growth for your business.
Anything action can be a conversion event but not all are equally valuable. Eg. you can measure if the user scrolled more than 50% of the content on the page and count that as a conversion event, but that's only valuable if there's something valuable at bottom of your page.
4 most important conversion events on a website
Tracking sign up or demo registration conversions
For any product business relying on on inbound marketing, you should be measuring your sign ups or demo registrations one way or another. It's the leading conversion event that eventually leads to more revenue because every customer has to signup to your product or register for your demo.
To track signups, you can track the amount of clicks that lead to your actual signup page if that page is hosted on a subdomain where you don't have analytics tracking.
If you track demo registrations, you can track the amount of form submissions that customers make. Alternatively, you can set up a thank-you page where the customer is redirected after the form submission, and measure how many page views that page has.
Tracking views on product and pricing pages
Customers who are more ready to buy, usually visit your important product pages and your pricing page to understand your offering better. Higher activity on these pages usually means that the customer is somewhere in the middle of their purchase journey and are looking to answer a few key questions before buying.
While these conversions don't immediately lead to more revenue, they are important middle-of-the-funnel metrics that have high volume and you can therefore measure the effectiveness of your marketing experiments much faster.
Tracking visitor retention
To understand whether your content resonates with the customer, it's important to measure how many visitors are coming back to consume more content on your website.
A 2022 study from Dreamdata - a leading revenue attribution platform - found that the average B2B customer journey is 192 days long. This means your potential customer is very likely to visit your website multiple times over a 6 month period before making their decision.
Even if your content is good enough to make the visitor convert right away, your visitor retention should still remain high. This is because customers are looking for educative content to increase their product knowledge and learn more about your business.
Tracking bounce rate
Your website bounce rate is the key indicator of whether the top-of-the-fold content on your website is engaging and relevant enough for the visitor. It's important to catch the attention of the user fast so that they don't bounce.
Tools like Google Analytics can easily give you the bounce rate of your website.
Great personalized content helps with reducing bounce rate. Read more about website personalization.
Ending thoughts
There's a lot of other conversions you can measure that are still important for your business such as ebook downloads. However, these are some of the most important ones to measure how good your content and page copy is and how well your personalizations on the website are performing.
