What are the key metrics to monitor for tracking conversions on Bing Ads?

When tracking conversions on Bing Ads, it's important to monitor key metrics to ensure that your advertising efforts are driving the desired results. Here are some key metrics to monitor for tracking conversions on Bing Ads:

1. Conversion rate: Conversion rate is the percentage of users who complete a desired action on your website after clicking on your Bing Ad. This can include actions such as making a purchase, filling out a form, or downloading a file. Monitoring conversion rate can help you understand how well your Bing Ads are driving conversions and identify areas for improvement.
2. Cost per conversion: Cost per conversion is the amount you pay for each conversion on Bing Ads. This can be calculated by dividing the total cost of your Bing Ads campaign by the number of conversions. Monitoring cost per conversion can help you understand the efficiency of your Bing Ads campaigns and identify areas where you can optimize your bidding strategies.
3. Conversion value: Conversion value is the monetary value of each conversion on Bing Ads. This can be calculated by assigning a value to each conversion, such as the average order value for an e-commerce website. Monitoring conversion value can help you understand the revenue impact of your Bing Ads campaigns and identify areas for optimization.
4. Assisted conversions: Assisted conversions are conversions that are attributed to multiple touchpoints in the customer journey. Monitoring assisted conversions can help you understand the role that Bing Ads plays in the customer journey and identify areas where you can optimize your targeting and bidding strategies.
5. Time to conversion: Time to conversion is the amount of time it takes for a user to complete a conversion after clicking on your Bing Ad. Monitoring time to conversion can help you understand the customer journey and identify areas where you can optimize your targeting and bidding strategies.

Overall, monitoring these key metrics for tracking conversions on Bing Ads can help you understand the impact of your advertising efforts and identify areas for optimization. By regularly reviewing these metrics and making adjustments to your targeting, ad copy, and bidding strategies, you can improve the efficiency and effectiveness of your Bing Ads campaigns and achieve higher ROI for your business.