Econsultancy and RedEye have published their first report on Conversion.
Surveying more than 700 client-side and agency digital marketers, they investigated the types of conversion and measurement used, as well as the tools, strategies and processes employed for improving conversion rates.
The results were interesting, and in some cases surprising. In a time when businesses have reduced marketing budgets, but increased sales targets, it was shocking to learn that 5% of companies and 10% of suppliers say they (or their clients) still do not track conversion rates…..at all! With the availability of free tools such as Google Analytics, taking time to understand how your business is performing should surely be at the top of any agenda?
Improving conversion means reducing your business cost per sale and increasing Return on Investment. In short, it can mean the difference between success and failure. Why then, is investment in this area falling short?
Lack of budget and lack of resources were noted as being the biggest barriers to improving conversion rates. Analysis shows that if these companies had someone directly responsible for conversion, they were more than twice as likely to have seen improved conversion over the last year.
RedEye suggest the issue is that improving conversion is hard. But so is telling your Management Team that your latest campaign has bombed and you won’t hit your quarterly targets.
A structured approach to testing is essential but with 17% of the companies surveyed claiming they do not carry out any testing at all on their website, and a further 57% carrying out 5 or less tests a month, it’s no wonder 39% claimed they were dissatisfied with their conversion rates.
The report noted that “Improving conversion is a continuous process. There is no magic bullet.” I wholeheartedly agree but just firing the gun a few times would help. So many companies are doing so little to improve conversion.