In today’s dynamic and competitive marketplace, business performance is important. A successful company knows how they have been performing and how their performance measures against other contenders in the medical supply chain industry.
To evaluate a business’ marketing performance, it is necessary to have a system in place to measure the success of advertising campaigns. Conversion rates are a percentage used in digital marketing to keep track of marketing campaigns, website traffic, and conversions.
Conversions can include any desired action that a brand’s audience takes. Conversions can be as simple as a click on a button on the company website to becoming a customer and making a purchase. For example, in the supply chain industry, a potential customer clicking on a video on a website about a medical device is an example of a conversion.
Tracking Conversion Rates
To calculate the conversion rate, take the number of conversions divided by the total number of visitors. If a website receives 100 visitors in a month and has 25 sales, the conversion rate would be 25 divided by 100, or 25%.
Conversion rate percentages allow a company to measure performance of digital marketing tactics within apps and on the internet. If a business can understand the percentage of users on their sites, they can evaluate if they need to come up with ideas for improvement, keep the website how it is, or make significant changes. Without a system of measuring conversion rates, a company would be completely in the dark about the performance of their marketing efforts.
Many factors impact conversion rates and cause them to increase or decrease. When making improvements, introducing new messaging, including search engine optimization (SEO) techniques, or including videos or images can increase conversion rates.
Conversion rates vary by industry, the value of a product or service, marketing source, and average sales length. When comparing data of other companies’ conversion rates, it is important to evaluate companies in the medical distribution industry as opposed to other industries.
Share Moving Media can assist with the process of creating personalized and effective marketing campaigns to allow your business to track conversion rates. SMM has over 30 years of experience helping companies in the medical manufacturing and sales industry create videos, written content, podcasts, webinars, blogs, and more which have the potential to boost business sales and increase conversion rates. Please contact Scott Adams at sadams@sharemovingmedia.com to set up a time to meet so that your business can plan a successful marketing campaign strategy.