Rethinking Conversion Rate Modeling

Often with content conversion rates marketing managers look at simple formula

Often with content conversion rates marketing managers look at simple formula <impressions, clicks, read rates, and engagement/number of leads> This methodology ultimately results in shaky data and wasted time.  The outcome of broad conversion rate modeling ultimately skews data and fails to measure real conversion.

 

When a piece of content attracts the interest of a prospect, the real opportunity does not convert from a lead until a prospect is deemed qualified and responds to follow-ups following an initial form.  In SaaS a gated white paper resulting in a lead form does not equal a conversion, the prospect is still likely still going through discovery or doing general research for their own reasons.

 

Conversion rate modeling needs to be broken down across a multitude of factors. First performance of individual campaigns and content pieces to narrow your deployment of resources to minimize spending on in adequate content. Furthermore, by audience segmentation and finally by dividing by true conversion to that second correspondence.

 

Another conversion misstep that is taken is failing to revise your conversion data for delayed conversion. In higher item sales, conversion often takes time, this is where account-based marketing comes into play.

 

Marketing teams often get caught up in industry benchmarks for conversion and here is the contrarian red pill that most of them will not swallow, the benchmarks don’t matter. The benchmarks that are set are predicated on scattered methodologies across many factors that in many cases are going to be irrelevant to your product and market.  If you build your hypothesis on faulty assumptions, odds are your outcome is going to be flawed.

 

Each organization needs to do their own research & market sizing internally to build raw assumptions to build an accurate hypothesis. The result of this leads to more enriched data, less marketing burn, translating into a higher marketing ROI and ultimately more conversions.

 

 

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