Conversion, conversion, conversion? 14th May 2010

If the mantra for all estate agents is location, location, location then certainly the title of this post should be the mantra of anyone with an online commercial or even non-commercial website.

For those unfamiliar with the terminology let’s take the Wikipedia definition of Conversion Rate.

Conversion Rate = Number of Goal Achievements / Number of Visits

So for example if the are 3 goals to every 100 visits the conversion rate is 0.03 or 3%.

What constitutes a conversion is open to debate. In my mind conversion on a website that offers a product you can buy on the site happens when the goal of someone buying the product is achieved.

In the case of complex products such as life cover or mortgages, the sale cannot be finalised on the site, the goal is then the generation of a qualified lead. The word qualified here is very important and is often overlooked. There are many sites that collect contact details without too much concern about whether there is any remote possibility of that person becoming a client.

So what we are saying here is that the job of the website is to create as many leads as possible for people who are in the correct target audience for buying your services in other words they are now or in the near future in a position to buy. At very least to qualify the enquiries the website needs to ask screening questions such as “How much cover would you like?” in with the contact details.

Although in the case of insurance products eligibility does affect conversion in some cases, it is to a lesser extent. Obviously people choose the various types of protection based on concern for loved ones and themselves in the event of something unfortunate happening in the future...but If all insurance cost an insignificant sum most of us would be insured up to our eyeballs, so logic tells us that the deciding factor is probably to a large extent, cost related.

So if people decide on whether to, or how much life insurance to take out, based on cost, qualifying leads on a website strongly suggests that businesses need to provide a solution that will provide price information alongside policy details.

Although you can of course deal with enquiries by phone there is always resistance by a substantial number of people to making a call when they have little to guide them and they are still not that convinced they need protection.

Dealing with very preliminary enquiries is better than having no enquiries to deal with so shouldn't be ignored if your clients don't like to use the web, it's just that dealing with the majority after they understand costs and benefits will definitely benefit you in terms of saved time and greater levels of business.

lf you wish to comment on the above or discuss please use the contact us page of our website.