Conversion rates are one of the many metrics marketers look at to show how something is (or isn’t) working. At its core, it shows you the percentage of visitors to your website or landing page who do what you want them to do (i.e. convert to a customer).
The Basic Formula for Calculating Conversion Rates:
The number of conversions divided by total visitors then multiplied by 100 to get your conversion rate.
Different Types of Conversion Rates:
There are two main types of conversions out there – macro and micro conversions. Macro Conversions are typically used to assess a website’s success via goals and tracking traffic. Anything related to selling or customers can be considered a Micro Conversion.
We gave ya the formula for an overall conversion rate, but you can calculate rates on any specific marketing area. Some other common conversion rates include:
- Marketing channel conversion rate – Is Google Ads traffic or Facebook Ads traffic more likely to convert?
- Page-level conversion rate – Which of these pages is better at converting traffic?
- Campaign conversion rate – Did my targeting changes improve anything?
- Individual ad conversion rate – Do I need to change my ad copy? Does this ad drive more qualified traffic?
- Keyword conversion rate – Which keywords deserve more budget?
What is a Good Conversion Rate?
This is the big Q, right? You tracked your data, but what does it mean to you? Benchmarks all depend on your industry, business model, and marketing goals.
An industry-wide rate is around 3.75%. But a “good” rate for lead generation is around 12%.
Want more conversion calculations and making sense of data, check out WatchThemLive’s full post.