What is conversion tracking?
Conversion tracking is the process of measuring the number of goal completions on a particular website or web page. A conversion is simply a desired action that you want a website visitor to complete and can include things like completing a purchase, signing up for an email list, filling out a contact form, and so on.
Traditional conversion tracking on the web works by installing a pixel on the site that records specific actions that a user takes, or placing a third-party cookie on a user’s browser. In mobile app user acquisition campaigns, conversion tracking is facilitated by MMPs (Mobile Measurement Platforms) like Singular via an SDK in your app, or via Apple’s SKAN framework.
The conversion rate can be calculated as the number of conversions divided by the number of clicks:
Conversion rate = conversions / clicks
As you can see, conversion rate is measured as a percentage of visitors, users, or customers that complete the desired goal.
What are the uses of conversion tracking?
After you determine the desired actions you want users or customers to take, tracking the number of conversions completed is crucial to the success of any marketing campaign. In addition to tracking the number of conversions, conversion tracking can include other relevant data such as the ad clicked, search term used, value of the customer, and so on.
Implementing conversion tracking is key to extracting insightful data that will help you determine which marketing activities are driving desired actions. After setting up the right conversion tracking tools, this gives marketers the data they need to optimize performance by allocating more budget to the campaigns or marketing activities that are actually resulting in conversions. By optimizing the performance of each campaign, this helps to improve other key metrics such as the cost per conversion, conversion value, and many other key performance indicators (KPIs).
Another key part of tracking conversion rate is conversion rate optimization (CRO), which as HubSpot highlights:
… is the process of enhancing your website to increase the number of leads you generate. CRO is achieved through content enhancements, split testing, and workflow improvements. Conversion rate optimization results in highly-qualified leads, increased revenue, and lower acquisition costs.
Ultimately, if you’re not tracking conversions, this means you’re spending marketing dollars without being able to determine if they delivered any tangible results. With conversion tracking in place, you can optimize ad spend, improve your ad copy, change your creative, and many other actions to improve the ROI of your marketing efforts.
Are you tracking conversions and using them to drive ROAS and LTV calculations?
Singular can help. Let us show you how …
How Singular facilitates conversion tracking?
As part of our marketing analytics platform, Singular provides marketers with a comprehensive suite of conversion tracking and other analytics tools to optimize performance.
By taking a scientific approach to conversion tracking and growth, you’re able to discover new optimization opportunities that can improve ROI. Specifically, Singular provides multiple layers of granularity when it comes to ROI insights that can be used to maximize returns and conversions.
In addition to ROI insights, Singular also enables you to visualize creative assets side-by-side so you can easily understand which ad creatives are driving the most cost effective conversions. With this data, you can also understand how a given asset is performing across various campaigns and platforms by leveraging our proprietary image recognition technology to automatically group creatives together.
In summary, along with our other tools such as cost aggregation, attribution, and more, Singular is designed to help marketers improve their marketing performance by optimizing for key metrics such as conversion rate. The goal, always, is improving future performance by learning from existing and past campaigns. Steady optimization on targeting, conversion tracking, and ROI is critical to maximizing performance.