Conversion Rates

Robbin Steif briefly discusses one of the most critical, but least understood of Web marketing metrics in What’s a good web conversion rate?

Conversion is about meeting the customer’s expectation. i believe this is particularly important in the Web channel. The 1-6% conversion range that he speaks of is also curiously close to what lead generators and aggregators will quote for conversion on their purchased leads. Why the consistency? Could they be higher?

Briefly the answers:

    (1) because they both require the customer to do all of the work (generally) after the inquiry is generated (marketing’s job). Either they need to self fulfill their order or they have to go to the competitor who is more responsive, get on the telephone, or go to the retail outlet to ultimately satisfy their buying need.
    (2) Yes! You have to appropriate get every inquiry to the right sales process based on what you already know works (you don’t track or keep this data? Shame on you.). This may be that you route that request for tuition financing for a Masters degree at the University of Phoenix to a student loan counselor or Collegiate Funding Services or Citibank because it is a complex transaction or you route that simple request to enroll in a Strayer University class to the enrollment system and send the customer an email receipt.

It’s all about meeting expectations–be responsive and handle the transaction with the appropriate level of sales process and you will push your Web conversions into the double digits.

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