Post on 15-May-2015
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Conversion RatesO P T I M I Z I N G T E C H N I Q U E S & O U T P E R F O R M I N G Y O U R C O M P E T I T I O N
Matt McGlinnProduct Manager, Intelligence Solutionsmmcglinn@compete.com
Lauren StreisfeldRetail Consultant: Compete PROlstreisfeld@compete.com
20 November 2013
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Today’s Agenda
• Conversion Optimization Report Highlights• About the report• What optimization tactics are most popular?• Does investment (time + money) yield results?• Where are marketers planning on investing in conversion optimization• Gaps in knowledge: You may not be performing like you think
• Using competitive intelligence to influence optimization strategy• Bridge the performance knowledge gap• Use competitive data to get more resources, manage expectations and set the right goals• Identify best-in-class performers… and steal what they do best!• Stay Competitive: Understand to whom you are losing traffic and get it back!
• Q & A
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2013 Conversion Optimization Report Highlights
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About the Conversion Optimization Survey
• Online survey of Marketing executives (fielded Aug. 2013)
• 41% director level or above• Median conversion rate: 2%• Analysis grouped into high and low performers (2% and greater, less than 2%) • Conversion activities vary, but the majority of respondents are responsible for
e-commerce sales
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Marketers utilize multiple tactics to improve conversion rates
27% use more than four
unique tactics
Promotions gain short-term wins, but have long-term costs
Promotions gain short-term wins, but have long-term costs
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Marketers that invest in optimization get results, but often desire more resources to get the job done
• Marketers investing 10 – 25% of their time on optimization are morelikely to have higher conversion rates (2+%)
• Similarly, marketers investing more than 5% of their budget on optimization tactics are more likely to have higher conversion rates (2+%)
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Customer analytics, mobile and personalization are the highest investment priorities in the next 12 months
• Surprisingly, despite well documented successes with A/B testing investment lags behind many other tactics
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Marketers don’t know how good (or poorly) their websites are performing
• 70% of marketers not aware of their competitors’ conversion rates
7%
14%
Believe they have a below average conversion rate
Have conversionrate below 0.5%
5%
12%
Believe they have an above average conversion rate
Have conversionrate above 5.0%
2x! 2x+ !
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Using Competitive Intelligence to Optimize Conversions
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Why competitive intelligence?
• Internal data only tells your part of the story
• Knowing where you stand against your competitors helps you:• Identify your true rivals based on actual market behavior • Find best-in-class performers and mimic their tactics• Get more resources and help prioritize development and/or marketing• Manage expectations and set the right goals for you and your business
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Benchmarking against key rivals provides insight to the entire market landscape
54% of checkout starts do not complete
and order
54% of checkout starts do not complete
and order
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Head-to-head page analysis reveals opportunities for optimization testing
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Cross-shopping quickly identifies your strongest competition
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Once key competitors are established, head-to-head comparisons will introduce opportunities
1800flowers.com
avgs. 73% more paid search volume
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Q&A
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Thank you for joining us!
For more conversion optimization information:
• Download our 2013 Conversion Optimization Report:• http://success.compete.com/2013-conversion-optimization-report-download
• Learn how to optimize your online conversion funnel:• http://success.compete.com/3-steps-to-optimize-your-online-conversion-funnel
• Contact us to learn more about Compete Conversion Tracker:• sales@compete.com• 866-633-8390