Improve website conversion with competitive intelligence
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 competitors 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 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
- 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 and prioritize key insights 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 – 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 outlining what you want to test and the KPIs you’re hoping to impact. 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. And, pay attention to those alerts when pages you track change. These to action items 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 also generate time limited reports to extract specific dates.
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. 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”.
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