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You can use the equation we explained above to calculate conversion rate, but that’s not the whole story. If you base all your decisions solely on conversion rate, you’re missing out on potential profits.

If you run a restaurant, for example, in business, it’s not enough to just know how many people convert on the dishes you offer. You also need to know how much each customer spends at your restaurant, how many drinks they consume, and other metrics.

The same goes for online businesses. You need to see the bigger picture if you want to maximize your profits.

Customer Lifetime Value
How much money does your average customer spend with your business over the lifetime of their relationship with you? This is essentially what customer lifetime value is about.

If a customer buys one item for $99 and never returns, their lifetime value is $99.

If the same person buys a $99 product every year for ten years, europe cell phone number list the lifetime value of the customer is $990.

Ideally, you want to convert high-value customers who will stick around for the long term.

You also need to track the value per visitor.

Let's say 1,000 people visit your website in a week. Thirty of those people buy a $99 product. However, you can't just consider those 30 people.

Your value per visitor is the total value of transactions during the period ($2,970) divided by the total number of website visitors (1,000). That means the total value per visitor is $2.97.