Defining A Conversion For A Small Business
In order to improve on their existing success
, small business owners need to be able to track how their business is currently performing. This is important for a lot of different reasons, but mainly because it allows a company to find out if changes that they have implemented are working, and if they need to make more changes in the future.Tracking performance statistics properly can also help a company to accurately predict what kinds of changes they should make for improving the overall success of their business. One of the most important stats for a small company to track is their conversions. Anyone that is offering small business marketing advice should be well aware that knowing the conversion rate of a business is one of the most important indicators of its success.
A conversion is simply defined as a lead which becomes a sale. Essentially, leads come into your business in many different ways. A lead could be any person that could potentially end up buying your services. For instance, a lead might be someone that walks into your actual store. Another type of lead might be someone that calls you on the telephone to ask you about your services. In this day and age, most of your leads might be the people that decide to visit your website.
For each of those types of leads, you can track the conversions. For instance, every time someone enters your store and actually leaves having bought a product, they convert. Every phone call that becomes a sale is a conversion and every website visitor that puts products in their cart and pays for them is a conversion.
When you track conversions, you know how successful your marketing is. For instance, if you have a great website that really makes a strong case for your customers to buy your products, you might notice that a higher percentage of people who visit the site make a purchase. If, on the other hand, your website has errors all over its pages, doesn't work properly, or is very light on information, you could quickly see that not many people who visit the site make a purchase.
Whether on your website, in your store, or on the phone, a low conversion rate tells you that you need to make changes to your business. When you make a change, you begin testing the conversion rate again. If you notice over time that your change has made the conversion rate go up, you will keep the change and move on to trying other improvements. If, on the other hand, you notice that the conversion rate goes down, then you will need to make a change to that same element, until you find a shift that increases the percentage of leads who convert to sales from your original metric.
The smallest things can change a conversion rate. Something as simple as moving where merchandise is located in your store to the font used on a website can have an impact on how many people actually buy a product.
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