Conversion Rate (CVR)

“Conversion” is a catch-all term that means: “A person took an action in my marketing funnel.” Usually, that action makes you money – but it doesn’t always have to. Your “conversion rate,” then, is the percentage of people who took an action relative to the total number of people who could have taken that action. Let’s look at some real-world examples.

What are some common conversion objectives?

Because “conversion” is such a broad term, you first have to define what your conversion objective is. Some of the most common conversion objectives are sales made from a product page, leads generated from a form, and opt-ins for free trials. It’s your job to determine the most important objectives for your business.

How do I calculate my conversion rate?

To calculate your conversion rate, take the total number of people who completed the conversion objective and divide it by the total number of impressions you received.

Conversions ÷ Impressions = Conversion Rate

If you’re running ads, using an ecommerce platform, or have your website linked to Google Analytics, you won’t need to calculate your conversion rate. Just navigate to your analytics dashboard, and you’ll find your conversion rates for different objectives alongside other important metrics. And as a bonus, most software also lets you define your own conversion objectives, so you’ll always have the data you need.

How can I increase my conversion rate?

There are a number of marketing tactics you can use to increase your conversion rates. Actually, there are so many that we could fill a whole other glossary. But, we’ll save you time and lay out 5 of our favourites here.

  1. Social Proof: Add customer reviews, testimonials, and endorsements to your web pages, in your emails, and throughout your marketing content.

  2. A/B Testing: Test your copy, creatives, and UI to determine what works best for your audience.

  3. Tweak Your Copy: Be sure to present your value proposition right away, inform your audience of the benefits of using your product or service, and overcome their biggest objections.

  4. Leverage Email Sequences: Adding a cart abandonment sequence to your funnel is one of the most powerful ways to recover sales that would otherwise have been lost.

  5. Personalize Your Content: By delivering relevant content to your potential buyers, you drastically increase the odds that they purchase your products or services. That could be with predictive search, custom product recommendations, or even full-funnel personalization. Now, that might sound complicated, but with Coveo, it really isn’t.

(Want to see how you can implement advanced personalization? Click here to learn more.)

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