If you’re a marketer, it’s likely that at some point in your career you’ve been asked to explain why one campaign is performing better than another. It’s important to be able to come up with an answer when this question is asked because it allows other people within your organization to see what works and what doesn’t work so they can replicate those successes or avoid those failures. Conversion tracking is one way that marketers can do this–it allows them to track how well their marketing campaigns are performing relative to each other and compare them over time.
What is Conversion Tracking and Attribution in B2B Marketing?
Conversion tracking and attribution in B2B marketing are two important concepts that help businesses measure the success of their marketing campaigns and identify which channels and tactics are driving the most leads and sales.
Conversion tracking involves measuring the number of visitors to a website or landing page who take a desired action, such as filling out a form, making a purchase, or subscribing to a newsletter. This data helps businesses understand the effectiveness of their marketing efforts and make informed decisions about how to allocate their resources. Whereas Attribution, on the other hand, involves identifying which marketing channels and touchpoints are responsible for driving conversions. This can help businesses better understand the customer journey and optimize their marketing mix to improve results.
In the B2B education sector, conversion tracking and attribution can be particularly important, as companies look to generate leads and enroll students in courses and programs. According to recent data, the global e-learning market is expected to reach $325 billion by 2025, with a compound annual growth rate of 7.5%.
In terms of conversion rates, a recent study found that B2B companies in the education sector have an average conversion rate of around 3.3%. However, this can vary widely depending on the specific type of education being offered, the target audience, and the marketing channels used.
When it comes to attribution, recent research has shown that B2B marketers in the education sector are increasingly relying on a mix of digital and offline channels to drive conversions. For example, a survey of higher education marketers found that email marketing, social media, and content marketing were the most effective channels for generating leads and conversions, followed by search engine optimization and paid search advertising.
5 Ways to Schools can Use Conversion Tracking and Attribution
- Set up Conversion Tracking
Setting up conversion tracking is the first step in using this data to improve your marketing campaigns. It’s also important to note that you can use conversion tracking for more than just email marketing: You can track who has purchased an ebook or how many leads have converted into customers.
To Set up Conversion Tracking on your Website, Follow These Steps:
- Go to Google Analytics and press the “Analytics” tab at the top of the page (it says “GA” on it). You’ll see an option called “Conversions.” Click that button and select “Website Traffic.” Then click “Traffic Sources.” In most cases, this will be where all of your traffic comes from so make sure it says something like ‘Google Analytics’ instead of something else like ‘Facebook Ads’. If they’re not already there then scroll down until they are!
- Identify your Conversion Goals
Once you have defined your conversion goals, it’s time to identify the people who are most likely to take those actions. This can be done by segmenting your audience and then looking at how they interact with the site. For example, if you’re running a school bus company and want students from specific schools to sign up for transportation services, you might use attribution data from Google Analytics or another tool so that we know which social media platforms are driving traffic toward these pages.
- Track your Marketing Channels
It’s important to track your marketing channels in order to understand which ones are driving the most conversions. This will help you identify what’s working and what isn’t.
- Organic Search: Track how many times people search for your company using keywords that match the brand name or service offered by your business.
- Social Media Marketing: Track which social media posts perform best at driving traffic back into your site, as well as any other relevant metrics such as engagement rate (likes/shares/comments) per post type over time so that you know where else within their network might be fruitful places for future engagement efforts such as retargeting campaigns via Facebook Pixel technology
- Implement Multi-touch Attribution
Multi-touch attribution is a method of tracking which marketing efforts contribute to a final conversion. By assigning a value to each touchpoint in the customer journey, schools can identify which marketing channels are most effective at driving conversions.
For Example, a potential customer may initially find the school through a Google search, then visit the website several times before finally requesting more information through an email campaign. By assigning a value to each touchpoint, schools can understand which channels are most effective at each stage of the customer journey.
- Optimize your Marketing Channels
If you’re a small business, it can be difficult to get a handle on your marketing channel performance. You may have hundreds of websites and social media accounts, but how many do you really need? What are the best ones? And how can you tell which channels are driving sales for your business? The answer: conversion tracking and attribution modeling!
Conversion tracking allows businesses to measure their success by tracking how many people convert from one page or call-to-action (CTA) into another page or CTA after completing an action such as filling out an online form. Attribution modeling enables marketers to identify why customers take certain actions within their website (such as signing up for email updates), so they know what changes need made in order for more conversions down the line
Conversion Tracking is Important to Understand How Well your Marketing Campaigns are Performing
Conversion tracking is a way to measure how well your marketing campaigns are performing. You can use it to improve the success of your campaigns, or even better: you can use it as an assessment tool for the effectiveness of those campaigns in different situations.
Conversion tracking isn’t just about understanding which ads work and which ones don’t—it also shows how well different versions of an ad perform when tested with different audiences. This allows you to see which version performs best across demographics, geographies and time zones (or whatever else might affect conversion rates), so that you can determine what kind of messaging works best at each stage in the funnel.
End Point:
Conversion tracking is a great way to understand how well your marketing campaigns are performing. It allows you to analyze the performance of each channel and figure out what needs improvement. By setting up conversion tracking, identifying your conversion goals, and implementing multi-touch attribution, schools can build a stronger foundation for their digital marketing strategy.
