The coronavirus epidemic is getting worst day by day. We are losing our grip over the situation. Millions of people are in self home quarantine, thousands of people became unemployed, and we are getting closer to go through a global economic crisis due to the COVID-19 outbreak. Needless to say, we are going to witness an immense recession in the near future.
Apart from this, many businesses are struggling hard fighting for their existence all over the globe. As a business leader, you should take some necessary steps to save your back from the extensive consequences of COVID-19.
Today we will discuss how to make data-driven decisions with WooCommerce Conversion Tracking by identifying the actions to be taken after a customer interacts with your ads. And how to justify your marketing budget based on actual results.
Economic Crisis 2020 Post COVID-19 & Its Impact on Business
COVID-19 continues to spread rapidly around the world. Almost every country has confirmed coronavirus cases. One-third of the global population is on lockdown due to this global crisis. This evolving situation also impacts on businesses as well.
It's pushing organizations to adapt & operate in different ways. Business owners are struggling to adapt to new challenges and stress so hard. It's not an easy job to act properly with sudden changes, business continuity risks, real-time decision-making, workforce productivity, security threat, and so on. Besides, the global economy is predicted to be affected brutally by this epidemic.
Global economy could shrink by almost 1% in 2020 due to the COVID-19 pandemic.
United Nations
Moreover, research says around 25 million people will lose their jobs as a result of the coronavirus. And the reflection of the impact has started to become visible already. In the United States, the number of people filing for unemployment hit a record high.
These stats clearly show that it's not the time to get relaxed sitting at your home. As a business leader, you have to revamp your strategies to survive and maintain business growth continuity.
Utilize the home staying days by identifying the conversion rate from your previous advertising campaigns. It helps you to justify the result of your campaigns – whether or not your current efforts are bringing the desired outcomes.
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How Conversion Tracking Tool Can be Useful in this Economic Crisis
A few months back many of us didn't even have enough time to watch a movie, spent time with family to enjoy a cup of coffee, or snacks relaxing on the couch. But now most of us are locked-up at our own home. Its like nature is playing a joke on us.
However, you can turn this into a golden opportunity to use this time to utilize it by planning for your business advancement. As the socio-economic impact of the coronavirus pandemic has long-run consequences for upcoming days.
Every business owner wants to convert more of their website visitors into paying customers. As they invest time and money to run ads, build content, do marketing, perform SEO, etc. Therefore, it's important to measure the outcomes of these activities. To identify which strategy worths your effort & which one is just a waste of money.
So, it is important to find out which marketing activities and promotions are working best to increase the conversion rate.
Hence, identifying it yourself by the actions a visitor takes on your website or mobile app.
Instead of banging your head with a lot of data, it's better to simplify the overall process with a well-defined conversion tracking tool. It lets you test every aspect of your marketing strategy. And give you a good understanding of where your traffic is heading. So, you can make better decisions based on your observation.
Experts found – Conversion Tracking led to 53% more profit & 199% more revenue
Benefits of Conversion Tracking Tool
Utilizing the right conversion tracking tool may benefit you by-
➤ Making Data-driven Decisions: You can measure the campaign's performance by getting conversion tracking data. That helps you to lead in the right direction to analyze your store data properly.
➤ Identifying Best Performing Keywords: You can focus on the specific keywords that are doing well and getting more valuable website's actions for your business.
➤ Specifying Strength of Ad Copy: You can upgrade the performance of your campaigns by analyzing the data- what type of copy your visitors like the most! And so the next time you can prepare the copies based on their preferences.
➤ Improving Audience Segmentation: It allows you to divide your audience into particular groups. So, you can send specific, relevant, and useful materials to the customers who need it the most.
➤ Suggesting Website Improvements: Conversion rate is the most useful data to justify how well a landing page is performing. So, you can reform your site design or navigation process based on the data of the conversion tracking tool.
➤ Optimizing for Better Performance: Knowing the facts of the efforts that bring the best output for your business. You can apply it for net campaigns to get better results.
➤ Allocating Marketing Budget Effectively: Unless shot in the dark, you can invest your money in the right place. As now you have all the data regarding which campaigns, ads, or keywords influence your visitors the most to take specific actions on your website.
Get a Conversion Tracking Tool to Simplify Your Re-targeting Practice
While developing your campaigns, put yourself into your customer's shoes and imagine what actions would they take after clicking this ad. Thorough research is required to make your campaigns effective that generates a high conversion rate. And in this regard, a Conversion Tracking Tool can be your rescuer to make sure the entire process goes smoothly.
More essentially, now you have enough time to analyze the report of your previous campaigns or the activities of the visitors on your site. Even a little change can make a big difference.
During this economic crisis in 2020, it will be more fruitful to get the schemes targeting the people who have minimal interest in your products or service.
Target Your Visitor Effectively with the Right Re-Targeting Tool
As we said you should utilize your home-staying days properly to overcome future consequences. Like as an online business owner, you need to revise your strategies considering the current situation. In order to open up new opportunities for growth, you may identify which campaigns, ads, or keywords influence your visitors for a specific action on your website.
With a conversion tracking tool, you can identify all the customer's actions when they initiate and complete an action that you have defined as valuable.
WooCommerce Conversion Tracking lets you have the right tracking set up to determine exactly which keywords and ads are driving profitable sales.
Perhaps, you may be spending thousands of bucks on paid ads. So, you need to analyze each and every action of the site visitors coming through these ads. Otherwise, it will not bring any fruitful results for you except for breaking your bank.
WooCommerce Conversion Tracking allows you to measure the performance of your WooCommerce shop- whether or not you are spending the money in the right way.
WooCommerce Conversion Tracking- Analyze Data & Retarget Effectively
As an online business owner, you must have a budget for online paid advertisements. Alike other paid marketing strategies, you have to track the conversion rate from these ads too.
In order to measure the conversion of your WooCommerce site, you should analyze the following KPIs:
- Add to Cart: How many visitors use the cart in your store
- Purchase: How many people make purchases on your WooCommerce store
- Initiate Checkout: Identify the number of people who are initiating checkout
- Complete Registration: Find out how many visitors perform registrations on your site
- Search Product: Identify the products that are being searched by visitors
- View Product: Visitors who view certain products
- View Product Category: Those product categories that are viewed for several times
- Add To Wishlist: You can track products that are added to the wishlist by the visitors
WooCommerce Conversion Tracking lets you measure all the KPIs with other details. So, you can better understand your audience and update your marketing strategy accordingly.
WooCommerce Conversion Tracking allows you to:
- Measure your WooCommerce site's performance
- Connect with multiple Ad platforms
- Identify the scope of improvement
- Optimize the campaign and site structure
- Retarget your lost visitors
- Increase your traffic and sale
- Improve the business ROI
Therefore you will get all the necessary actions that all the visitors performed on your online store. Thus you can make a better decision for your WooCommerce site to grow fast.
COVID-19 Updates: We are here to help your projects through the coronavirus outbreak. Learn More.
How to Setup Conversion Pixels for WooCommerce Store
You can easily install an active WooCommerce Conversion Tracking plugin on your site just like other WordPress plugins. If you still have some confusion, go through this detailed documentation.
It’s very simple to set up Google Adwords/ Twitter/ Facebook/ Bing/ Perfect Audience Conversion Pixels for WooCommerce Store. Firstly, install and activate WooCommerce Conversion Tracking Plugin and insert the pixel codes on their respective places in the settings page. That’s all!
Besides, you can add any platform outside of these channels manually.
For more details, check this beginner guide to configure your WooCommerce Store appropriately.
Retarget Customers to Stay Afloat in Economic Crisis
Re-target your audience by running updated campaigns can be an effective way to keep your profit line upward in this crisis due to COVID-19 outbreaks.
As we mentioned above, by analyzing your visitor's behavior you can update your marketing strategy, ad copy, re-write your content, change your website's structure, and so on. Then, run retargeting ads on your targeted channels to bring back your lost customers.
You can reach your customers/site visitors with online advertising based on their previous online activity.
If the question arises in your mind- Why is retargeting so important? Then check out what the stats have to say:
- Retargeting increases conversion rates up to 150%
- Retargeting ads are 76% more likely to get clicks than a regular ad
- The average retargeting click-through rates are 10 times higher than of display ads
Hopefully, now there is no doubt anymore!
Launch Retargeting Campaign & Convert More Paying Customers
Quite evidently, no one wants to miss the chance to convert their visitors into paying customers. Re-targeting of the website's visitors becomes an integral marketing tactic for all online business owners. If you are running a WooCommerce site, then it becomes super easy for you. Simply integrate the tool ‘WooCommerce Conversion Tracking' on your business. Then see how retargeting your potential customers become as simple as pie!
Moreover, you can connect your WooCommerce site with your desired ad platforms. And get the essential information to re-target your potential customers effectively. With this awesome tool, you can instantly send user-triggered actions from your WooCommerce store directly to the preferred ads platforms. So now re-targeting your site visitors has never been easier.
This is not only applicable to single-user WooCommerce sites. You can utilize this tool effectively for a multi-vendor marketplace as well.
You may also like: Top Ways to Re-target Your Website Visitors.
Start Tracking Your Conversion Data to Overcome Economic Crisis
Apparently, many businesses are getting shut down temporarily. This pandemic is disrupting global supply chains and international trade to a great extent.
Utilize your home staying days to overcome the Economic Crisis 2020 by identifying the reasons behind incomplete transactions or checkouts on your business site. Reconnect with your audience and get the desired result following the right strategy with WooCommerce Conversion Tracking.
Hence, Boost your site visitors by running retargeting ads on preferred ad platforms. By sending user-triggered events directly from your WooCommerce store to the ads platform.Want to know more about this tracking tool? Then…
So, which tool or technique are you using to retarget your site visitors? You can also share your experience with us by dropping a line below.