Are You Tracking Your Conversions?

A conversion is generally defined as an event that results in a transaction. A “transaction” will be defined differently based on your business model and what your end goal is (ie. information, sign up, subscription, payment, etc.). Regardless of how you define your conversions and transactions, it is important to track where they are coming from.

Maybe you blog on multiple blog platforms such as Wordpress. Are you keeping track of leads you get from those platforms and in addition to how many of those leads are converting? Maybe you post videos to different video platforms or syndicate your listings to multiple directories. Maybe you use Twitter or Facebook or focus heavily on your own website. Are you tracking the leads and conversions you receive from all of these sources?

If not, you may be spending valuable time in places that are not giving you a return on your investment. Sure, maybe some of these resources are free but your time is not free; it is an investment. Maybe it’s time to take a closer look at which resources have the highest conversion.

At the bottom of this post is a spreadsheet that can help track your conversions. It includes two sheets; one for keeping track of your daily activity (DailyLog) and the other (MonthlyStats) calculates profit/loss based on your daily log. Feel free to download for your own use. Google spreadsheet is good to use because it allows you to update the spreadsheet on the fly, from the web wherever you are.

Populate this information and you will soon see “how much money” you are actually spending and which platforms have a good return on investment (ROI). If the ROI is negative month after month, you may want to consider dropping that tool and try something else or focusing more on the tools that have a better ROI. I suggest giving a resource at least three months as it is hard to truly evaluate a resource with only a couple weeks of data.