In the time of online funnels, micro conversions are the first step towards your goal. Here’s what that means.
Digital marketing and eCommerce allow unprecedented access to granular analytics that clues us into what our customers want. Despite this almost unlimited insight, many digital business owners still approach doing business on the Internet like any other brick-and-mortar industry.
That’s a mistake and a potentially costly one at that.
Consider the statistic that the average conversion rate for a website is 2.35%. That’s shamefully low, which could lead us to wonder if conducting business on the Internet is even worth it.
Which, of course, it is. Micro conversions are how we measure that reality and learn to monetize our customers and web traffic in new and creative ways.
Let’s take a look at what micro conversions, to get a better sense of how to take advantage of these micro metrics.
What Are Micro Conversions?
As digital marketers and business owners, we’re all well familiar with ROI (even if it can be difficult to prove to investors.) That’s a metric. A very important one, yes, but certainly not the only one you should be paying attention to.
Let’s start by defining micro conversions. It’ll help give you an idea of how they can make your company even more profitable than it already is.
The Definition of Micro Conversions
We generally define conversions as sales made through our web presence. Micro conversions, on the other hand, are the behaviors that customers show that lead up to an actual purchase.
The digital economy has made the buying cycle longer and more complicated than ever before. It’s highly unlikely that someone will go to a website and just hit ‘buy.’
Instead, they’ll look around your website. They might read some of your reviews. They may read a blog post or two.
Each of these signals entering a new stage of the buyer’s journey. These are micro conversions, and they can make a huge difference towards your bottom line.
Some examples of micro conversions include:
- Signing up for a newsletter
- Downloading a document
- Reading a blog post
- Adding an item to their shopping cart
Why Micro Conversions Matter
Customers have gotten much savvier as the buying cycle’s gotten longer. They also have much higher expectations. One small misstep could derail months of cultivating a genuine lead.
Consider the case of traditional print marketing. For the sake of argument, let’s consider the humble bulk flyer. Even today, it’s not uncommon for an entire neighborhood to be littered with offers to buy ugly houses or to solicit tree trimming services, even if there’s no shrubbery within 100 miles.
Once upon a time, we might have simply thought of these circulars as tacky but harmless. These days, it could be the kiss of death to a business. Customers might feel offended by the lack of personalization in the marketing they’ve come to expect.
These unsolicited advertisements will leave a bad taste in their mouth, ensuring customers will never do business with that brand. Even worse, they could recommend their friends and relatives follow suit with their blacklist.
This is an extreme example, but it’s still not uncommon to find iterations of this behavior on the Internet. Imagine if you were trying to buy new whitewall tires and someone cross-promoted a baby seat. You’d either wonder if their AI is taking cold medicine or else someone is really bad at their job.
These are not the impressions you want to be leaving your customers with.
Micro Conversions Help Nurture Genuine Leads
Consider the analogies that we’ve already made about inappropriate marketing.
Now compare them with a hypothetical card from a business owner. “Congratulations on the new promotion! Here’s a pen to take down notes at all the business meetings you’ll be attending. Here’s a basket of citrus fruit to take with you on your cruise to the Bahamas, as well. We hear they’re not having a great season this year.”
Much more compelling, right? In fact, you’d likely be flattered (and maybe a little freaked out) with the deep, detailed insights they have regarding your personal life.
It’s like the old manager’s trick of remembering everyone’s first name, on a grand scale.
Even when you’re in on the trick, we can’t help but have fond feelings towards business owners who take the time to get to know our needs. If you happen to need a product or service they offer, we’d bet limes to coconuts you’d go with this company over the anonymous circulars, every time.
The Most Important Micro Conversions To Measure:
- Recognizing a problem
- Searching for a solution
- Evaluating options
- Making a purchase
- After-purchase evaluation
Keep an eye peeled for these signs and make the most of your Internet presence! Micro conversions will help increase your ROI and reputation, at the same time. They’ll also make your customers feel truly paid attention to.
Audience segmentation is incredibly powerful, which is why it’s been trending for the last few years. The principles are simple, based on classic marketing techniques like landing pages and sales funnels. The implications are profound, however.
Making the most of digital marketing and eCommerce means working smart and hard. If you truly want to make the most of your digital business, you’ll need to make the most of every tool at your disposal.
Looking to Make the Most of Your Internet Business?
We understand the market’s hard. We also have more tools in our toolbox than ever before, such as micro conversions, and the knowledge and wisdom to know what to do with them.
Contact us today and let us help you make the most of your digital business!