Part 1: Budgeting & Investment
The amount of time spent on a website doesn’t directly correlate to an immediate purchase, but it certainly increases the likelihood and creates a bigger affinity for the brand. A recent study found that web personalization can increase time spent on a website by up to 217%, leading to a 10x lift in revenue conversion as compared to the average website visitor. So, how does an online brand increase the amount of time individuals spend on the brand’s primary digital experience? Website personalization. According to VentureBeat, 87 percent of marketers who have invested in web personalization have seen a lift of at least 5 percent in their most important metric. By personalizing the visitor’s web experience, companies will convert casual browsers into shoppers by decreasing the time from delivery to conversion.
A common challenge for many online marketers is how to deal with the combination of fewer page views, fewer visits, and/or less time spent on site, inevitably resulting in missed revenue. It is clear that visitors who do not have an experience tailored to their needs, intent, and past experiences are quickly losing interest and bouncing from the website. In fact, a recent study found that the average bounce rate for a website is 40.5%. To remedy this problem, marketing teams must understand what types of behavior lead to what outcomes and, conversely, what behaviors fail to lead to the desired outcome. Equipped with this data, organizations will have the ability to tailor the digital experience for each visitor that comes to the webpage, driving revenue and making more efficient use of marketing budgets.
According to eMarketer, 58 percent of marketers dedicated more than 40 percent of their marketing budgets to real-time marketing efforts across web, social, mobile, and email. And, nearly six in 10 respondents intended to increase this spending in the next year. With this new investment in web personalization and engagement, marketing teams must ensure their efforts are making a genuine impact on potential customers.
This impact is achieved by combining the ability to discern intent from rationalized web behavior with other web technology, mobile applications and web analytics. With this strategy, our clients are able to improve online engagement for all visitors. When consumer experiences are improved, more time is spent on the website and additional data is collected on each individual, ultimately creating a richer, more relevant digital experience each time the visitor returns. In this case, success begets more success, be that more relevant recommendations or opportunities for cross-sell/up-sell.
Maximizing the relevancy of web experiences is critical to business success, as it affects bounce-back rates, time-on-site, page views and, ultimately, conversions that are meaningful to the business. By collecting more comprehensive, varied and relevant data across an individual’s many devices, marketers deliver more relevant digital experiences to the consumer, resulting in increased conversions and revenue gained from each visit – as well as a stronger relationship with those individuals on which to build going forward.