Millward Brown Digital Launches Solution Enabling Marketers to Improve Conversion Rates By Analyzing Onsite Activity of Competitors
70 percent of marketers unaware of competitors’ conversion rates or the average in their industry
Boston, MA, October 3, 2013 — Millward Brown Digital, the world’s leading digital expert in helping clients grow great brands, today launched Online Conversion Insights.
Online Conversion Insights allows marketers to see competitors’ onsite activity like never 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.
A Millward Brown Digital study revealed that fewer than 30 percent of marketers are currently benchmarking their conversion rates against competition and that marketers who invest more time and money in conversion optimization reap the rewards of higher conversion rates.
In fact, marketers investing at least 10 percent of their time on optimization and competitive intelligence have a higher conversion rate than the average of two percent. A leading ecommerce marketer, informed by Online Conversion Insights, recently realized an incremental $2 million in revenue by increasing their on-site conversion rates by five percent – with just minor adjustment in checkout flow. This resulted in a nearly 300 percent ROI in the first month alone.
Online Conversion Insights gives marketers visibility and leverage in answering key business questions such as:
- How does my conversion rate compare to others in my industry?
The solution evaluates best-in-class performers across categories and helps marketers adopt high-performing tactics for success.
- How many of my customers are also shopping with my competitors?
Online Conversion Insights helps marketers understand which competitors customers are shopping with and why, enabling better insight for impacting shopping behavior and enhancing marketing strategy.
- How does behavior differ between new and returning customers?
Online Conversion Insights uncovers how behavior differs between new and returning customers and provides insight into how loyalty, affiliate and email marketing programs impact site performance and engagement.
“While knowing competitive traffic and keyword share is very valuable, Online Conversion Insights takes it to the next level. Every data-driven marketer should have this,” said David Zucker, CMO of Vitacost.com.
For more information on Online Conversion Insights, please go to https://www.compete.com/products/online-conversion-insights/.
About Millward Brown Digital
In the U.S., Millward Brown Digital delivers comprehensive digital solutions to help advertisers, agencies and publishers increase marketing effectiveness and drive brand growth. The unit combines Compete’s consumer, channel and market intelligence solutions – supported by the largest behavioral panel in the industry – with Dynamic Logic’s market-leading advertising and campaign effectiveness offering. Insights from the division helps marketers increase media efficiency and optimize campaign effectiveness; expand sales and market share for their brands across all channels and enhance total brand performance.