Source: Millennial Media / comScore [download page]
Notes: Finance advertisers on the Millennial Media network are most focused on brand awareness and engagement (37% of campaign goals), per Millennial Media’s report. But their biggest difference from advertisers overall lies with registrations, the goal for 30% of finance campaigns versus 12% of campaigns overall. (The analysts note that insurance brands used registration campaigns to motivate consumers to sign-up for free quotes or estimates for new service.)
With respect to post-click actions, the study finds that finance advertisers are significantly more likely to be using site search (used in 49% of campaigns vs. 26% for a! dvertise rs overall), but less likely to be driving users to application downloads (13% vs. 28%).
Source: Harris Interactive
Notes: Some 48% of American adults would be extremely (25%) or very (23%) interested in being able to check their blood pressure on a smartphone or tablet were this available to them, according to the Harris survey, with 47% expressing that degree of interest in the ability to check their heart and heartbeat for any irregularities. Among Millennials (18-37), an application that tracks their physical activity (e.g. steps, sleeps) generates the most interest, with 57% reporting being at least very interested in such an app.<! /p>
Some 35% of CEOs at large organizations believe that their marketing’s sales performance is exceeding expectations, while fewer CMOs (26%) agree, according to a Forbes Insights study [download page] conducted in association with Rocket Fuel and Spencer Stuart. The survey – conducted among 296 global senior executives, 80% of whom hail from companies with more than $1 billion in revenues – suggests that CEOs may simply have lower expectations of marketing, as many believe their investments are wasted. › Continue reading
89% of company marketers (primarily UK-based) feel that conversion rate optimization is crucial (55%) or important (34%) to their overall digital marketing strategy, and 87% of agency respondents agree with respect to their clients, according to the latest annual conversation rate optimization study [download page] from Econsultancy and RedEye. The report contains a host of intriguing data points concerning the methods by which marketers are going about impr! oving th eir conversion rates, also detailing those perceived most effective.
Before delving into specific methods outlined in the report, it’s worth noting that conversion rate optimization is a growing area of focus for 82% of company marketers surveyed. Interestingly, only 22% are quite satisfied with their current conversion rates, with none very satisfied. Instead, a plurality (41%) are neither satisfied nor dissatisfied. At the same time, more than 7 in 10 feel that their online conversion rates have improved over the past year, suggesting that as marketers increase their focus on this important area, they’re also upping their standards.
Looking at the most popular methods currently used to improve conversion rates, the report’s results show A/B testing is the most widespread, used by 67% of company respondents. Following A/B testing are customer journey analysis (58%), copy optimization (54%) and online surveys/customer feedback (50%). No other identified method is currently in use by a majority of respondents, with few using multivariate testing (30%), website personalization (25%) and expert usability reviews (21%).
Source: Radio Advertising Bureau (RAB) [pdf]
Notes: US radio industry revenues declined by 2% year-over-year in Q3 following a 3% drop in Q2. Digital (+11%) and off-air (+14%) were bright spots, though they couldn’t quite offset the decreases in spot (-3%) and network (-4%) revenues. During the third-quarter, top-tier spenders healthcare (+4%), professional services (+5%) and insurance (+1%) bucked the overall trend by increasing their radio spend, although spending by auto and communications and c! ellular companies dropped. For the year-to-date, radio revenues are down by 1%.
Source: Nielsen [download page]
Notes: Two-thirds of online consumers surveyed in 60 countries (74% in the US) around the world somewhat or strongly agree that private labels are usually extremely good value for the money, according to Nielsen’s report, and 65% agree (75% in the US) that private labels are a good alternative to name brands. Within the US, two-thirds agree that most private labels’ quality is as good as name brands’, while only one-quarter agree that private labels are not suitable when quality matters. Overall, Nielsen finds that private label captures 16.5% dollar share aroun! d the wo rld, highest in Switzerland (45%).
Source: Econsultancy / RedEye [download page]
Notes: 32% of global company marketers (primarily based in the UK) say they have experienced a “major lift” in search engine marketing conversion rates since implementing personalization, with another 60% reporting a “minor” uplift. Interestingly, 95% of respondents reported some degree of uplift in conversion rates from personalizing offline channels.
Spotify may be a big name when it comes to music streaming, but the company is hardly rolling in the dough. The private company disclosed today that it took in 747 million euros (around $1.03 billion at the time) in 2013, up about 74 percent from 2012. However, shelling out a good portion of that to record companies and publishers led to net losses of $80 million for the year — a near 70 percent cut that takes the majority of the service’s revenue. The numbers reveal that Spotify isn’t quite lining its pockets with cash. In fact, more folks opt for the free option instead of paying a monthly fee. Only 8 million of the 36 million active listeners at the end of last year were opening their wallets. Some quick math shows that to be a little less than a quarter of the total user base.
In the financial statement, Spotify said 91 percent of sales ($897 million) are from subscriptions with an additional $90 million coming from ads. If the same 70 percent cut heads to licensing fees for both, the free listeners are obviously earning labels, and in turn artists, much less. It’s quite easy to see why acts like Taylor Swift and others are upset that the service isn’t paying what they think it should, especially for the non-paying customers. And of course, YouTube’s recent effort and the pending integration of Beats Music into Apple’s music plans could make the uphill climb a bit steeper.
Filed under: Internet
Social commerce conversion rates are undeniably low. Sites like Facebook, Twitter, and Pinterest trail email and search in terms of the number of visitors who click on a post and make a purchase.
But social still has a potent influence on consumers’ decisions further along the “purchase funnel.” Evidence shows that paid and organic posts on social platforms drive sales completed online and offline later on.
In a new report from BI Intelligence we break down how social media is impacting retail sales throughout the purchase process — whether a social media user clicks directly from a retailer’s Facebook ad to make a purchase, or sees a pin on Pinterest and ends up buying the product in-store a week later. We look at the varied metrics that underscore social commerce performance at the different networks, including conversion rates, average order value, and revenue generated by shares, likes, and tweets. We also outline the latest commerce efforts by leading social networks.
Access The Full Report By Signing Up For A Trial Subscription >>
Here are a selection of the key points from the report:
- Social commerce is growing quickly: The top 500 retailers earned $2.69 billion from social shopping in 2013, according to the Internet Retailer’s Social Media 500, up more than 60% over 2012, while the e-commerce market as a whole grew only 17%.
- Social commerce is even larger in terms of revenue generation when looking not at traditional direct referrals, when the last click before purchase happens on a social-media site, but when looking at where consumers began their purchase process, i.e., the first click.
- Growth is sure to accelerate and conversion rates should improve as Twitter and Facebook roll out “Buy” buttons, which will allow social-network audiences to initiate an e-commerce purchase by clicking on a retailer’s post or tweet. Facebook’s tests began in July, Twitter’s in September.
- Facebook is the clear leader for social-commerce referrals and sales: This is due in large part to the sheer size of its audience — 71% of US adult internet users are on Facebook. A Facebook share of an e-commerce post translates to an average $3.58 in revenue from sales, according to AddShoppers. On Twitter, a share or retweet is worth only 85 cents.
- But other sites are gaining, and even leading on, specific metrics, like average order value (AOV): Polyvore, for example, sees $66.75 in AOV from social referrals, according to Shopify. Pinterest sees $65. That’s compared to Facebook, which sees $55 AOV. Pinterest also drives more social sharing of retail content than any other network including Facebook.
In full, the report:
- Sizes social media’s role for retailers compared to other major referral sources
- Looks at how the different social networks stack up in terms of conversion rates, share of social-generated retail sales, and average order value
- Examines why Facebook alone plays such a massive role for e-commerce companies, driving a huge share of referrals and still beating out other social networks for conversions
- Points to the metrics that still make other, smaller social networks compelling for retailers, including sites like Polyvore, Pinterest, and Instagram
- Outlines the latest major commerce moves by Facebook and Twitter, which could help drive up conversion rates directly from social
- Notes retailers that have built whole businesses on Facebook, showing the very real opportunity for social and commerce to work together
Roomer is doing for hotel rooms what Airbnb did for your very own home. According to the startup, which has just raised $5 million in Series A led by Disruptive, there are 81 million hotel room cancellations in the United States every year. Roomer tries to solve that problem by letting users sell…
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Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.
Collaborators – Digital Profs
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