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No matter if you are a traditional retailer, a service provider, or an industrial business in a sector such as manufacturing, construction, or energy, your website is only effective if people visit it and then use it to support or connect with your company. For this reason, industrial marketing in the modern age must stress high conversion rates in the digital realm.
Of course, if you’re investing company funds in an online marketing campaign, you want to ensure that you are getting a solid return on your investment (ROI). Fortunately, digital marketing offers numerous automatically trackable analytic metrics that allow you to see in real time just how effective your online promotional outreach actually is. And none of these metrics are quite as valuable as conversion rate.
Your company website is only as good as the number of visitors it “converts” to a specific course of action. This action may vary dramatically depending on your particular business model and goals. Many companies want their website visitors to purchase a product or service. Others may be looking to establish new consumer leads by getting website visitors to sign up for a mailing list, contact a business by telephone, or take another key step in the overall customer journey.
No matter what forms of conversion you choose to track, you should ensure that these conversions will either directly or indirectly impact your financial bottom line. By doing so, you can monitor your conversion rate to determine the ROI for your online marketing efforts with extraordinary speed and precision.
Trying to measure the effectiveness of traditional “offline” marketing can be tricky and indefinite to say the least. When someone sees one of your advertisements in a trade magazine or hears a recorded commercial on an industry-specific radio program, it is extremely difficult to determine if that specific exposure will ultimately be responsible for a purchase or another consumer conversion. The online environment, however, allows marketers to instantly and accurately track the movement of consumers from the moment that someone encounters a social media ad, a Google ad, or any other form of digital marketing to the very end of his or her consumer journey on your official website.
In short, the higher the percentage of website visitors that you convert to customers or leads, the higher your conversion rate grows. If you convert 1 of 100 visitors, you achieve a 1% conversion rate. Without an effective digital marketing campaign, you might be lucky to reach this relatively low conversion rate. But if you can increase your conversion rate by just 1%, you have effectively doubled that rate to 2%. This means that you have doubled the number of leads that you are getting from digital marketing and advertising.
By employing a quality industrial marketing firm with targeted expertise in digital marketing, you can quickly double your conversion rate and thereby double your marketing ROI. Even better, you can watch in real time as this exponential business growth unfolds!