The conversion value expresses the value of a conversion in money. This allows you to determine whether the costs you incur are profitable.
A conversion is an action that a visitor performs. In the case of a car salesman, for example, this is the request for a test drive. To calculate the conversion value of this request, you first need to find out what percentage of people who take a test drive actually buy a car. And what does this yield on average per month? With that information, you can calculate the value of the conversion.
The conversion value differs per conversion. For example, the request for a test drive will probably generate more profit than the request for a brochure, so the conversion value of the test drive request will be higher.
If you know the conversion value of a certain conversion, it is important to generate as many conversions as possible within that value (the cost of a conversion).
Besides the conversion value, click to conversion time and return on investment are also important sales concepts.
What to look out for and what steps are best to follow....
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