Need to get your conversion rate up? What does conversion rate even mean? Why is it so important? What does it mean for my revenue? How do I optimize for it? Where do I start? Maybe by introducing myself. I'm Daria Rose, technology and e-commerce director at TVP NYC. We've helped countless Shopify store owners improve their conversion rate and increase their revenue. Now we're going to help you do the same. Like so many Shopify store owners, you've heard of just how important it is to get your conversion rate up.
More conversions, more sales, more revenue. You can find hundreds of thousands of audit tips, techniques, and solutions online, most of them useful. But data metrics and analytics can be hard to read unless you know what to look for and convert action items that you can implement on your store. Hi, Bernie.
Everyone, this is Bernie. She's my constant companion and the best dog in the world. MAN: Daria, Bernie chewed your shoe again. But she does have a problem with consistently finding my favorite shoes at around 4:00 PM. We've tried everything-- dog training, sprays, treats, tricks. You name it, we've tried it. Nothing seems to work. I feel like she might benefit from some additional training.
But I'm not sure just yet. Can you sit? Come on. Up. Up. Good girl. High five. Good girl. Can you touch? No. No. Touch. Good girl. Your data will give you a full picture with the information that's available that tells you how people get to your store, where they come from, what they do on your store, what interests them, why, and where they leave.
And finally, what converts them from a browser into a customer. And finally finally, what helps or hinders them on the journey from a one-time customer into a loyal client who keeps coming back. Conversion rate optimization is essential for Shopify merchants. Consider this simple equation that could have a massive impact on your business. Revenue equals conversion rate times lifetime spend, or in human talk, the number of site visitors, multiplied by the percentage of site visitors who turn into customers, multiplied by the amount of money each customer spends in your store.
Let's extrapolate that out for a second. If you were to double your conversion rate, the percentage of site visitors who turn into customers, you'll double your revenue. With many of our Shopify merchants, we start with a conversion rate of around 0.5% and increase that to 1%, which doubles their revenue. This can be a truly significant figure. With those kinds of figures at stake, it's essential that you make updates based on actual data and not what you think you know might work on your store.
Yes, you know your product, and even know your customers. But gut feel as an optimization technique will not yield the results you're looking for. MAN: Daria, Bernie just did it again. Oh, Bernie. What are we going to do with you? I can't keep guessing anymore as to what will help? Hmm. Maybe we need to look at the data. When we first got Bernie, we thought that all it would take is a lot of love, some extra training, and we'd have no issues.
And for the most part, it was great. Except for the fact that even though Bernie is really well trained, she still without fail will find my shoe and chew on it at the same time every day. We can't figure out what the issue is. We've done everything right. Right, Bernie? This is what a lot of Shopify store owners think. The store is launched. Traffic is flowing. You might even feel like the hard part is over. The truth is it's just getting started.
Your role moves from a design and development one into an inspection one. You need to start looking for all the little accidents and leaks in your store that are stopping your customers from buying. And that's where the data analysis comes in. What does data do? What data from analytics and tracking software enables you to do is deduce who your visitors are, where they come from, and what they're doing once they reach your store.
This information in it of itself is mute unless you give it some meaning. You need to define what you want your visitors to do. What is the purpose of your website? And what would your ideal customer do? If you want them to buy something, track conversions as the proportion of visitors that buy something. In essence, you need to divine your KPIs, or key performance indicators, that give you a clear picture of how the individual actions of your visitors contribute to your goal.
You may want to track how many people fill in your lead forms or how engaged with your content they are. Using segments, you may check how your target audience performs on your website. You can also identify and plug leaks in your conversion funnel. That is the path your visitors take from initial access to your site to actual purchase. For this, you need to identify a goal and steps involved from start to end. To cut the long story short, identify your goal, identify KPIs, track them, see where it goes wrong, and fix it.
Then do it all over again. Start by identifying your KPIs, business goals, and targets. A KPI is a metric that allows you to understand how well you're doing against your business objectives. A metric is a number. Just like we need to cut through all of the information about Bernie to establish exactly why she chews, we have to examine every part of the data individually and not as one overwhelming mess.
This course will help you cut through the data dump and define metrics that can help you make decisions about what to update on your store. We will ask you 80 questions, and you'll be able to answer them using information from your analytics tools. These 80 questions will provide a full audit report that will help you define an optimization strategy. Bernie. Hi, Bernie. Bernie, come here.
Say hi. Up. Touch. Good girl. Touch. Good girl.