Question.964 - Choose one of the below concepts from chapter 5. After stating how the book defines it, detail in your own words what that means. Then, apply the concept to your marketing project. Read your peer responses. Compare and contrast your application of the concept to your peers. Conversion Rate Share of Wallet Customer Churn Rate Return on Experience The due date is for your initial post. All posts are due by the end of the module week. Grades are posted under the corresponding Weekly Engagement tab.
Answer Below:
Concept: Conversion Rate According to the weekly reading, the conversion rate tends to be the percentage of potential customer segments that are inclined towards desired action in terms of making a purchase out of a total number of leads (Solomon et al., 2022). To my understanding, the efficacy of converting potential consumers into real leads?or persuading them to accomplish an intended activity is referred to as conversion rate. It assesses a marketing campaign's or strategy's performance in regards to attaining the targeted outcome, like a purchase, sign-up, or download (Chaffey & Smith, 2022). Application to Marketing Project Conversion rate is critical in determining the efficiency of every online advertising strategy in the marketing project.?The underlying notion is to run?digital advertising to market an upcoming item/service, and the?company wants consumers to click on the ad and explore our online store so that we?can compute the conversion rate by measuring the number of ad clicks while contrasting them to the total number of ad impressions. Several tactics have been implemented to improve the conversion rate - To begin, we generated appealing and pertinent ad content to capture the attention of the target audience. Secondly, to motivate site visitors to take the necessary action that is in order to make them make a purchase, we created a user-friendly landing page with obvious call-to-action buttons. Furthermore, we are always?analyzing?the effectiveness of various ad versions and tweaking our targeting criteria to increase conversion rates. References Chaffey, D., & Smith, P. R. (2022). Digital marketing excellence: planning, optimizing and integrating online marketing. Taylor & Francis. Solomon, M. R., Marshall, G. W., & Stuart, E. W. (2022). Marketing: Real people, real choices. Pearson Higher Ed.More Articles From Marketing
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