31 October 2013, London – New research published by Econsultancy and RedEye (www.redeye.com) reveals that satisfaction with conversion rates has increased for the first time in four years. This year, over a quarter of companies say they are satisfied with conversion (up by 6% since last year) and the highest level since the research was first commissioned in 2009.
The Conversion Rate Optimization Report, now in its fifth year, looks at the types of conversion and measurement used, as well as the tools, strategies and processes employed for improving conversion rates. The report also examines different areas of best practice and identifies which techniques and methods are most valuable for improving conversion rates.
The aim is to provide data and a framework to help companies invest their time and resources as effectively as possible, by examining which methods and processes are most likely to yield results. The research is based on a survey of almost 1,000 digital marketers carried out in July and August 2013.
The vast majority (90%) of organisations surveyed claim conversion rate optimization (CRO) has become more important in the past five years, with around three in five (59%) saying CRO is now crucial to their digital strategy. In addition to this, around three-quarters indicate they have seen an improvement in conversion rates in the last 12 months.
Those that are seeing improvements are becoming more sophisticated in their approach and use of methods. Companies who have improved conversion are running 50% more tests and using 47% more methods than those that have not improved conversion. Likewise, 74% of companies who have one or more people responsible for improving conversion have seen an improvement in conversion rates.
Mark Patron, CEO of RedEye, said:
“This year’s report highlights how digital marketers are becoming more sophisticated when it comes to conversion rate optimization. For example this year for the first time customer journey analysis has become one of the most important ways to improve website conversion. Other standout findings are the growing importance of testing and using complementary methods. This report is a must read for anyone who wants to make sense of the complex world of conversion rate optimization.”
Linus Gregoriadis, Research Director at Econsultancy, added:
“We’ve been carrying out this research with RedEye for the last five years and it’s very gratifying to see that a systematic approach to conversion rate optimization is paying dividends for many organisations. There is continued evidence that success in this area is about a combination of processes, techniques and technologies which more businesses are starting to embrace in earnest.”
The research revealed that there are seven main areas organisations need to concentrate on if they want to improve website conversion and sales. Having a structured approach, giving people clear responsibility (plus ideally a financial incentive) and using multiple methods to improve conversion are among the factors most correlated with improved conversion and sales.
Further analysis of the data explored the extent to which these factors are proven to increase conversion. Key findings include:
-) According to three in five companies surveyed, A/B testing (60%) and multivariate testing (59%) are ‘highly valuable’ for improving conversion rates. Over two-thirds (70%) of companies carrying out A/B tests saw an increase in conversion.
-) Two-thirds (67%) of companies that use three or more methods to improve conversion saw a large increase in sales.
-) Over half of companies that used three or more ways of segmenting saw an increase in conversion/sales.
-) Companies who adopt a structured approach are 55% more likely to see a small increase in sales and 23% more likely to see a large increase.
-) Around three-quarters (74%) of companies who have ‘quite a lot’ or ‘a great deal’ of control over conversion rates had seen an improvement in conversion rates, compared with 38% of companies who don’t have any control.
-) Over three-quarters (79%) of companies that have more than one person responsible for improving conversion have seen an improvement in conversion rates.
The full 2013 Econsultancy / RedEye Conversion Rate Optimization Report is available for download here:
For more information about the report, contact:
Linus Gregoriads, Research Director, Econsultancy
linus.gregoriads AT econsultancy.com
Monica Savut, Research Manager, Econsultancy
monica.savut AT econsultancy.com
Econsultancy helps clients achieve digital marketing and ecommerce excellence through access to intelligence and capabilities development resources. These include premium subscriptions, research, training and elearning, consulting and events.
Founded in 1999 and with over 200,000 registered users worldwide, Econsultancy is a leading authority in its field. Every day, it enables clients to make better decisions, find the best suppliers, look smart in meetings and accelerate the growth of their organisations through digital.
RedEye specialises in data-driven digital marketing.
Since 1997 RedEye has been combining highly sophisticated technology with highly creative thinking to produce highly effective marketing solutions.
The managed services and solutions we offer through marketing automation, email marketing and user experience, ensure clients are always providing the right message, to the right customer, through the right channel and at the right time.
RedEye clients include Radley, Interflora, Avis, Monarch, ASOS, M&S, Hotel Chocolat, esure, PayPlan, Gala Coral and William Hill.
Published on: 10:17AM on 31st October 2013