14 Jan Increase Your Website Conversion Rates By 10% This Year – In Just 3 Steps
It’s a phrase that many marketers have heard before: Get the right message to the right customer. This message can feel a little stale due to how long it’s been on repeat, but the truth is that it makes a lot of sense in theory- and unfortunately, many marketers admit that in it can be difficult in practice. Why? Because many brands don’t have the tools to truly understand their most loyal and profitable audience.
The good news is that both the free version of Google Analytics and the enterprise-level version, Google Analytics 360, can help you efficiently discover your best audience and help with conversion rate optimization.
Conversion Rates and ROI
Higher conversion rates are a key performance indicator (KPI) for every digital marketer because they are strong indicators of success in digital marketing campaigns. When your brands’ conversion rates increase, the ROI from a marketing campaign increases as well. Let’s walk through an example to demonstrate how that works:
Assume that a CPC is $1, and the conversion rate is 1%. The CPA is $100.
Now, imagine that your conversion rate is 2%. Now the same $1 CPC yields a $50 CPA.
The bottom line: The same marketing investment can work harder and generate a higher conversion rate when you lower the CPA.
Identify Audiences and Improve Conversion Rates by 10%
The start of a new year means that digital marketing teams focus on new ambitious goals, and it’s common for advertising teams to either request an increase in their budget or attempt to squeeze more revenue from their current budget. Budget increase helps with new digital marketing initiatives, and one of the best ways to advocate for more budget is to increase conversion rates. The good news is that you can see an immediate 10% increase by following a simple three-step process.
Step 1: Identify three audience clusters that are responsible for at least 30% of your revenue, which makes them part of your top audiences. To find them, use the reports found in the Acquisition/Audiences part of your Google Analytics 360 interface.
Step 2: Evaluate the positioning of your brand and your products as they relate to your top audiences. Start by asking yourself if you have each audience in mind when structuring your media buying. How much do your top audiences influence your marketing strategy? Is your creative targeted to each Audience? How can you drive user clicks to a customizable page that speaks to each Audience’s unique interests and attributes? Discuss your findings with your full marketing team, including your paid search, social, display, and email teams.
Step 3: Identify the best use cases that test and validate the results of showing the right Creative to the right Audience. This is the best way to prove that having an audience-based approach in your marketing yields a higher ROI. For example, you can test different ad copy and targeting parameters in Google Ads. You can also identify Audiences in Display and Video 360, and show customizable ads that are relevant to each Audience. The key is to establish where general messaging falls short and how custom messaging attracts top converters.
Still unsure if you’ll see results after taking just three steps? Here’s an example:
We work with some clients that see 40% of revenue come from people that convert at two times the site average. If the said client were generating 100% of their revenue from their best Audiences, their conversion rate would be twice as high, as well.
In summary, one-to-one marketing is a great way to improve conversion rates, but it can be challenging to implement without the right tools. Luckily, Google Analytics and Google Analytics 360 both offer a great way to drive higher conversion rates in a step-by-step process.
An audience-centric approach works, and we consistently see brands achieve sustainable growth with more efficient marketing overall. Dig into your Audience data and activate it with dynamic messaging and dynamic bidding. Ready to get started? Learn how we can help you use Google Marketing Platform tools.