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How do you track and optimize conversion rates by source and medium?

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If you want to generate more leads online, you need to know how to track and optimize your conversion rates by source and medium. This means understanding where your visitors come from, how they interact with your website, and what actions they take to become leads. In this article, you will learn how to use Google Analytics and other tools to measure and improve your conversion rates by source and medium.

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1 What are source and medium?

Source and medium are two dimensions that describe how your visitors find your website. Source is the origin of the traffic, such as a search engine, a social network, or a referral website. Medium is the type of traffic, such as organic, paid, email, or direct. For example, if someone clicks on a link from Facebook to your website, the source is Facebook and the medium is social.

You can use Google Analytics to see the source and medium of your traffic by going to Acquisition > All Traffic > Source/Medium. This report shows you how many sessions, users, bounce rate, pages per session, average session duration, and goal completions each source and medium combination generates.

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Mike Guess

CEO of Battle SEO | We optimize your business for local and AI-powered search.
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You can also append UTM (Urchin Tracking Module) parameters (such as utm_source, utm_medium, and utm_campaign) to the end of your URLs to capture source and campaign data. For example, the following link would allow you to identify the traffic to example.com that came from a particular email campaign: https://example.com?utm_source=newsletter2&utm_medium=email&utm_campaign=spring-sale

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2 Why are conversion rates important?

Conversion rates are the percentage of visitors who complete a desired action on your website, such as filling out a form, downloading a resource, or requesting a consultation. Conversion rates are important because they indicate how effective your website is at attracting and engaging your target audience and generating leads for your business.

You can use Google Analytics to set up goals for your website, such as a thank you page after a form submission, and track how many visitors reach that goal. You can also assign a value to each goal, such as the average revenue per lead, to measure the return on investment of your traffic sources. You can see the goal conversion rate and value by source and medium by going to Acquisition > All Traffic > Source/Medium and selecting the goal you want to analyze.

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Fumi Matsubara ??

Helping businesses improve performance with quality digital strategy to drive results & maximize profits. Now AI Powered!
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Conversion rates have a direct impact on revenue. By improving your conversion rates, you can generate more leads, sales, and revenue from existing traffic sources. This is especially important for businesses with limited marketing budgets, as optimizing conversion rates can help maximize the return on their marketing spend.

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Chaitanya A C V

Director, Biddable Media
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Conversion rates are directly proportional to your conversions, so higher the conversion rate - better the campaign. That being said if you do not have enough volume in terms of impressions and reach - a very high conversion rate still does not matter as the volume is so low. Essentially keeping tabs on conversion rate, reach and frequency - you can better plan and execute your campaigns

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3 How to optimize conversion rates by source and medium?

To optimize your conversion rates by source and medium, you need to identify the best and worst performing combinations and implement strategies to improve them. Start by segmenting your traffic by source and medium, then compare the conversion rates and values of each segment. Look for those with high traffic but low conversion rates or values, or those with low traffic but high conversion rates or values; these are the ones that have the most room for improvement. Then, analyze the behavior of each segment on your website using Google Analytics. Look for those with high bounce rate, low pages per session, low average session duration, or high exit rate; these are the ones that have poor user experience or relevance issues. Test different elements of your website to improve the user experience and relevance of each segment using tools like Google Optimize, Unbounce, or Crazy Egg. Measure the impact of each experiment on the conversion rate and value of each segment. Repeat this process until you find the optimal combination that maximizes your conversion rate and value.

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Steve Peron

Digital Marketing Strategist (SEO / Paid Media / Email Marketing / Analytics)
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Don't ignore optimizing your conversation rates with in your giving paid media platforms like Google or Meta Ads. It is important so you can feed their algorithms to find additional conversions.

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Chaitanya A C V

Director, Biddable Media
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I would say to experiment with your ad content + conversion rate and by source and medium. This is the only way you can see reliable improvements. Tweaking the audiences is not really recommended unless you are actively analyzing and excluding irrelevant job functions and members from the campaign

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4 How to track conversion rates by source and medium?

In order to track your conversion rates by source and medium, you need to use tools that can accurately and consistently capture and report the data. Google Analytics is the most popular and powerful tool for this purpose, and it can be used to set up goals, assign values, segment traffic, run reports, create dashboards, and integrate with other tools. Google Tag Manager is another tool that allows you to manage and deploy tags without editing code, while UTM Parameters are tags that you add to URLs to identify the source, medium, campaign, term, and content of your traffic. Additionally, Call Tracking is a tool that enables you to track and record phone calls from your website or ads. It can be used to assign unique phone numbers to each source and medium combination and measure the number, duration, and quality of calls they generate. It can also be integrated with Google Analytics or Google Ads.

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Chaitanya A C V

Director, Biddable Media
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I would recommend connecting data LinkedIn ads and Google analytics via Looker Studio and plotting out performance charts at campaign level to understand which source and medium are really converting well from ad level perspective. This way you will get the truest picture

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5 How to report conversion rates by source and medium?

To report your conversion rates by source and medium, you need to use tools that can visualize and communicate the data effectively and efficiently. Google Data Studio is a great choice for customizing the layout, design, filters, charts, tables, and metrics of your reports and dashboards. You can also use Google Sheets to manipulate, analyze, and format the data using formulas, functions, pivot tables, charts, and conditional formatting. Furthermore, PowerPoint or Keynote are useful for summarizing and highlighting key findings in presentations with slides, images, icons, graphs, and animations. You can also export or print these presentations as PDFs or videos.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you track and optimize conversion rates by source and medium?

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1 What are source and medium?

2 Why are conversion rates important?

3 How to optimize conversion rates by source and medium?

4 How to track conversion rates by source and medium?

5 How to report conversion rates by source and medium?

6 Here’s what else to consider

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