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Conversion rate as a business metric

Conversion Rate: The Key Metrics All Businesses Should Be Looking At

We live in the age of information where anybody can have access to a wealth of data. Even so, what you do with the data is more important than having an abundance of it. In every business, several types of metrics are used to understand data and determine where the business is at as well as how it can be better.  

One key data businesses track is conversion rate. Although it does not track actual revenue numbers, in sales, the conversion rate is directly correlated to the revenue a business brings in. Conversion rate refers to the percentage of leads that make a purchase with the company. A business can attract many leads, or potential customers, but it may not have a high conversion rate. 

Some common reasons business face a low conversion rate are: ineffective click-to-actions (CTA), wrong target audience, a less than ideal customer journey experience and uninspiring communication (too salesy or generic). Could this be the problem behind your business’s low conversion rate?

Strategies to increase your conversion rate

In the following strategies, we will take you through how to overcome these issues:

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1. Identify and target the right audience

Do you know who you are selling to? Rather than having many generic leads or chasing after an ideal customer, focus on the actual customers making purchases from your business and find ways to expand that customer base. Since they already connect with your brand and have a need for your product and service, there is a higher chance of success when you work towards increasing their conversion rate. At the same time, you may be able to find new relevant audiences to reach out to. 

To increase the conversion rate of your actual customers, study their customer behaviour and understand their likes and dislikes. Find out their customer journey and target them at strategic touchpoints with relevant messaging.  

2. Inject personalisation into the customer journey

Yes, it may be difficult to know each and every one of your customers but customers generally feel more connected to a brand when they feel seen and heard by the brand. Have open channels for feedback and be sure to respond to them. Such interactions leave positive impressions of the brand on customers’ minds. When communicating to customers, add subtle personalisation by addressing them by their names in emails, reward programmes and other marketing material — this could boost conversion rates by 30%.  

Listen to what your customers say. The keywords they use reflect their personality and provide relevant content you can use in your communication with them, be it in social media, on your website and posters or through emails. These small adjustments will make your customers feel like you get them, increasing your brand’s relevancy to them as well as the likelihood that they will purchase from you. 

3. Improve the customer’s experience  

Make the customer journey as seamless and enjoyable as possible and your leads will be more likely to convert. It could be by providing better customer service or even reducing the loading time of your online store. A month-long study of over 10 retail websites and 26,000 landing pages showed that the load time of 0–4 seconds was ideal for conversion rates. Every additional 0–5 seconds of load time actually costs an average conversion rate drop of 4.42%.

As you can see, every small improvement in the customer journey can contribute to a better customer experience and a higher conversion rate. 

4. Clarify your value proposition

Set yourself apart from competitors by having a unique value proposition. Ask yourself, what does my business have that my competitors do not? If you do not have a unique value proposition, create one that will meet your customer’s needs. Strive to the the go-to business, the best and only business that can solve your customers’ problems — that is when you bring a lot of value to them and secure customers’ loyalty. 

Once you have a solid unique value proposition, make sure your customers, both new and current, know. Communicate it through visuals, slogans, videos, messages, and every other customer-facing asset. Customers typically need to see a message seven times before finally remembering it.

5. Rethink your CTA strategy 

A strong CTA is specific, visible, and easy to follow. Something as generic as “Buy now” or “Order Today” is repetitive, unexceptional, and forgettable. Try “Download your free trial here” or “Get The Book”. The CTA is the most conversion-prone zone so ensure that strong CTA headlines are created and paired with relevant content to engage your audience. 

Conversion rates vary depending on the location of the CTA so do not litter your CTA haphazardly. Choose instead to place them where the audience is most likely to be persuaded — in feature sections (3-9% conversion rate) or exit-intent pop-ups (1-8%). 

6. Track your conversion rate digitally

Leverage on customer relationship management (CRM) and marketing automation software such as HubSpot or Salesforce/Pardot to manage your leads efficiently. Hubspot even integrates marketing, sales and customer service functionalities so that data acquisition and analysis can be done all in one platform. Having easy access to your data means that you will be able to track your conversion rate and even test the efficiency of new tactics in boosting conversion rates.

How Moovaz Can Help

Have you been tracking your business’ conversion rate?

Moovaz helps you to stand out amongst the rest of your competitors by being an “all in-one” relocation service provider, while saving on technical and human resources as your business is able to tap on our ecosystem. Furthermore, as Moovaz has an ecosystem of partners, your business gets to tap into a bigger relocation ecosystem.

Feel free to contact us if you wish to partner with us.
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