The numbers don’t lie, but they aren’t always clear. Your marketing team can interpret standard campaign metrics like clicks, impressions, CTR, etc. and use them to tell the story of what is happening in your campaign. But here’s the thing. Those numbers can tell a lot of stories. When you’re faced with shrinking budgets and departmental clashes to secure much-needed funds, a good story just isn’t enough. That’s where conversion tracking comes in. If you are going to justify long-term funding for your digital marketing strategy, you need to start drawing lines from dollars out to dollars in.
What is conversion tracking?
Often an afterthought, conversion tracking is the practice of mapping out all the ways that a meaningful interaction with your campaign could impact your business. Good conversion tracking goes beyond monitoring if an ad sells an intended product and plots the way a user engages with your website throughout their buying journey. By plotting these key engagements, we can understand how your customers reach the decision stage and in turn use that data to create more efficient ad campaigns, landing pages, and marketing materials. The impact of this information extends beyond the online sphere and into the real world where you will gain a better understanding of who your customers are and what they want.
Set accurate budgets
The ROI benefits of conversion tracking are many, and among the most notable is the ability to set more accurate budgets. As your conversion tracking system gathers data, you will be able to more accurately predict how many impressions, clicks, and other engagements your campaign must earn to achieve your goals. From there, you can adjust your budget to ensure that you are hitting these benchmarks.
How do we do this?
The systems you use to build out your conversion tracking capabilities are going to depend on where you are running your campaigns and your organization’s tech stack. At Meet My Market, we typically use a blend of the campaign platform (Google Ads, LinkedIn Ads, social media pages, email marketing providers, etc.), Google Analytics 4, and Google Tag Manager to track all the campaign signals that are likely to impact your business.
Ready to learn how a professional conversion tracking plan can improve your business? Book your free conversion tracking consultation with Meet My Market!
