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CONVERSION RATE OPTIMISATION MONTH: Defining the key metrics for e-commerce success
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Conversion rate optimisation (CRO) is a data-driven process aimed at increasing the percentage of website visitors who take a desired action, such as making a purchase or signing up for a newsletter. To measure the effectiveness of CRO efforts, digital marketing professionals rely on a variety of key metrics – Here are the key data points, as used by delegates at the eCommerce Forum…

Core CRO Metrics

  • Conversion Rate: The most fundamental metric, it measures the percentage of visitors who take the desired action (e.g., purchases, sign-ups).
  • Bounce Rate: The percentage of visitors who leave a website after viewing only one page. A high bounce rate indicates a lack of engagement.
  • Average Time on Site: The average amount of time visitors spend on a website. Longer dwell times suggest greater engagement.
  • Pages per Session: The average number of pages viewed per visit. This metric indicates how deeply visitors explore the site.
  • Click-Through Rate (CTR): The percentage of users who click on a link or call to action.
  • Cart Abandonment Rate: The percentage of visitors who add items to their cart but don’t complete the purchase.
  • Average Order Value (AOV): The average value of orders placed on a website.
  • Customer Lifetime Value (CLTV): The total revenue a customer generates over their lifetime.

Advanced CRO Metrics

  • Conversion Funnel Analysis: Breaking down the customer journey into steps and analyzing performance at each stage.
  • A/B Testing Results: Comparing the performance of different website variations to identify the most effective elements.
  • Customer Satisfaction Surveys: Gathering feedback from visitors to understand their experiences and identify areas for improvement.
  • Heatmaps and Click Maps: Visualizing user behavior to identify areas of interest and frustration.

Using Metrics to Drive Optimization

  • Set Clear Goals: Define specific CRO goals based on your business objectives.
  • Track Key Metrics: Monitor relevant metrics regularly to assess the impact of your optimization efforts.
  • Analyze Data: Use data analytics tools to identify trends, patterns, and areas for improvement.
  • Test and Iterate: Conduct A/B tests and experiment with different website elements to optimize for better results.
  • Segment Data: Analyze data by different segments (e.g., demographics, device type) to identify specific areas for improvement.

By tracking and analyzing these metrics, digital marketing professionals can make data-driven decisions to enhance website performance and drive conversions.

Are you searching for Conversation Rate Optimisation solutions for your organisation? The eCommerce Forum can help!

Photo by Firmbee.com on Unsplash

Euro 2024 broke $500m sponsorship barrier
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The 2024 edition of the UEFA European Championships saw sponsorship deals from a total of 25 brands, with the largest deal in terms of annual value being with adidas, according to new analysis.

Alongside Sportradar, Coca-Cola’s deal ranks joint second in terms of the largest sponsorship deals. Overall, the 2024 UEFA European Championships generated sponsorship revenue of $535.25 million, says GlobalData.

Its latest report “Post Event Analysis – UEFA European Championships 2024,” reveals that the largest media value deal for the 2024 European Champions was with Deutsche Telecom. The tournament had a total attendance of around 2.68 million.

Olivia Snooks, Associate Sport Analyst at GlobalData comments: “Many of the partnerships, including adidas and Sportradar, have agreed deals with UEFA; therefore, the partnerships go beyond just the European Championships. Adidas took over from Nike as the official ball supplier to all UEFA competitions in 2000. Coca-Cola, on the other hand, has only a one-year partnership, serving as a global partner for the 2024 edition of the tournament.”  

The UEFA Euro 2024 final was watched by a peak audience of 24.2 million across ITV and BBC in the UK, with an average of 22.3 million watching the match. ITV posted its highest viewing share for a final since records began. The BBC’s coverage, in fact, beat ITV’s coverage of the final in terms of peak viewership. England’s Euro 2024 semi-final victory over the Netherlands was watched by a peak audience of 20.3 million on ITV, which prior to the final was the most-watched television program of the year.

Snooks continues: “As the European Championships are one of the UK’s “crown jewel” sporting events, along with other competitions, such as the Olympics, they are required by law to be shown on free-to-air channels. This year’s Euros set records for TV audiences in the countries of the participating teams, as the 2024 Euros increased to 24 competing nations.”

Approximately 65,000 fans attended the 2024 Euros final between England and Spain. Unsurprisingly, tickets for the final were the most expensive out of all of the matches. Ticket prices ranged from $107.26 (£83) to $1129.44 (£874). The total number of tickets sold for the quarter-final matches was 218,787, while the total number of tickets sold at the semi-final matches was 112,968.

Snooks concludes: “The attendance for the 2024 Euro final was considerably lower in terms of percentage compared to other matches at this year’s Euros, with a 92.5% full stadium. However, it is important to mention that many England fans left the stadium in Berlin before the medal ceremony had even begun; therefore, the attendance data for the final might be slightly skewed.”

Photo by Peri Stojnic on Unsplash

Build your supplier network at the eCommerce Forum
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As an industry professional you have a pending invitation to attend the eCommerce Forum, which will provide you with a rare full working day of industry networking, learning and connection building.

Will you be attending? Secure your free place here.

Your pass will be fully funded to attend as our guest, which includes:

  • A seat at our insightful seminar sessions, led by industry thought leaders
  • Your own personalised itinerary of 1-2-1 meetings with industry leading suppliers, who can help with your upcoming plans and projects
  • Complimentary lunch and refreshments provided throughout the day
  • Multiple networking opportunities with fellow industry professionals
  • Personalised attendance options to suit your schedule

Book online here >>> (booking takes only 5 minutes)

Watch our attendee experience video to find out more about what to expect at the event!

If you have any further questions please contact us here for more information.

IPA Bellwether reports UK digital ad budgets rise
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The Institute of Practitioners in Advertising’s (IPA) Bellwether reports marketeers have revised their budgets upwards in the first quarter of 2017, the highest level recorded in almost a decade.

Some 26.1 per cent of those companies polled remain positive about 2017/18 budgets, signalling growth for the coming year,  while 11.8 per cent of companies said that marketing budgets would increase during the first quarter of 2017.

32 per cent of those companies polled also reported improvement in the financial pipeline, compared to 19 per cent that predicted things would be worse during the quarter.

The IPA reported marketers on tighter budgets are seeing greater value from digital and positioning ad spend accordingly, mostly as a direct result of the unknown effects of Brexit negotiations and wider economic uncertainty.

However, despite a positive outlook for digital ad spends in 2017, the IPA predicts stagnation materialising in 2018, with marketers being advised by experts to proceed with caution.

Speaking about the report, the IPA’s director general Paul Bainsfair said: “The election result has thrown further uncertainty into an already volatile environment.

“It is inevitable that this has had a knock-on effect on UK. Specifically, for marketers this has meant a desire, where possible, to seek out more activation driven advertising. As evidenced strongly in this latest Bellwether Report, this has resulted in a further move towards advertising in the digital space.”