Per definition, conversion measures how many, in percentile, visitors of either your physical or online store end up as paying customers. It is a commonly used marketing metric that helps estimate the efficiency and effectiveness of a particular activity or possibly a series of marketing campaigns.
As there is a limited number of marketing mediums, it is of no surprise that the benchmarks for particular formats are estimated for anyone to compare with and reflect upon. For online website visitors-to-purchasers it is projected that you should expect a conversion rate within the range of 2% to 5%, yet it can vary from under 1% to over 10%, the latter being more of a unicorn than a reality.
At Match My Thesis we have two types of customers: businesses and students. Even though the students are the ones that get the service free, we believe the amount of registrations we have in our database is directly linked to our success in selling our product to paying business clients. Hence, during our first year of operation, we have focused most of our marketing activities to the student side.
Having tried several marketing campaigns in various formats we have collected a chunky dataset for us – with the help of Facebook Insights and Google Analytics – to try and measure the efficacy of our approaches and identify what makes the cut. We do believe it to be significantly higher than the projections as our service for students is free, eliminating the monetary commitment that oftentimes is the main barrier for high conversion.
Our average weekly conversion for unique site visitors to registrations is 11.8%. However, it did deviate from 5.5% to 40.0%, which caught our attention and consequently identifying the patterns, we came to several conclusions for our future marketing campaigns that may be helpful to businesses of any format.
Leverage your strong partnerships
Credibility is one of the key challenges for an up-rising edu-tech start-up. It is hence vital to partner up with strong well established brands and leverage it in your marketing campaigns. Being associated with the biggest brands in Denmark helped us both to acquire a larger student base as well as to catch the attention of prospective business clients.
Colorize your marketing
In late September we noticed a video of a person in London racing the metro go viral. We quickly responded with a Race the Tube Copenhagen version, which gained us views in 100 different countries, key Danish news media attention and an estimated reach of 80 000. It is by far our most effective and cost-efficient marketing campaign that will be hard to match.
Talk to your customers when it matters the most
Our biggest bumps in conversion rate happened during the beginning of September and the beginning of January. We correlate it with both having well targeted marketing campaigns as well as getting the timing right. Well rested after holidays, students come back to university hyped and inspired to climb mountains, all we had to do is provide them with the right climbing gear.
Match My Thesis – selling climbing gear since 2013