It’s official. Marketing measuring has never been more important.
Recently, Google asked Forrester Consulting to survey 150 marketing, analytics and IT executives about the measurement challenges they face, and the results predicted a change in marketing spend to a move towards conversion optimisation.
So, in 2017, it looks like budgets are likely to shift to convert more traffic, rather than drive traffic to websites.
Nowadays, there’s so much customer data available to businesses that effective measurement is key when it comes to converting visitors and increasing revenue. It seems, going forward, that budget would be far better spent converting customers than acquiring more customers.
Forrester also report that for every $100 spent on acquisition, just $1 is spent converting those prospects into customers. This has largely been due to the fact that the staff and technology required was costly. But as technology and the power to manage data is getting far more advanced now, it’s much more cost effective to focus on increasing conversion to boost online sales.
However, the Forrester survey found that only 26% believed their marketing analytics tools are well-integrated and work seamlessly together. It also discovered that marketers are 39% more likely to see improvement in their overall marketing performance with a complete marketing analytics stack of 5 or more tools. So, it is clear that the right technology and tools are the key to success.
This is certainly food for thought for e-commerce businesses, who can now partner with experienced providers to look at their data in real time, apply intelligence to it and expand revenue autonomously.
How can providers optimise conversion?
There are already some big players increasing sales with conversion rate optimisation technology. Their specialist software works to optimise the entire customer journey autonomously and based on user behavior to achieve personalisation in real-time, turning more browsers into buyers and recovering more lost sales.
MD James Critchley from conversion optimization experts Cloud-IQ believes the future lies in machine learning: “To take full benefit of optimisation opportunities, you ideally want it to happen invisibly within each customer experience. Conversion rate optimisation no longer has to be so costly, time-consuming and arduous, if machines can help carry the load.”
Site analytics tools can identify conversion weak spots, enabling businesses to build a complete picture of the customer profile and journey, gaining invaluable knowledge and insight.
On-site remarketing tools can increase engagement to drive sales and grow email marketing lists, while off-site remarketing techniques re-engage with customers that abandon sites.
Combine customer data with the right optimisation technology and businesses can leverage the recent advancements in tech and data management to increase online conversions at much lower cost than ever before.