Improve website conversion with competitive intelligence
High quality website traffic is validated by action. If your traffic doesn’t produce results, it can prove costly from a financial perspective. Conversely, when your website is optimized, it becomes one of your top revenue generating tools. The key to an optimized website with high conversion rates is continuous improvement. Continuously refining your message will help you resonate with your audience and retain a distinct advantage. The ultimate goal is not only to drive traffic, but also to present your unique selling proposition in a way that results in conversion every time. One key way to optimize your website and achieve record conversion rates is competitive activity tracking. Real-time competitor tracking streamlines your marketing process by producing a constant stream of creative landing page ideas to test against your current page. This article demonstrates how to implement competitive tracking with ease and improve your website conversion rates
Identify your Competition & Start Tracking
The process begins with a competitive landscape analysis. For the most part, the competitors within your industry are likely already known to you. Adding these companies as competitors in your Kompyte account will prompt the software to suggest other competitors based on similar keywords. This will enable you to find and track emerging competitors in your market.
Track Key Competitor Pages
The next step in achieving superior competitive insights is to determine your competitor’s key landing pages. Examples include:
- PPC ad landing pages
- Organic search landing pages
- Product & Category pages on eCommerce Sites
- eCommerce checkout page
- Lead generation pages – think contests, giveaways, eBooks, or free content
- Any other pages you identify as relevant from your competitors’ funnel pages
Tracking conversion pages is easy when you put Kompyte to work for you. Once you add page URLs, the software will automatically visit each page everyday and alert you when there is a change detected.
Gather ideas to optimize your conversion rate
You can start generating new ideas right away by analyzing competitor’s pages. You will be able to collect and prioritize key insights from Kompyte’s software to test on your own website.
Some examples to start testing:
- Headlines & page content
- Call to action tags
- Landing page structure – columns, forms, buttons
- Conversion form fields – consider the length of forms & their layout
- Conversion paths & funnels
- Informational graphics including videos, animations & screenshots
- Sales resources – eBooks, webinars & content
The notes feature in Kompyte enables you to easily save and organize all the ideas that inspire you. Our advice is to take specific notes outlining what you want to test, as well as the KPIs you’re hoping to improve. Notes can be viewed individually based on each competitor’s profile, or you can quickly view all the ideas you’ve generated such as, “increase conversion rate.” Kompyte also provides the option to use tags and labels for frequently repeated notes, helping to consolidate emerging ideas. For example, you might create several tags, such as “#CR, #idea, #websiteCR.” Any time a team member uses the tag in the notes section, you will be notified.
Check Kompyte every few days, and add a note each time you discover a new idea to test. You will also be alerted any time a change occurs on a website you’re tracking. Applying your knowledge from these changes to your own strategy will ensure your marketing department always has ample ideas to test.
Prepare your new ideas to be tested by the marketing team
Kompyte enables you to generate a complete report of the ideas you’ve noted (#CR #idea #websiteCR). You can easily share and collaborate over the reports so all teams can benefit from the competitive knowledge and take the necessary steps to improve conversion rates.
Important: Make sure you label the experiments as ideas generated through Kompyte competitor tracking. Doing this ensures that the impact & the ROI of competitive intelligence can be measured.
Next comes the fun part – Putting your new marketing ideas to work for you!
Now you can start running experiments and A/B tests on your website to test your new ideas. You may need to adapt them to your business model or your value proposition. The best practice is to test as many ideas as you can. Continuing to test ideas until you optimize each aspect of your website will ultimately result in higher conversion rates.
Refine & Repeat
After beginning experiments with Kompyte’s competitive intelligence, you will find that the tests are producing a significant impact. Your conversion rate will start to rise above your previous averages.
The website iterations that convert traffic at the highest rate are the ideal modifications. Don’t stop there! Continuous use of Kompyte enables you to gather new intelligence as your industry evolves and empowers you to repeat the process until each part of your website is achieving great results.
ROI: How to measure this technique and calculate its value
If you kept track of all the experiments until the end, the best performers will have a direct impact on the KPI – website conversion rate. This impact in conversion rate can easily be translated to a shift in sales or leads, and therefore in ROI.
For example: “This new call to action, derived from our competitor tracking system, Kompyte – converts 20% better than our previous call to action, therefore we’re driving 20% more sales (or leads) than before thanks to competitive intelligence”.
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