What are micro conversions? How does tracking them help improve conversion rate? |
Posted: November 4, 2020 |
Conversion is a very common word in the world of sales and marketing. It is one of the foremost metrics marketers use to determine the success of a campaign. The obsession behind conversion numbers is understandable. Marketers and companies want to invest their resources in areas which promise the most returns. Conversion numbers help them see if their investment is paying off. Practically all segments of the audience these days are bombarded with marketing messages. This makes it difficult for any given campaign to compete for the attention of its target audience. In such a situation, it becomes vital for marketers to do everything they can to improve conversion numbers. There is little room for error in such a competitive environment. In this rush for conversions, it is easy to forget about the little steps an average prospect takes before being converted. This brings us to the concept of micro conversions and their role in enhancing overall conversion numbers. What are micro conversions?What comes to mind when you hear ‘conversions’? Generally, we think of a prospect buying a product when we think of conversions. This is the natural way conversions as an event are viewed. However, this view discounts the many steps a person takes before buying a product. Let’s take an example. Assume you learn how to create a WooCommerce Android app with the help of a mobile app builder. Your users won’t just simply buy a product they see on your app. They’ll first have to download the app. Then they would probably check out your whole range of products. It is only after they see value in a product that they’d finally purchase the product and complete the conversion process. If we remove the steps prior to the final conversion, it is very likely your audience never buys the products. These preceding actions which bring your prospects closer to the final conversion stage are called micro conversions. Micro conversions are a part of every purchase process. The whole funnel model is essentially a collection of micro conversions which eventually lead to the final conversion. The importance of micro conversions is fairly obvious. It is impossible to create a sustainable stream of conversions without them. The following sections discuss how tracking them can help improve the overall conversion rate. Tracking micro conversions - What are the benefits?Companies with mobile apps in the market often use various powerful app analytics tools to track the overall user journey. This is essentially similar to tracking micro conversions. The only difference is that tracking micro conversions is essentially making note of real user actions. Actions are often more suggestive than any other metric. The following sections cover how micro conversions can help marketers increase their overall conversion rate. #1 - Identify user paths leading to conversionsWhen you build your own app, you have a perfect vision of how people would behave on the app. You’re also likely to have your own vision of how people will buy the product or service you offer on the app. This is normal. Companies have a specific idea about how their target audience will buy the product they’re selling. They set up user journeys to better understand this process. However, the reality is often different. People discover products and services through strange channels and paths companies can’t fathom. This adds a certain layer of unpredictability. Since companies lose grasp over how their audience is connecting with them, their conversion rate also enters dangerous territory. Tracking micro conversions helps companies map the exact path their prospects follow. They also learn which paths have a higher conversion rate compared to the others. These user paths effectively tell companies which channels they should invest their resources in. The path with the most conversions is naturally desirable. #2 - Improve messaging to trigger conversionsInformation about micro conversions also provide companies insights into the type of messaging which works best in driving conversions. Each micro conversion draws prospects closer to the final conversion stage. However, each step a prospect takes has to be triggered with a nudge from the marketers. This nudge can be a promotional tweet or an email. The content of this nudge tends to play a huge role in driving prospects closer towards conversion. Micro conversion data helps marketers see which type of nudges perform best from a conversion perspective. This also helps marketers rethink the CTAs they use, their channels of outreach, as well as the medium. Let’s take an example. Assume you turn WordPress to mobile app using an app builder for your blog. Your goal is to convert your blog readers into downloading the app. Tracking micro conversions will help you see which CTA and works best for converting your blog readers into downloading your app. #3 - Discover areas where users abandon the processOne of the biggest benefits of tracking conversions is finding where users abandon the process. There are many user paths where a certain number of users abandon the process. Tracking micro conversions enables companies to find the specific choke points where prospects are leaving the process. This knowledge helps them make important changes to their outreach and marketing campaign. Such an action leads to a direct improvement in the conversion rate. In conclusionIt is not wrong to obsess over conversions. However, it is also important not to forget all the steps involved before the final conversion happens. This piece provides a complete analysis on micro conversions and their role in improving the overall conversion rate. Marketers can learn exactly how they must approach the task of enhancing the conversion rate of their campaign.
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