Competitive analysis is something that clients really get excited about and who can blame them? Who wouldn’t love to have a peak behind the curtain of how your competitors are doing and how your website compares to them and the industry as a whole.
I get asked frequently “What should the conversion rate on our website be?” I like to tell our clients that while we have a lot of tools available to help them get a sense of the competitive landscape for their vertical, ultimately it’s only one piece of the puzzle to figuring out what their particular conversion rate goal should be. From an article by Avinash Kaushik, I’d like to recommend 3 things that will help promote intelligent discussion about setting conversion rate goals for YOUR website.
- Sign up for the shop.org annual study and look at what your competitors are doing. Or use FireClick Index. Or the Top 500 Guide from InternetRetailer.com.
- Plot out your own conversion rates by acquisition strategy (DM, PPC, Email, Display etc).
- Make sure to note where you are making increased investments in your own acquisition strategy.
These three ingredients will help you put together a framework for determining your own conversion rate. Talk back to us and let us know how you set your website goals.