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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
1
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
2
2013 Conversion Optimization
Report Highlights

3
About the Conversion Optimization Survey
•
•
•
•
•

4

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
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

5
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+%)

6
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

7
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%
Using Competitive
Intelligence to Optimize
Conversions

9
Why competitive intelligence?
• Internal data only tells your part of the story

• Knowing where you stand against your competitors helps you:
•
•
•
•

10

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
Benchmarking against key rivals provides insight to
the entire market landscape

54% of
checkout starts
do not complete
and order

11
Head-to-head page analysis reveals opportunities for
optimization testing

12
Cross-shopping quickly identifies your strongest
competition

13
Once key competitors are established, head-to-head
comparisons will introduce opportunities

1800flowers.com

73%

avgs.
more
paid search volume

14
Q&A

15
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:
•
•

16

sales@compete.com
866-633-8390

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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 1
  • 2. 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 2
  • 4. About the Conversion Optimization Survey • • • • • 4 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 5
  • 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+%) 6
  • 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 7
  • 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%
  • 9. Using Competitive Intelligence to Optimize Conversions 9
  • 10. Why competitive intelligence? • Internal data only tells your part of the story • Knowing where you stand against your competitors helps you: • • • • 10 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 11
  • 12. Head-to-head page analysis reveals opportunities for optimization testing 12
  • 13. Cross-shopping quickly identifies your strongest competition 13
  • 14. Once key competitors are established, head-to-head comparisons will introduce opportunities 1800flowers.com 73% avgs. more paid search volume 14
  • 16. 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: • • 16 sales@compete.com 866-633-8390

Editor's Notes

  1. Very little dropout at FTD.comHuge dropout at teleflora
  2. Make call outs for:Questions based separation – color barsWhite Space vs. TextShipping ChargesDelivery info as billingFacebook Login
  3. So lets say you are FTD – you are more efficient in converting traffic. Great. Let’s go steal some customers
  4. So lets say you are FTD – you are more efficient in converting traffic. Great. Let’s go steal some customers