Conversion calculation for e-commerce is easy – but what if you are not in e-commerce? In e-commerce those Key Performance Indicators would be:
- Average Order Value per Customer
- Average Order Value per Website Visitor
- Number of Orders
- Number of Returns
- Abandonment Rate during order process
- Filled but not-ordered baskets
So, in e-commerce the conversion means ordering a product. If the price of a product is 100 Euro we know that conversion value is 100 Euro as well. Simple as that. This makes the life of an e-commerce Manager easy. For a Web Analyst or Product Manager or Digital Consultant in a non e-commerce company it’s a bit more difficult to achieve the same attention within management. This is because management only listens to financial information, economical benefits and ROI improvements and not to increases of Facebook-Likes or increase of duration or decrease of 404-pages. That is why they are in management.
The question then, naturally, is how to calculate the conversion value of a non e-commerce website. How to calculate the conversion value of a newsletter registration or a brochure-download? Now it is getting interesting.
Micro Conversions help
In other words, we need to look at the micro conversions.
Being a marketing expert in such a company requires reporting on the financial value of those micro conversions. If you tell your CEO you increased the number of newsletter registrations he will not listen to you. If you tell your CFO you increased the number of video streams of your Youtube channel she will not listen to you. I also wouldn´t.
Stop reporting on the wrong metrics – get heard by the top management through relevant data knowledge.