Conversion Quality Optimization (“CQO“) refers to the handling, enrichment, cleaning, and quality-verification of a Conversion Event (“Conversion”) before the event data is sent to final analytics platforms, advertising optimization tools, or originating advertising networks.
Conversion Quality Optimization goes beyond Conversion Tracking by enabling a (sometimes automated) intermediary step between Conversion Tracking measurement of a customer Conversion Event occurring and the resulting data being sent for use in your reporting and optimization.
During Conversion Quality Optimization:
- Information may be gathered from other sources to make your conversion data more powerful for optimization purposes and more detailed for reporting purposes.
- Conversions which are not valuable to you, such as spam form submissions or telemarketing phone calls, have an opportunity to be removed, further increasing the quality of Conversions used in your optimization and shared with your Sales and RevOps teams.
- Conversions previously approved and sent to your reporting, optimization, and advertising management tools, may be revised or corrected as new information becomes available.
- The monetary value of a Conversion may also be updated as customers have additional transactions with your business, final costs are adjusted, refunds occur, or anything else that changes the value of the conversion, a critical step in understanding Customer-Lifetime-Value.
Conversion Quality Optimization most often refers to this process of controlling and verifying Conversion quality but is sometimes used erroneously to describe Conversion Tracking.