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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.
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
Dave is CEO and co-founder of Smart Insights. He is editor of the 100 templates, ebooks and courses in the digital marketing resource library created by our team of 25+ Digital Marketing experts. Our resources used by our Expert members in more than 80 countries to Map, Plan and Manage their digital marketing. For my full profile, or to connect on LinkedIn or other social networks, see the About Dave Chaffey profile page on Smart Insights.
Dave is author of 5 bestselling books on digital marketing including Emarketing 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.
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