GROW YOUR BUSINESS WITH QUIZZES

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It's all about

It's all about 

The Conversion Rate!

When it comes to any type of online marketing, You need to know your Conversion Rate. This will help you understand where to focus your time and your money.

What is a Conversion Rate: A conversion means that someone responded to your Call to Action (CTA). This action may or may not make you Money when it converts. 

Conversion Rate Formula: The number of people who respond to your CTA (divided by) Amount of People that see your message  

What is a Call to Action:  A call to action is where you ask specifically for something to visitors: Example Buy Now, Subscribe, Click this link.

Example:  200 people open the email (CTA)/ (divided by) the 1000 emails you send out = 20% conversion for your Open rate

But out of those 20 clicked on the link in your email going to your sales page (divided by) 200 people who opened the email = 10% conversion rate.

One person purchased your $497 package (divided by) 20 people who clicked your link =5% conversion.

Now, why are these numbers important? It really boils down to your ROI.

If I knew, leads are costing me $2.00 per lead, and I need to generate 200 leads for one sale. I am making a $97 profit after my cost. That is a 20% profit that is pretty decent.

But what would happen if my conversion rates changed? What if I can improve my open rate? What if I could make my open rate up to 30%?

My profit margins would go up. That is why it is so important to track conversions and tweak. The cool thing is with online marketing; it does not have to cost you billions of dollars if your message is not working (IE think about commercials)

Marketing ALWAYS works, but you need to know your numbers so you can tweak your message to get the right message for your audience.

In Today's Post, I am going to discuss the 12 metrics I track when it comes to conversion rates. 

1. Opt-In Rates

 An Opt-in is when someone gives you their name and email (or maybe more info) in exchange for something FREE. Some people call this is your Freebie, Your Free offer; I love the term Trust Trigger because it really is the first step in them building trust with you and your brand.

Optin Rate Conversion Formula: OptIns (divided by) total visitors/ or eyes on the offer AIM for 50% opt-in rate

2.Traffic Source Opt-in Rate 

It's important to know what source of traffic gives you a better conversion.

To do this, you need to know how much traffic is coming from paid and organic traffic.

Specifically, I track the following:

  • Found in Search Results
  • Direct URLs (someone typed in specifically the name of your site)
  • Emails
  • Facebook Paid
  • Facebook Post
  • LinkedIn Post 
  • LinkedIn Paid
  • Instagram Paid
  • Instagram Post
  • Referral Partners
  • Google Paid Ads

But what is more important is knowing which of these convert into $ for your business. This again tells you where you spend your time and Money.

Traffic Source Conversion Formula: Opt-Ins from the traffic source (divided by) total visitors from the traffic source

3. Open Rates 

Having an email list of people that you own is essential in growing your online business.

There are so many types of emails that are effective…

Email has a strong ROI for every $1 you spend on email marketing; you are getting at least a $42 return.

That is a HUGE ROI.

But in order to get the best ROI, you need to first have them open your emails:)  

So Keep track of your open rates, split test your subject lines. and KEep on tweaking to get that open rate higher

Open Rate Conversion Formula: Number of Emails Opened (divided by) total emails sent  

Open rates can be affected by several different things.

  1. Subject Line
  2. Spam factor in Your Emails and not getting to their inbox
  3. Quality of email content
  4. Length of time someone has been on your email list

4. Click-Through Rates 

Knowing click through rates for links you provide for more information:

  1. Email Clicks
  2. Signup Form Clicks
  3. How many people downloaded your product
  4. clicked on that video
  5.  clicked on your ad
  6. clicked the link
  7. clicked on your sales page
  8. Going to the next step in your funnel

You can determine, along with the conversion rate, the effectiveness of your sales pages and CTAs.

Click-Through Rates Formula: Amount of Clicks (divided by) the total amount of people who see your message.

5. Sales Conversions 

Any metrics associated with sales are important conversion metrics. 

Knowing where the traffic came from that made the sale helps determine the effectiveness of your marketing methods and content.

Sales Conversion Formula: Amount of Sales (divided by) the total amount of people who see your sales page

6. New Visitor Conversion Rates 

On average, it takes seven interactions for someone to get to know, trust, and buy your product or services.

If you really want to know if your marketing is effective, checking how many of your brand-new site visitors go ahead and buy right now is a great way to find out.

New Visitor Conversion Formula: Amount of Sales (divided by the) total amount of 1st-time visitors to your website

 If you have a high conversion rate here, you're in the Money. 

7. Return Visitor Conversion Rates 

 If you didn't convert them the first time they visited, how much did it take to get them back and convert then?

On average, it takes seven interactions for someone to get to know, trust, and buy your product or services.

Understanding how many visitors return to your website and what percentage convert the second time or third time is also great information. It can inform whether you should invest in retargeting ads or how many emails you need to send to new people on your list to get the sale.

Return Visitor Conversion Formula: Amount of Sales (divided by) the total amount of return visitors to your website

8. Value Per Visit 

What is the value of getting one person to your website?

Even if they don't all convert, you can average out the value per site visitors, which can inform how much you spend getting them to your website or sales page. 

Return Visitor Conversion Formula: Amount of all Sales (during a selected time frame) (divided by) the total amount of visitors to your website (during a selected time frame) 

9. Time on Site

How much time does the average visitor spend on your site? 

How does time spent affect conversions?

The longer someone spends on your website, the more likely they will convert to sales. It means they are checking out more of your information and they can relate to it; something is clicking for them personally/

Time on Site Conversion Formula: Average Time on Website ( I use google analytics only to keep track of this)

10. Cost Per Conversion 

 How much does the average conversion cost you? 

This is useful information to compile because it informs your advertising spending and other expenditures.

Cost Per Conversion Conversion Formula: Amount Spent on Marketing (during a selected time frame) (divided by) the total amount of sales

11. Exit Pages 

  •  What is the last page that your audience sees before they exit? 
  • Is there a trend?
  •  Is something wrong with the exit page that makes them want to leave it, or is it a natural exit page that makes sense for them to see last? 

12. Bounce Rates 

Let's start by what is a bounce rate?

Bounce means they landed on your website and left right away.

Again you can track this with your Google Analytics. 

While it is not a conversion, actually, your bounce rate will help you improve conversions.

If you have a high bounce rate…

  • Check Your Audience Targeting
  • Check Your Webpages to make sure they are talking to your audience
  • Make sure your information is clear
  • Are your webpages loading quickly?

Remember that when you set your goals, you'll want to use SMART goals.

The main reason is that the measure portion of the goal is what you'll use to track the conversion. If your audience answers your call to action tied to your measurable goal, then you've converted them. 

Now it's your turn..what is your biggest struggle when it comes to tracking?

Virtually Yours,

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About the author

Laura Bastion

Laura Bastion is the founder and owner of Let's Grow Virtual. Lets Grow Virtual helps coaches, consultants, and course creators bring their business online and reach more people with effective online marketing strategies.


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