How brands can improve their own funnel by understanding the performance of their competitors
Published: 11th July 2022
D2C brands make significant investments to build their sales funnel and improve the conversion rate.
The problem is that it is very hard to find ways to benchmark the conversions at each step of the funnel and know whether they can be improved and how. In previous posts we showed how brands can benchmark the performance of their media in order to assess the success of their campaigns and now we will see how this can be done to improve their sales funnel.
Imagine if brands could look at the detailed conversions of their competitors’ sales funnels in order to get a benchmark on their performance and try to identify what works and what doesn’t. Sounds like science fiction? Well, this is now possible thanks to Single Source Data.
Single source data can see, for the first time, the entire consumer journey (the funnel) for every brand and give brands the insights they need to improve each step.
The below real-life example looks at the journey to purchase in the insurance industry. Our research showed that Aviva had a conversion rate of around 33% from site visit (on mobile devices) to requesting a quote and 4.1% from quote to mobile purchase. But what does it mean? Should they give their marketing team a fat bonus or should they have an emergency meeting to discuss how to improve these results?
We compared this to the conversion of LV, Admiral and The AA:
As we can see from the above, it seems like Aviva can still improve their conversion quite a bit as their competitors perform much better. As a first and easy step, they should take a deep look at the AA website (as well as LV and Admiral) to understand what they are doing right and use it to improve their own funnel.
It is not enough for brands to only look at their own performance. Learning from the competition is extremely important. However, until recently this wasn’t possible. Today with our Single Source technology , brands can analyse every step of their competitors’ funnel in order to improve their own.