Hello everyone. Welcome to another episode of Data Snacks. I’m Monja, the product marketer at Databox.
Today, we’re going to talk about conversion rates, with a special focus on sources. After all, you want to know which of your marketing investments is driving the most conversions so you can double down or make adjustments.
In this episode of Data Snacks, I’m going to show you:
How to track contact and customer conversions by source
Other metrics that matter when it comes to conversions
What you can do to increase your conversion rates by source
Below, you can view the full episode or keep reading for a fully transcribed version of the episode, complete with relevant screenshots.
Let’s Choose the Right Source Metrics
We are starting in Databox and using HubSpot Marketing as our data source.
First, we will navigate to the Databox Designer. Adding metrics is easy. Simply choose the data source from the Metrics Library here on the left and drag-and-drop some of the available pre-built metrics.
Since I am using all basic metrics in this video, I am just going to drag and drop the following – Contact Conversion Rate by Source and Customer Conversion Rate by Source to see which sources are bringing the most conversions. Now, for those conversions to actually happen, visitors need to stay on our landing pages and not bounce. So let’s add two more metrics, Average Time on Page and Bounce Rate by Source, so we can track these leading indicators here, too.
In Databox, you can easily choose which visualizations to use to best depict your data. On this databoard, I have chosen the table, pie chart, and gauge visualization to clearly show the data I want to see and interpret.
Now, before we start interpreting our dashboard, I want to distinguish between contacts and customers. Simply put, a customer is assigned to transactions like estimates, invoices, and sales orders, while the contact is assigned to CRM interactions like activities and cases. We need to track conversions by source for both types of records since the information we are looking for is which source drives the most total conversions.
PRO TIP: How Are People Finding Your Website?
You can monitor acquisition metrics in Google Analytics like traffic by source, sessions by social network, top paid keywords by sessions, sessions by organic traffic, bounce rate, and more, to quickly identify how are people finding your website, what your most profitable traffic sources are, and how successful specific marketing campaigns are in attracting website visitors.
Keep in mind though, the amount of channels, dimensions, and demographics you can sort by in GA is one of the easiest things you can overcomplicate.
To better understand how your website performs in terms of acquisition and conversion, we built this Google Analytics dashboard template that contains all the essential metrics for understanding how successful you are at attracting visitors from different channels.
Now let’s look at the data. I have set the date range to the last quarter so I can cover more campaigns from different sources. That is something you also need to consider, as you might have had marketing campaigns on some channels and not on others, which can cause a difference in conversion rates.
In this case, for Contact Conversion Rate by Source, the sources driving the most conversions are social media, email marketing, and referrals. In contrast, for Customer Conversion Rate by Source, the data tells a different story. We can see overlap when it comes to social media and referral. At the same time, direct traffic is responsible for most of our conversions. The overlap still lets us know which sources are the ones that are more consistently performing well.
Now let’s look at Bounce Rate by Source. Here we can see that referrals have the lowest bounce rate out of the overlapping sources we just analyzed.
As you can see, the data tell a story when it comes to discovering which sources bring in the highest conversion rate, but it might not always correlate with other metrics that you choose to measure, such as bounce rate.
When it comes to increasing your conversion rates in general, you might want to consider different tactics. Conversions happen when visitors come to your landing pages, so the source does its job and attracts visitors, but it is your landing page optimization and effective CTAs that convert them. That is why we have the Average Time on Page metric included in this dashboard, as you want to know if people stay long enough to convert.
Time to Track Our Sources
Achieving high conversion rates from different sources is often a matter of testing and analysis. But by having the right data available for visualization and using data insights to frame your strategy, you can formulate a more reliable, repeatable approach when it comes to investing time and money into specific marketing sources.
If you need help tracking and visualizing which sources drive the highest conversion rates, our Support team can actually help build your first dashboard for free.