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Useful conversion KPIs

conversion KPIs #8

Use conversion KPIs to achieve your goals!

Do you want to achieve your conversion goals? Then it's important to make your goals measurable. KPIs offer the solution. A KPI provides focus and makes goals concrete. This makes it easy for you to know to what extent you are on track and where you can make adjustments to achieve your conversion goals.

Key Performance Index (KPI) = Concrete numerical objectives that monitor a company's performance with the aim of improving it. An example of a KPI is: "Next quarter, 15% more visits should be generated through the Google Ads campaign."

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From strategy to KPIs

Start by clarifying your strategy. Based on this, you can easily set long-term goals. You then translate these long-term objectives into short-term operational objectives. Note: you make it easy for yourself by aligning these short-term goals directly with the phases of the customer journey. With the help of the See, Think, Do, Care model, you can add the right KPIs for each phase.

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The customer journey

The right KPIs for a campaign therefore depend on the stage of the customer journey in which the consumer is located. All four phases are listed below.

See Phase: This stage is at the top of every marketing funnel and includes everything related to brand awareness. For example, the following KPIs fit within this phase: total number of visitors to the website, unique visitors to the website, keyword performance, number of followers on social media or Click Through Rate on social media.

Think Stage: After your target audience has come to you, it's important to hold on to them. Examples of KPIs within this phase are returning visitors to the website, bounce rate per page, comments and likes on social media, contact via forms or free trials. You can track the latter two by measuring the URL of the touchpoint's thank you page and setting it as a goal in Analytics.

Do Phase: Within this stage, leads become paying customers. KPIs that fit this are, for example, the number of orders or deals, lead-to-customer ratio, sales turnover or Return on Marketing Investment (ROI). By also providing insight into the steps in the ordering process, you can see where people drop out.

Care Phase: The most important step in the process where a long-term relationship with the customer is central. The end goal of this is repurchases and word-of-mouth advertising. For example, the KPIs fit within this: Customer Lifetime Value (CLV), retention rate, sign-ups and contact moments via the newsletter or the number of messages shared on social media.

Make your KPIs SMART

Once you've found the right KPIs, it's important to make them concrete. By making your goals SMART, you give direction to what you specifically want to achieve. This makes it more likely that you will put your KPIs into practice. SMART stands for specific, measurable, achievable, realistic, time-bound.

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Measuring KPIs via Google Analytics

You can easily track many KPIs via Google Analytics (4). And when you set up enhanced e-commerce in Google Analytics, you can measure the KPIs based on concrete revenue figures.

For example, choose the average order value as a KPI: the goal is to increase it by getting customers to order more. Other KPIs are conversion rate, revenue per product group. (Source: E-commerce KPIs Google Merchandise store - demo account).

If your organisation doesn't have an e-commerce connection and does not measure it, you can also use other data to assess the success of your site:

  • Scroll depth (on landing pages and blogs)
  • Interactions on landing pages (such as clicking on infographics, videos, or phone numbers).
  • Amount of downloads (white papers, info packs and studies)

Finally, you can create custom reports via Lookerstudio or GA4 and periodically email them to yourself, keep track of the most important KPIs in real time and see if you are on track or if you can make adjustments if necessary. This way, you stay aware of your marketing efforts and make it easier to achieve your conversion goals.

Wessel

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Wessel Haaxman Optimiser