During my first days as a Digital Marketing Champion, there was a lot to get up to speed on. CTRs, Quality Score, Bounce Rates; at times it was like learning a new language. One of the first things I remember puzzling over was the term ‘conversions’. As far as I could see at the time, this was just a fancy term for ‘sale’ or ‘purchase’ so I couldn’t understand why this new word was necessary. It soon became very clear.
A conversion is the point in the buying process where a change occurs and quite literally refers to the moment when one state ‘converts’ into another. For eCommerce businesses this is usually when a purchase is made; when a website visitor is converted to a customer. However, what qualifies as a conversion for a B2B business can often be more ambiguous.
When we take on a new B2B client at Digital Gearbox, one of the first things we ask is what their specific marketing goal is. By highlighting the key goal, we are able to identify how conversions should be measured. If the aim is to drive more newsletter sign ups, then that’s what becomes measured as a conversion. If a business wants more of it’s website visitors to be downloading their lead magnets to increase engagement, then a conversion becomes the download of those lead magnets.
For B2B businesses embarking on any new marketing activity it’s absolutely vital to first decide what your specific goals are. Without clear aims, it’s hard to see what a conversion would be and therefore it becomes impossible to measure your progress on your path to success.
So, much more than simply a measure of how many sales are made, a conversion is the Key Performance Indicator of your marketing success, whatever your businesses definition of that success may be.