Why Not Tracking Conversions Will Hurt Your Business
by Drew Hutchinson
Tracking conversions is a vitally important element of your digital marketing efforts. Not only does it give you a good indication of how effective your campaigns are, but it also provides you with plenty of clues as to what isn’t working. Conversion tracking also helps you narrow down your most valuable sources of traffic, which is a major key to campaign optimization.
Google Analytics is one of the most comprehensive applications available to help with conversion tracking, but a surprising number of companies don’t take advantage of this powerful tool. If you haven’t started tracking conversions through Google Analytics, here’s how it could be hurting your business.
1. Attribution will be a mystery.
In Google Analytics, you can keep track of the various marketing touchpoints that play a key role in facilitating conversions. This will help you get a clear, data-driven picture of which touchpoints are contributing to the desired outcome, a process known as attribution.
If you don’t have a steady stream of attribution information to rely upon, you won’t have any real grasp on which keywords and marketing channels are making the most impact on your conversion rates. This could lead to a misallocation of resources, where you’re putting valuable marketing dollars towards low-performing touchpoints that are playing a negligible role in terms of garnering ROI.
2. You won’t be able to optimize your site for conversions.
One of the many conversion tracking features that Google Analytics offers is the ability to identify visitor conversion paths, which are basically the “routes” that visitors are taking on your website to get to the goal line (i.e., conversion).
Using the Goal Flow reporting feature in Google Analytics, you can discover the most popular entry pages to your site, what visitors do once they get there, where they might be getting stuck, and where they’re leaving your site. Tracking Goal Flow will help you identify what adjustments need to be made to your site navigation for the best user experience.
3. You won’t be able to accurately estimate the value of your conversions.
Without tracking your conversions, you won’t be able to determine important metrics such a cost per lead, earnings per click, or average revenue per conversion. Keep in mind that getting more conversions doesn’t always mean greater overall revenue–for example, if you’re getting fewer conversions but with a higher dollar value per order, you’re still heading in the right direction.
The conversion tracking features in Google Analytics enable you to compare your conversion numbers against revenue received across all channels, so you can focus your resources toward conversions that offer the highest value.
Conversion tracking in Google Analytics is an indispensable element of your marketing arsenal, because without it, you’re essentially flying blind. 2060 Digital can help you take full advantage of this invaluable marketing tool, so you can maximize your website’s ROI.