I've always believed that one of the best ways to convince your colleagues or boss to invest in digital media is to help them see the "size of the prize" and where your missing out - what is the gap between potential and current "how much money are your leaving on the table?".
Over the years I've created a lot of spreadsheet-based models to help with this, but this week I'm prompted to post on some alternatives since David Sealey who has recently written for us about conversion rate improvement let me know about a tool that his company is offering, so I'll start with that and then share a couple more with you.
This calculator from David Sealey at Quba takes a conversion model right down to basics, so it's great as a starting point for small businesses, but remember that conversion rates for Ecommerce vary dramatically by new or repeat customers, by channel and of course by product category.
Download Quba conversion rate calculator
Going to a greater level of accuracy/complexity, I developed this conversion rate calculator to help companies see the potential improvements possible across all of Internet marketing including improvements to acquisition and reduction in returns. It also includes the costs of conversion rate optimisation projects.
Download Smart Insights Excel marketing conversion funnel spreadsheet
This is one of several worksheets to help model performance in our optimisation toolkit other worksheets enable you to calculate conversion rates by channel which is important to a more accurate model since conversion rates by channel will vary dramatically,usually in the order paid search (non branded) > natural search > display ads depending on the level of familiarity,
Finally, the most impressive/accurate conversion model is from Matthew Tod of Logan Tod which he uses to demonstrate improvements to clients or when training on Ecommerce sales optimisation. If you follow the link below you'll see that this fully interactive - no spreadsheets required!
By Dave Chaffey
Digital strategist Dr Dave Chaffey is co-founder and Content Director of online marketing training platform and publisher Smart Insights. 'Dr Dave' is known for his strategic, but practical, data-driven advice. He has trained and consulted with many business of all sizes in most sectors. These include large international B2B and B2C brands including 3M, BP, Barclaycard, Dell, Confused.com, HSBC, Mercedes-Benz, Microsoft, M&G Investment, Rentokil Initial, O2, Royal Canin (Mars Group) plus many smaller businesses. Dave is editor of the templates, guides and courses in our digital marketing resource library used by our Business members to plan, manage and optimize their marketing. Free members can access our free sample templates here. Dave is also keynote speaker, trainer and consultant who is author of 5 bestselling books on digital marketing including Digital Marketing Excellence and Digital Marketing: Strategy, Implementation and Practice. In 2004 he was recognised by the Chartered Institute of Marketing as one of 50 marketing ‘gurus’ worldwide who have helped shape the future of marketing. My personal site, DaveChaffey.com, lists my latest Digital marketing and E-commerce books and support materials including a digital marketing glossary. Please connect on LinkedIn to receive updates or ask me a question.
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