Why Tracking Conversion Value is Crucial for Marketing Success in 2024

In 2024, digital marketing is becoming increasingly driven by AI, and platforms like Google Ads are leading the way with conversion value-based bidding systems. This means that Google relies on accurate conversion data to optimise campaign performance. While e-commerce transactions are the most straightforward to track, how do you handle more complex conversions like phone calls, inquiry forms, or even online chats? Tracking the value of these leads and sending that data back into platforms like Google Ads, LinkedIn Ads, or Facebook Ads is essential for effective campaign optimisation.

The algorithm that powers bidding mechanisms needs to understand which leads are most valuable to your business. Without this data, the AI has no way of distinguishing between high-quality leads that generate revenue and those that don’t.

Bad Data In, Bad Data Out

When it comes to modelling successful outcomes, it really is as simple as bad data in bad data out. If your campaigns aren’t providing Google with accurate conversion data, it won’t be able to make informed decisions on where to allocate your ad budget.

For instance if you’re just assigning an average value to every order or lead, the algorithm lacks the precision needed to make informed decisions about where to allocate your ad spend. This can lead to missed opportunities and wasted budget.

Great Lead Data In, Great New Leads Out

However, when you feed the system more sophisticated and accurate data from your CRM —such as the actual value of different leads or which leads generate the highest revenue—the algorithm can optimise your campaigns much more effectively. By identifying where your best leads are coming from and which products drive the most value, the algorithm can allocate your budget to the campaigns that will generate the best returns. In short, the more precise and actionable your data, the better the outcomes you’ll achieve from these bidding systems.

This makes effective conversion tracking vital to improving your return on investment (ROI) in 2024.

So How Do I Measure Real Conversion Values on My Website?

Measuring real conversion values on your website can be incredibly challenging. One of the biggest pain points businesses face is tracking different types of conversions—like phone calls, inquiry forms, and web chats—all in one place. Each type of conversion generates different data and often runs through separate systems, making it difficult to compile a clear, unified view of what’s actually driving results.

So how do you effectively track all this information and consolidate it into one clear, easy-to-use system? The complexity doesn’t stop there—once you’ve gathered all this data, the next challenge is connecting it to platforms like Google Ads, Facebook Ads, or LinkedIn Ads to inform your campaigns. How do you tie all these data points together so that your ad platforms can make intelligent decisions based on real conversion value?

It’s a complex problem, but there is a single system that tracks, organises, and feeds this data back into your ad platforms is crucial for making informed decisions and optimising your marketing spend....

How MorphBI Revolutionises Conversion Tracking

This is where MorphBI comes in. MorphBI is a powerful tool that sits on your website and tracks every interaction—from enquiry forms and phone calls to e-commerce transactions and even online chats. But it doesn’t stop at simply capturing leads. MorphBI provides detailed insights into the customer journey, including which pages were viewed, how many times the site was visited, which campaign the customer came from, what ad they clicked on, and which keyword they typed in Google Ads. This allows you to categorise leads as quotable or not and assign real sales values to them.

For example, if you receive 100 leads in a month and 20 of them generate a total of £30,000 in revenue, MorphBI lets you send that valuable information back to Google Ads, even up to 60 days later. This allows Google to prioritise campaigns that deliver the best returns and allocate ad spend more effectively. MorphBI helps the AI learn over time which leads are driving real revenue and which aren’t, ensuring your ad budget is being spent where it matters most.

Identifying Website Issues By Reviewing Conversion Data

Another key benefit of MorphBI is that it tracks all website encounters, including phone calls. For instance, if you notice that in 35 out of 110 phone calls in a month customers are asking the same repetitive questions, it’s clear that your website isn’t communicating effectively. By addressing these gaps on your site, you can prevent potential customers from bouncing to competitors simply because they couldn’t find the information they needed quickly enough. In today’s digital world, where customers can easily hit the back button, your website must be optimized to provide instant answers.

By tracking these interactions and understanding the user journey, you can continually refine your website to reduce friction and improve conversion rates. MorphBI empowers you to make data-driven decisions that enhance the user experience and keep potential leads engaged.

Seamless Integration with CRMs for Real-Time Data Sync

Another advantage of MorphBI is its ability to integrate with multiple CRMs, such as Salesforce, HubSpot, or Pipedrive. This eliminates the need to duplicate data across platforms. Once a lead comes through MorphBI, it can automatically be pushed into your CRM, where your sales team can update it with real-time information, including the lead’s value. MorphBI then syncs this data back into Google Ads via the Google Click ID, ensuring that the AI has the most up-to-date information on lead value.

This continuous flow of data between MorphBI, your CRM, and your ad platforms ensures that over time, Google Ads learns exactly where your best leads are coming from. As Google takes more control from digital marketers and relies more heavily on AI-driven decisions, feeding the AI high-quality data becomes crucial. The better the data you provide, the better the results you’ll see in your campaigns, leading to smarter ad spend and greater returns.

In conclusion

Effective conversion tracking is no longer optional—it’s essential.

Tools like lead tracking software morphBI can integrate with yourCRM to monitor the performance of your campaigns. Are you getting quality leads? Are those leads converting into sales? Without this data, you’re flying blind.

If this sounds like a lot of work (and it is), consider partnering with an agency that follows this end-to-end approach. We’ve helped businesses like yours turn their paid ad campaigns around by following a strategic, well-researched approach. We've literally been there and got the t-shirt. Let’s talk about how we can do the same for you.