Four Ways to Use Your Website Data to Find Missed Sales Opportunities
30 second summary:
- Analyzing and understanding website data can increase potential sales and conversions
- Google Analytics records the exit rate of certain websites and helps you determine exactly where users leave your sales filter
- With the Google Tag Manager, you can determine if users are not leaving forms filled out, so that you can get close to the conversion in an exciting way without blocking the landing
- Recording and analyzing common search terms used by users on a website shows whether consumers are looking for services that they are willing to pay for but that you don't provide
- Search analytics tools shed light on underutilized and unmonetized websites and help you get the most out of your PPC budget
In the age of online marketing and data intelligence, every click counts. After all, traffic is a great metric of your company's potential success. Unfortunately, traffic means little without conversions. A brick and mortar store that is gaining a foothold but not generating enough sales is viewed as a failed business model. The online world is no different. Without conversions, a website is just an expensive – and ultimately unsuccessful – advertising campaign.
A conversion is the completion of a specified action on a website. This could be downloading free content in exchange for joining a mailing list or interacting with the website through social media or a contact form. However, the gold standard for conversions will always be sales. If your product or service isn't making a profit, then something has to change.
By studying and understanding website data, you can pinpoint missed opportunities on your website. With the help of tools and software, you will understand what visitors are looking for and why they bounce off without conversion.
Data to be verified
Here are four core KPIs that should be studied to understand why visitors are leaving your website without converting. When you master and understand this data, you can make all the necessary adjustments to your website and marketing strategy, potentially generating financial benefits.
1. Google Analytics exit pages
The exit page of a website, as recorded in Google Analytics, is the last interaction a user has with your website before ending a session. Google Analytics records the exit pages as a percentage and refers to this as the exit rate.
In an ideal world, the most popular exit page on a website is the thank you page after completing a conversion. At this point, the user has completed their business to the satisfaction of all parties.
If you notice a high exit rate on any other site, this should be investigated. Something about this page is preventing visitors from converting. Ergo, this exit page may be responsible for missed sales.
Note that an exit rate is not the same as a bounce rate. The bounce rate refers to users who leave a website without any interaction. Exit pages are recorded when users begin their conversion path but do not complete the process.
Knowing which pages on your website have the highest exit rate can improve your sales. Take a look at this page and think about why users don't convert. Possible explanations are:
- An unclear or weak call to action
- A long sales funnel with too many steps
- Insufficient information about your product or service that won't persuade the user to convert – or too much data that confuses a user and causes them to lose interest
- Lack of preferred payment options (i.e. e-wallets – not everyone likes to use their credit card online)
Optimize this exit page to improve the user experience and convince users to complete a conversion. This is easier if one page in particular on your website has a high exit rate. If the exit pages are evenly spaced across your site, it may be useful to consider a full overhaul and update of the content.
2. Google Tag Manager
The internet has done a lot of good in the world, but improving patience is not one of those benefits. With so much competition, it's unlikely that users will tolerate UI issues when trying to complete a conversion. You can use Google Tag Manager to help identify these issues.
Filling out forms is arguably the best use of GTM. If you study analyzing a form and find that it often gets canceled before filling out, something is wrong. You had the user at the end of your check mark – otherwise he would not have started filling out the form. Unfortunately, something caused them to change your mind and you missed a sale.
Use GTM debugging mode to make sure there is no technical error. If so, it is time to look inward. Some of the most common reasons for users to cancel forms before filling out are:
- The shape is just too long and awkward! Slow and steady may win a race, but it is boring for online consumers
- Unnecessary questions. If you're not selling age-restricted products or services, don't ask for a user's date of birth. Do not ask for gender or race clarification unless it is relevant to the product
- Pop-up advertising. Unfortunately, you may be on trial here for the sins of other sites. Previous experience elsewhere can affect a user's view of all online forms
- Insufficient security with regard to the security of all data provided. Make it clear that you are out of business and selling personal information to other companies
- Lack of compatibility with mobile devices. More than half of all web traffic now comes from smartphones and tablets. Make sure that your form does not have to be laboriously and persistently filled out on such a device
Source: Google Tag Manager
Using GTM to gain insight into why forms are not filled out can be a simple fix and potentially turn half-filled questionnaires into successful conversions. Don't miss out on a potential sale for something as prose as an unnecessarily complicated sign up process.
3. Browse records
As mentioned earlier, consumers want to feel understood by a company. Ideally, the modern visitor to a website does not want to search to find what they are looking for. Visitors want to find everything they need right in front of their eyes and see that your product or service solves a particular pain point.
When users use the search feature, configure the site to record search terms. This is the perfect opportunity to examine what your prospects are looking for – and likely not finding – on your website. If they found what they were looking for, they would likely have completed a conversion.
Knowing what users are looking for can help you improve and refine your offering to take advantage of those missing services. Alternatively, it might just say that your copy needs a little update. Check to see if users are using terminology that does not match the keywords used on your website. This is a simple solution with a content refresh and reduces the frustration of being so close yet so far from a conversion.
This also has the welcome side effect of potentially boosting your SERP reputation. Google is moving towards a more search fairness model, which makes the use of copies all the more important. It is very welcome that the page ranking and conversion potential of a website stand or fall on the quality and relevance of content in contrast to restrictive technical barriers.
4. Market value
To paraphrase George Orwell, "All website traffic is the same, but some of the traffic is the same as the other." Inevitably, some pages on your website have greater potential for sales and conversions. Investing in a search analytics tool can help you identify these pages so that you can focus your financial efforts on them. Google Trends can be an invaluable ally here too.
Your website is likely to use at least one cost-per-conversion model, such as: B. Google Ads. You might be using several, with Facebook ads (including Instagram ads) and even Microsoft ads delivering lots of leads for conversions. While PPC's business models are constantly evolving, some tactics are always green.
Perhaps most critical is figuring out which pages of your website have potential that is not being maximized. By doing SEO analysis, you can get a better understanding of what users are looking for online. As you learn this, you may find that you are spending too much marketing budget on one page when judicious use of keywords can produce better results on another page.
For example, it is always tempting to put all of your financial powers on one closing page. We've already discussed how users are looking for a short and convenient conversion funnel. However, before pressing for conversion, don't overlook the potential for education and entertainment. If you prefer content marketing – and most importantly, perfect – you'll be convincing users to click on a conversion page after learning more about your offering. This will improve your traffic stats and potentially boost brand loyalty.
Now that you know these metrics, you can use them to calculate your conversions. It's very simple: just divide the number of conversions by the number of visitors and multiply the total by 100. What does that number look like for you?
If you think your conversion rate is missing from any of these metrics, there are steps you can take to improve them. These include:
- Simplify all forms and optimize your sales filter
- Improve and simplify copying on pages with a high exit rate
- Consider adding a popup with a renewed CTA – or even the promise of a discount or giveaway – whenever a user tries to close a shared exit page
- Review your search records and make sure your offering meets consumer needs and expectations
- Stay up to date on search trends and make sure you are monetizing the right pages on your website
Follow these steps and you may find your conversions go up. Few things are more frustrating than missing out on a sale that came enticingly close. These minor improvements don't take much work, but they can make a real difference to your bottom line.
What is a website conversion?
Every website contains a number of actions that visitors can take. This can be that you sign up for a newsletter mailing list, share a post on personal social media channels, make an inquiry via a contact form or, ideally, make a purchase. When a visitor to your website takes this action, it is considered a conversion. The number of people doing this compared to your traffic volume is known as the conversion rate.
What is a Good Conversion Rate for a Website?
This depends on a number of factors including your industry and your expected return on investment. A website that uses a cost-per-conversion model like Google Ads needs a higher conversion rate to generate significant profits. The average conversion rate on this platform is around three percent. Most importantly, that your investment pays off – and that your conversion rate continues to grow, not shrink.
How can I increase the conversion rate on a website?
The most effective way to increase a conversion rate is to make the process as quick and easy as possible for consumers. Create a superior user experience by making it clear what a visitor needs to do to convert and removing unnecessary steps from the resulting filter. Any extra action you ask of a user gives them another chance to lose patience and walk away.
How do you calculate a website conversion rate?
There is a simple formula for calculating your website's conversion rate. Track your conversions over a set period of time, divide them by the number of visits to the website during that time and multiply the total by 100. For example, a website with 700 conversions from 12,500 visitors over 30 days has a monthly conversion rate of 5.6%.
How do I set up conversion rate tracking on your website?
Every website needs to track conversions to ensure optimal efficiency and ROI. Important platforms such as Facebook Ads and Google Ads have built-in tracking functions. Learn how to use these tools and turn the data to your advantage.
Joe Dawson is the director of the UK based strategic growth agency Creative.onl.