What is conversion? A simple explanation of what B2B marketing and salespeople need to know
Posted: Wed Dec 04, 2024 7:07 am
In order to accurately understand the results of your marketing, you should set up conversions. In fact, in a survey conducted in the United States in 2017 , 50% of people answered that "conversion rate optimization (CRO) is a particularly important strategy in digital marketing."
Conversions aren't just about a product being purchased - they're about a wide range of buyer actions that you can measure and use in your marketing.
In this article, we will explain the hong kong telegram phone number list following points that B2B marketers and sales professionals should know about the concept of conversion and how to set it up:
The relationship between conversions and funnels
Breaking down the process
Types of Conversions in Sales
By making full use of conversions, you will be able to take the necessary measures accurately. It will be easier to lead buyers to purchase your products and increase your sales. Please read to the end.
What is a conversion?
conversion
Conversion means "converting into a result." You can freely set what constitutes a conversion. Conversely, unless you define it yourself, conversion will remain vague and you will not be able to measure it.
The main purpose of setting conversion is to visualize the results. By knowing the percentage of buyers who proceeded to each step of the product purchase, you can understand where buyers are abandoning the product. This makes it easier to implement the PDCA cycle for improvement.
The "percentage of conversions" is called the conversion rate . By being aware of the conversion rate, you can think about what measures you should take based on data.
The original meaning
"Conversion" is an English word that means "conversion." The Cambridge English Dictionary defines it as "the process of converting one thing into another." In marketing, it is easier to understand it as "converting potential customers into a state where they are more likely to purchase."
BtoB businesses are characterized by having more steps from product awareness to purchasing decision than BtoC businesses. Therefore, we recommend setting "intermediate conversions" in addition to "final conversio
By setting intermediate goals, you can get a detailed understanding of the progress of your prospects. Using that data, you can strengthen your lead generation and more easily analyze your customer journey .
The difference between funnel stages and conversions
Funnel (1)
It is effective to set conversions for each stage of the funnel. In marketing, a funnel is the stage from product awareness to purchase, and is divided into the following four stages.
Cognition
Interests
Comparison
Purchase/Application
Buyers go from awareness of a product to the stages of "interest" and "comparison and consideration" before making a purchase. Generally, the number of buyers decreases as they progress through each stage.
While funnels are based on buyer psychology, conversions are based on specific actions. Some examples of conversions used by SaaS companies include:
Interested: Request information from the website
Comparison and consideration: Receive a presentation from a sales representative
To purchase/apply: Send application form
While it's hard to know the exact state of a buyer's mind, you can objectively measure their behavior: by marking an action as a conversion, you can understand how far down the funnel a buyer is.
What is conversion in a marketing context?
In marketing, it is important to acquire leads to convert them into sales. By improving your marketing strategies and conducting conversion rate optimization (CRO) , you can acquire leads more efficiently.
We will explain the following three conversions that you should set up in your marketing.
Micro conversions are conversions that are set as intermediate steps on the way to the final goal. There are various types of micro conversions, but we will explain the most common ones below.
Conversions aren't just about a product being purchased - they're about a wide range of buyer actions that you can measure and use in your marketing.
In this article, we will explain the hong kong telegram phone number list following points that B2B marketers and sales professionals should know about the concept of conversion and how to set it up:
The relationship between conversions and funnels
Breaking down the process
Types of Conversions in Sales
By making full use of conversions, you will be able to take the necessary measures accurately. It will be easier to lead buyers to purchase your products and increase your sales. Please read to the end.
What is a conversion?
conversion
Conversion means "converting into a result." You can freely set what constitutes a conversion. Conversely, unless you define it yourself, conversion will remain vague and you will not be able to measure it.
The main purpose of setting conversion is to visualize the results. By knowing the percentage of buyers who proceeded to each step of the product purchase, you can understand where buyers are abandoning the product. This makes it easier to implement the PDCA cycle for improvement.
The "percentage of conversions" is called the conversion rate . By being aware of the conversion rate, you can think about what measures you should take based on data.
The original meaning
"Conversion" is an English word that means "conversion." The Cambridge English Dictionary defines it as "the process of converting one thing into another." In marketing, it is easier to understand it as "converting potential customers into a state where they are more likely to purchase."
BtoB businesses are characterized by having more steps from product awareness to purchasing decision than BtoC businesses. Therefore, we recommend setting "intermediate conversions" in addition to "final conversio
By setting intermediate goals, you can get a detailed understanding of the progress of your prospects. Using that data, you can strengthen your lead generation and more easily analyze your customer journey .
The difference between funnel stages and conversions
Funnel (1)
It is effective to set conversions for each stage of the funnel. In marketing, a funnel is the stage from product awareness to purchase, and is divided into the following four stages.
Cognition
Interests
Comparison
Purchase/Application
Buyers go from awareness of a product to the stages of "interest" and "comparison and consideration" before making a purchase. Generally, the number of buyers decreases as they progress through each stage.
While funnels are based on buyer psychology, conversions are based on specific actions. Some examples of conversions used by SaaS companies include:
Interested: Request information from the website
Comparison and consideration: Receive a presentation from a sales representative
To purchase/apply: Send application form
While it's hard to know the exact state of a buyer's mind, you can objectively measure their behavior: by marking an action as a conversion, you can understand how far down the funnel a buyer is.
What is conversion in a marketing context?
In marketing, it is important to acquire leads to convert them into sales. By improving your marketing strategies and conducting conversion rate optimization (CRO) , you can acquire leads more efficiently.
We will explain the following three conversions that you should set up in your marketing.
Micro conversions are conversions that are set as intermediate steps on the way to the final goal. There are various types of micro conversions, but we will explain the most common ones below.