Conversion marketing is a tactic that convinces a prospect or customer to take a specific action, such as making a purchase. It can be measured by calculating the percentage of website visitors who make a purchase or convert to a customer. It can also be used for offline marketing methods.
Conversion marketing is when a marketing tactic or technique convinces a prospect or customer to take a specific action, such as making a purchase. This term is most commonly used when discussing internet marketing. Conversion marketing describes the action of converting a visitor to a commercial website into a customer by making a purchase directly on the website.
For example, suppose a website visitor places some items in the online shopping cart. Before completing checkout, however, the visitor leaves the site by trying to leave the site. One conversion tactic could be to display a pop-up box on the screen that confirms that the visitor really wants to abandon the order. The pop-up box may make a special offer to the visitor to try to convince them to stay on the site and continue shopping or complete checkout. This special offer may include a percentage of the order, free shipping or a bonus gift with the order.
Conversion marketing is a measurable concept. To calculate the conversion rate, the website owner determines the percentage of website visitors who make a purchase or convert to a customer. If 100,000 visitors come to the site in a month and 30,000 make a purchase, the conversion rate is approximately 33%. While conversion marketing is primarily used to describe online marketing conversions, it can also be used for offline marketing methods.
In an offline example, a business sends 100,000 postcards to prospects and past customers offering a coupon if recipients order online or call customer service. The company can track how many phone calls or online orders come in by asking customers for the special promo code printed on postcards. Again, if around 30,000 orders come from this marketing effort, the conversion rate is 33%. This is a form of marketing testing that allows companies to maximize conversion rates, improve their marketing efforts and increase sales.
Businesses can use marketing conversion rates to determine the effectiveness or ineffectiveness of a marketing piece. For successful marketing conversion rates, the company can imitate the piece again to try to invoke similar results. For unsuccessful conversions or trying to increase conversion rates, companies can adjust the offer or a marketing piece item to see if the rate changes.
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