70% of marketers do not know their competitors’ conversion rates, nor do they know the average for their industry. If you don’t know where you stand, how do you know what you can improve?
In this webinar, you will learn about the current state of conversion optimization and discover valuable lessons that you can use when optimizing your online conversions.
You will learn:
-The results of the 2013 MBD Conversion Optimization report
-Where marketers plan to increase spend on conversion optimization in the next year
-Why competitive intelligence should be a key part of your conversion optimization efforts
top marketing posters - Fresh Spar Technologies - Manojkumar C
Conversion Rates: Optimizing Techniques and Outperforming Your Competition
1. Conversion Rates
OPTIMIZING TECHNIQUES &
OUTPERFORMING YOUR COMPETITION
Matt McGlinn
Product Manager, Intelligence Solutions
mmcglinn@compete.com
Lauren Streisfeld
Retail Consultant: Compete PRO
lstreisfeld@compete.com
20 November 2013
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2. Today’s Agenda
• Conversion Optimization Report Highlights
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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
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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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4. About the Conversion Optimization Survey
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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
5. Marketers utilize multiple tactics to improve
conversion rates
Promotions gain
short-term wins, but
have long-term costs
27%
use more than four
unique tactics
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6. 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 more
likely 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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7. 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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8. Marketers don’t know how good (or poorly) their
websites are performing
• 70% of marketers not aware of their competitors’ conversion rates
2x!
14%
7%
Believe they have a below
average conversion rate
8
2x+ !
12%
5%
Have conversion
rate below 0.5%
Believe they have an above
average conversion rate
Have conversion
rate above 5.0%
10. Why competitive intelligence?
• Internal data only tells your part of the story
• Knowing where you stand against your competitors helps you:
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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
11. Benchmarking against key rivals provides insight to
the entire market landscape
54% of
checkout starts
do not complete
and order
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16. Thank you for joining us!
For more conversion optimization information:
• Download our 2013 Conversion Optimization Report:
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http://success.compete.com/2013-conversion-optimization-report-download
• Learn how to optimize your online conversion funnel:
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http://success.compete.com/3-steps-to-optimize-your-online-conversion-funnel
• Contact us to learn more about Compete Conversion Tracker:
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sales@compete.com
866-633-8390
Editor's Notes
Very little dropout at FTD.comHuge dropout at teleflora
Make call outs for:Questions based separation – color barsWhite Space vs. TextShipping ChargesDelivery info as billingFacebook Login
So lets say you are FTD – you are more efficient in converting traffic. Great. Let’s go steal some customers
So lets say you are FTD – you are more efficient in converting traffic. Great. Let’s go steal some customers