It’s not enough to look good or sprinkle calls to action (CTAs) on every page. You need to know how to measure the success of those beautifully designed pages you’ve spent so much time on. You need to know if people are actually moving down the conversion funnel after visiting your site, and you need to know what value that converts to.
What’s the right measurement?
If someone clicks on a CTA after coming to your site, ideally they will complete a lead capture form before going on to the rest of the application process. With every action a user takes, they are moving further down the conversion funnel—your goal is to eventually get them to the very bottom, at which point a new loan or account is funded.
In other words, the success of your website is measured by its conversion rate, or the percentage of people your website gets to become a lead or to click through to your origination application.
Conversion rate = Actions / Sessions
An action is the number of times someone submits a lead capture form or clicks through the origination application. A session is the number of people using your website. Pretty easy to calculate.
So what does this really mean?
It’s crucial you understand your website’s conversion rate—but that doesn’t automatically convert to value in your head. You’re pouring a lot into your website, so you probably want to know how much money it’s generating.
We know that sounds daunting, but we built a handy calculator to help you easily quantify the profits generated by your website. You just need to know two things:
- Conversion rate (check!)
- The lifetime values of your products, which is the total profit your credit union earns over the life of the loan or account.
Give our calculator a try and determine how valuable your website really is.