Conversion tracking is an essential part of any digital marketing strategy. No matter what the conversion represents, whether it is a sale, a sign up, or a page visit, your conversion rate is one of the most important metrics you have in your optimization arsenal. With how important this metric is, it is surprising to find that 70% of marketers are not aware of their competitors’ conversion rates—or the average in their industry.
There are industry analysis reports and insider insights to help you get a good idea of your competitors’ conversion rates, but sometimes they aren’t enough. This is especially the case when your competitor is engaging in a new marketing activity. Knowing whether or not a large-scale promotion, new product line, or website redesign increased or decreased your competitors’ conversion rates will not only help you to make the right decisions down the line, but it can help you to avoid mistakes that may have cost them millions.
Millward Brown Digital’s 2013 Conversion Optimization Report revealed that fewer than 30% of marketers are currently benchmarking their conversion rates against competition and marketers investing more time and money in conversion optimization reap the rewards of higher conversion rates. In fact, marketers investing at least 10% of their time on optimization and competitive intelligence have a higher conversion rate than the average of 2%.
Get conversion rate information with Millward Brown Digital’s Online Conversion Insights
Knowing how important conversion tracking is on both your site and your competitor’s site, and realizing how few businesses actually know the conversion activities of their competitors, we decided to create a new tool for your digital marketing efforts: Online Conversion Insights.
Online Conversion Insights allows marketers to see their competitors’ onsite activity like they have never seen before and gives marketers power to identify and learn from best-in-class performers, isolate key issues impacting their own performance, and manage resources more effectively.
In one of our earliest success stories, a leading ecommerce marketer, informed by Online Conversion Insights created an incremental $2 million in revenue by increasing their on-site conversion rates by 5% – with just minor adjustment in checkout flow. This resulted in a nearly 300% ROI in the first month alone.
What insights can you gain from Online Conversion Insights?
Online Conversion Insights gives marketers visibility and leverage in answering key business questions like:
- How does my conversion rate compare to others’ in my industry? Evaluate best-in-class performers across categories and adopt high performing tactics for success.
- How many of my customers are also shopping with my competitors? Understand which competitors your customers are shopping with and why, to impact shopping behavior and inform your marketing strategy.
- How does behavior differ between new and returning customers? Uncover how behavior differs between new and returning customers and uncover how loyalty, affiliate and email marketing programs are impacting site performance and engagement.
If you are interested in Online Conversion Insights for your business, please contact us here.
Get the conversion optimization white paper
With a direct correlation between higher conversion rates and higher annual sales, it is surprising that marketers aren’t gathering as much information on conversion optimization as possible. Get ahead of your competition with Millward Brown Digital’s white paper on conversion rate optimization. In it you will gain valuable insights on the current state of conversion rate optimization (CRO) including average conversion rates, suggested tactics to improve conversion rates, insights on your sales funnel, and more.
As a senior at Northeastern University, Zach Eberhart is thrilled to join the Compete team as the new Social Media / Marketing Co-op. Majoring in marketing and management information systems, Zach loves everything marketing and technology and has experience in both the agency and startup world. If you like what you read, you can connect with him on Google+ or LinkedIn.