How do you learn from your competitors and industry benchmarks for conversion rate optimization?

In my experience the initial step in learning from competitors is identifying your key rivals within your industry or niche. Utilize tools like Google, SEMrush, or SimilarWeb to uncover websites ranking for the same keywords or targeting a similar audience. Analyze their offerings, assess online reviews and social media presence, and study industry publications to gain insights into their strengths, weaknesses, reputation, and marketing strategies. By thoroughly understanding your competitors, you can better position your business and develop effective strategies to differentiate yourself and capitalize on market opportunities.

You know what they say, "Keep your friends close, and your competitors' conversion rates closer!" To learn from competitors and industry benchmarks, I stay on my toes, analyze their strategies, dissect their tactics, and extract valuable insights to enhance my own conversion rate optimization efforts. It's like being a secret agent, except instead of saving the world, I'm just saving my conversion rates.

Instead of focusing solely on increasing conversion rates, businesses should also consider the lifetime value of customers and prioritize long-term relationships. This can lead to better customer retention and increased profits over time. Many businesses also tend to focus on quantitative metrics and overlook the qualitative aspects of user experience. Don't forget about the emotional and psychological factors that drive user behavior and influence conversion rates.

As well as the tools mentioned above and by other contributors you can also use AI like Chatspot, Chat GPT or Bard to uncover competitors and information about them.

Tips to identify your competitors: 1. Keyword research - type in your target keyword into Google and see who comes up on SERPs or use an SEO tool like Semrush or Ahrefs. 2. Check online communities - seek out recommendations on social media and community platforms like LinkedIn, Reddit and Quora. 3. Talk to your sales team - find out which companies come up often in customer queries and demos. 4. Ask your customers - reach out to customers and ask what other brands they considered before purchasing from you. 5. Check comparison sites - use sites like Capterra and G2 to scope out your competitors.

Let's flip the script on CRO! Don't just blindly follow your competitors—forge your own path, stay true to your brand, and put your customers first. Learn from what others are doing, but innovate and adapt to create a conversion strategy that truly sets you apart. Voice search, chatbots, and virtual assistants are transforming user experiences. Stay ahead by adopting and integrating these technologies into your CRO strategies. Analyze not only your competitors' website design but also their customer support, sales funnel, and content marketing efforts. These factors can also impact conversion rates. Be bold, be authentic, and stay ahead of the game. Your customers (and your bottom line) will thank you!

I think this is a little misleading. Can't speak for all of those tools but Hotjar for example isn't used to look at competitor sites, it's for use on your own. There is a danger in trying to emulate your competitor's website and that danger is that you have no idea what their true conversion rate online is. Even when websites are identical, the businesses still have different USP so I agree its useful to analyse what competitors are doing but if they are doing something you think looks good your approach should be to split test that against what you are doing on your site rather than blindly making changes. Let the data make the final decisions. One tool that you can use to analyse competitor sites however is https://www.eyequant.com/.

While you should keep an eye on your competitors, you shouldn't try to emulate their strategies. What works for your competitor might not work for you, so focus on creating a strategy centered around your own USP and goals. Implement tracking tools like multi-touch attribution to evidence the strategies that have had a positive impact on your marketing performance and business.

Don't just focus on short-term conversions. Prioritize building long-term relationships with your customers by offering value and creating a memorable experience. Analyze how your sales and customer support teams contribute to the overall CRO efforts. Seamless communication and collaboration can enhance the customer experience and lead to higher conversions. Don't limit yourself to traditional metrics and methods. Focus on long-term customer relationships, prioritize a holistic approach, and stay ahead of emerging trends. Balance short-term gains with long-term success, and watch your conversion rates soar!

Be aware of the limitations of tools like GA when measuring and benchmarking conversions: 1. GA only tracks conversions that happen on your website. If a conversion happens offsite, such as a phone call, GA won't track it. 2. GA doesn't consider lead quality when calculating your conversion rate. This means that if you have a high conversion rate but the leads you are generating are not of high quality, your overall performance may not be as good as it seems. 3. GA has a maximum 90-day attribution window for events. 75% of B2B companies take 4+ months to win a new customer. If you’re one of them, you’re likely missing out on key touchpoints that lead to conversions, so you need more sophisticated attribution tools.

Recognize that your audience is diverse, with different preferences and behaviors. By segmenting your audience based on factors such as demographics, interests, and purchase history, you can create tailored experiences and targeted messaging that resonate with specific user groups. Utilize tools and platforms like Optimizely, Dynamic Yield, or Adobe Target to implement personalized content, recommendations, and offers on your website, increasing the relevance and appeal for your visitors. Additionally, leverage email marketing platforms like Mailchimp, Klaviyo, or Iterable to send personalized emails and nurture your leads and customers throughout their lifecycle.

Don't overlook mobile optimization and voice search in your CRO strategy. Mobile users are skyrocketing, so ensure a seamless experience with responsive design and fast load times. Also, adapt to voice search with long-tail keywords and FAQ-style content. Stay ahead of the curve and boost your conversions by embracing these trends.

When it comes to analysing your competitors don't just look at their website but try to understand the audiences they are driving to it using Google Ads & META's transparency centres to see the ads they are running. Always take a look at sites on a mobile before a desktop because typically a higher percentage of traffic is visiting you on this device.