What is value-based conversion tracking?
In almost every case, when it comes to Lead Generation businesses, the journey of a user is still in its very early stages until they become an actual paying customer. Most lead generation businesses use CRM to be able to track this activity in a scalable number.
By sheer percentages, we’re able to understand the quality of leads that each acquisition channel delivers. By working backward on how much a closed lead is worth to the business (based on CLTV), we’re able to assign a value to each Conversion Action or Conversion Source.
Why is it important if I’m already recording in my CRM?
Let me answer that question with another question. What value is data worth if you don’t do anything with it? Put the numbers into action. We all know a phone call is not the same value as a form fill. Facebook leads are not as high quality as Google leads. These are things that we know but don’t differentiate with values
Take this Conversion setup as an example, the client identifies
- Whatsapp click to be valuable… Fair.
- Form fill to be valuable… Fair.
- Phone call to be valuable… Also fair.
But they’re definitely not equal. Assign the values to each conversion action so you can find ways to optimize the actions that are worth more. Tie in automation to machine learn the values that are worth more to your business. You may even find that you no longer want to drive certain conversion actions because of the minimal value it provides.
The ROI on a small ‘switch’ like this can be enormous.
This applies to any conversion you’re tracking if you’re in Apps, E-Commerce, or Lead Generation. Machine learning is getting smarter and smarter so our data needs to fall in line also. The more data points we can feed the better the results we can achieve.
You can talk to one of our team at Kaliber Asia for more about this. Kaliber’s performance marketing team brings in the global experience that Asia’s top companies are looking for to have an edge over their competitors. Bringing over US$500M worth of performance marketing experience, we have both the agency experience and consulting experience to help propel our clients forward. Or why don’t you start with a free audit on your Google Ads?