After viewing an ad for your business, a lead takes action and converts into a paying customer. Score! This is great news, but wouldn’t it be helpful to know which advertising campaign motivated the prospective client to hit “buy?” The desire to trace the action’s origin promoted conversion tracking’s inception. This analytic tool provides your business with powerful insight into why your leads convert and how to generate many more conversions.
What is Conversion Tracking?
Conversion tracking is the ability to monitor the transformation, or conversion, of a lead to a consumer. What you identify as a conversion may vary based on your business type. Your company could measure a conversion as a clicked link, a phone call, the scheduling of an appointment, a newsletter signup, or the sale of a product or service. Whatever your goals, several different solutions can track your lead actions.
Why Track Conversions?
Tracking conversions allows you to see which of your marketing campaigns are converting leads and how effective the advertising is. Your business can use this information to allocate marketing funds more resourcefully – basically, stop wasting money on ad campaigns that aren’t converting leads and instead direct your marketing budget toward efforts that are generating revenue.
The powerful information collected from tracking gives your business insight into who you are converting. With conversion tracking, you have access to demographic statistics that can be utilized in all aspects of marketing. This data can allow you to target your content and ads for this audience. Analytic metrics from conversion tracking also allow you to calculate your cost per lead and return on investment.
What Exactly Do Businesses Track?
With users able to view ads in many different ways, it’s important to track conversions within various modalities. How and why you track each type of conversion differs.
Web Conversions
A web conversion is the execution of the desired action by a visitor to your website. This may include clicking a link or making a purchase. Web conversion tracking traces the ad campaign, which prompted the lead to convert. Numerous platforms offer their own paid advertising and tracking tools.
Google Ads places your ad at the top of the search engine results page when consumers type in a specific keyword, then shows how leads interacted with the ad. Similarly, Facebook pixel provides reports on Facebook ad activity. With every conversion, Facebook pixel uses tracking data to optimize your ad for action. This means Facebook will show your ad to people who fit your ideal customer profile based on those who converted previously. Many other social media networks, including Twitter, LinkedIn, and Instagram, also sell ads with automated tracking insights.
Phone Calls
Call tracking involves tracking the source of a phone call to identify how a lead discovered your business. Unfortunately, conversion tracking for phone calls is not as straightforward as the click of a “buy” button. It can be challenging to identify which ad a prospective customer saw before picking up the phone to make the call. Full Circle SEM has developed a unique and effective solution for tracking offline conversions, such as those over the phone.
Mobile App Installation or App Purchases
It is also possible to track which ads are prompting leads to install apps or make in-app purchases. About 88% of smartphone mobile time is spent in apps. Therefore following conversions for this modality is vital information to track. [1] Install tracking allows your business to view what attracted new users to the app and how they engage within the application.
Other Website Actions
Whatever your desired action from website visitors, we can track it. Google Analytics is a frequently used tool for tracking these conversions. Through Google Analytics, you have the ability to select what you’d like to measure as a conversion, whether that is clicking a specific link, adding a product to a cart, or signing up for a newsletter.
Conversion Tracking with Full Circle SEM
Through advanced analytic solutions, Full Circle SEM can identify which marketing efforts bring you conversions and which efforts waste valuable resources. Our knowledgeable team can aid in optimizing your conversion to improve your return on investment. Enlist the help of experienced specialists today. Call us or contact us online to learn more.
Sources:
[1] https://www.emarketer.com/content/the-majority-of-americans-mobile-time-spent-takes-place-in-apps
