Macro vs. Micro Conversions: Strategies for Effective Conversion Tracking
By TOI Team September 15, 2023 Update on : September 15, 2023
When it comes to competition, the scoreboard is the only thing that matters. The balance sheet is a business’s scoreboard. Sales and revenue as reflected on the balance sheet are the result of conversions.
Both micro and macro conversions must be tracked to understand your business’s success or lack thereof. Below, we explain the tracking of macro vs. micro conversions to help businesses like yours reach sales benchmarks with efficiency.
A conversion is a trackable action one takes on a company website or other relevant platform that is considered to be essential for ongoing business success. In the formal and traditional sense, a conversion represents a transition from a prospect into a paying customer. However, the conventional conversion definition is descriptive of macro conversions.
Micro conversions also exist. A micro conversion takes the form of a target customer’s steps toward the macro conversion of buying a product/service. As an example, entering one’s email address for a newsletter, clicking a link or even watching a short video on the company website all qualify as micro conversions.
What matters most is that you accurately track all conversions, analyze them appropriately and take strategic action thereafter. If your business is overloaded with both micro and macro conversions, tracking them will prove laborious. Instead of establishing an entire list of macro conversions to strive toward, whittle the group down to a couple.
One or two macro conversions make it that much easier to set clear goals for the site as well as your inbound marketing campaign. Alternatively, it is logical for businesses to have a lengthy list of micro conversions as these small but important steps represent essential progress toward the larger goal of macro conversion.
Tracking macro conversions is relatively easy as they are typically the website’s conversion rate that represents the shift from an interested party into a paying client. However, some businesses have more than one macro conversion. If your company offers product registration opportunities, it is in your interest to quantify them to reinforce your understanding of the overarching prospect conversion metric.
Myriad tech tools are available to track micro conversions. Check your TikTok dashboard and individual videos to get a sense of the level of interaction with your company’s videos by monitoring the view count. Periodically tabulate the number of email addresses entered into your website’s newsletter signup form. Even website visits to your landing page constitute meaningful data that should be accurately quantified for analytical purposes.
Moreover, the number of people who download free trials, no-cost e-books, complimentary whitepapers or other relevant information should also be counted to get a sense of whether your micro conversions are building the momentum necessary to propel your business toward the targeted macro conversion benchmark.
The proper tech tools empower you to better understand your progress toward micro and macro conversions. However, a Google Analytics account might not suffice for tracking purposes. Consider the merits of web analytics dashboards. Such tools track data pertaining to goal conversions. You can also infuse your selected metrics including on-page data for tracking individual page performances. Take full advantage of such Software-as-a-Service (SaaS) tracking tools and you’ll develop a comprehensive understanding of important metrics.
Just as important is the fact that these tools facilitate the visual integration of tracking to provide a look at ongoing progress toward goals. Use the collected information to develop customized metrics unique to each individual client and you’ll be armed with the figures and facts necessary to show the site activities are playing an important role in reaching overarching goals.
Take a deep dive into analytical tools for tracking such as Google Analytics and you’ll find micro conversions you’ve pinpointed as campaign success leading indicators can be established as conversion goals. Such goals can be converted into more complex aims in which you are empowered to track progress temporally, be it on a monthly, weekly or daily basis. This is the high-tech approach your business needs to gauge whether it is progressing toward target goals, stagnating or regressing.
Now that you understand the importance of tracking micro and macro conversions, it is time to shift the focus to analysis. Break down the tracked data and you’ll have a better understanding of which strategies and tactics are effective. Such an understanding is essential for refining your marketing campaigns, making smarter value offering decisions and maximizing the impact of your available resources.Read more: Macro vs. Micro Conversions: Strategies for Effective Conversion Tracking