Competitor data-driven optimization to improve website conversion
How tracking your competition leads to increased online conversion
High quality website traffic is validated by action. If your traffic is not converting, it’s only costing you money and it’s time for a change. When your website is optimized it becomes one of your top revenue generating tools. The key to an optimized, high converting website is continuous improvement. Continuously refining your message until it resonates with your traffic and they’re converting every time. That’s the dream. One way to optimize your website and achieve record conversion rates is competitive activity tracking. Real-time competitor tracking makes refining your website message faster and easier by producing a constant stream of creative landing page ideas to test against your current page. This article demonstrates how to facilitate competitive intelligence tracking with ease and realize the benefits to optimize your website conversion rates
Identify your Competition & Start Tracking
The process begins with a competitive landscape analysis. You already know which competitors compete in your industry. Add these companies as competitions in your Kompyte account and the software will suggest other competitors based on similar keywords; thus enabling you to not only track but find competitors in your marketplace.
Track Key Competitor Pages
The next step in achieving superior competitive insights is to determine your competition’s conversion & key landing pages, examples include:
- PPC ad landing pages
- Organic search landing pages
- Product & Category pages in eCommerce Sites
- eCommerce checkout page
- Lead generation pages – think contests, giveaways, eBooks, or free content
- Other page you identify as relevant in 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. Collect key insight to test in your own website and begin optimizing your conversion rates immediately.
Some examples to start testing:
- Headlines & page content
- Call to action tags
- Landing page structure – columns, forms, buttons
- Conversion form fields – think length of form & layout
- Conversion paths & funnels
- Informational graphics including videos, animations & screenshots
- Sales resources – eBooks, webinars & contents
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 indicating KPIs to optimize. Notes can be viewed individually based on each competitor’s profile or you can quickly view all the ideas you’ve generated such “increase conversion rate”. Kompyte also provides the option to use hashtags for frequently repeated notes, for example #CR #idea #websiteCR
Check Kompyte every few days, and add a note each time you discover a new idea to test. Kompyte makes it easy to discover new marketing ideas by alerting you when the pages you choose to track have changed. Thus your marketing department is flooded with new marketing ideas to test and improve your website conversion rates.
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 also generate time limited reports to extract specific dates.
Share the report with your performance marketing team. Thus providing them with new ideas to add to the marketing backlog as experiments to test for improving website conversion rate.
Important: Make sure you label the experiments as ideas generated through Kompyte competitor tracking. Therefore, you can measure the impact & the ROI of competitive intelligence.
Next comes the fun part – Putting your new marketing ideas to work for you!
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 idea is to test as many ideas as you can. Keep testing ideas until you optimize each aspect of your website and higher website conversion rates are realized.
Refine & Repeat
After beginning experiments with Kompyte’s competitive intelligence, you will realize some of the tests produce a significant impact; your website is achieving a higher conversion rate than its previous average conversion rate.
The website iterations that convert traffic at the highest rate are the optimal modifications. Don’t stop there! Continuous use of Kompyte enables you to gather new intelligence and empowers you to repeat the process until each part of your website is achieving higher than average 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 be easily 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”.
Product Marketing Director
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