New research comparing user customer experiences for banks
This study caught my attention since it highlights the digital disruption caused by challenger banks and how some industry incumbents have improved their performance, but others haven't.
This painstaking usability research involved competitor benchmarking where Peter Ramsey of Built for Mars each click reviewed different activities like opening an account was logged and compared.
The findings are shocking... Look at the difference between the 10+ days for an account to be active from existing banks in comparison to the 2-3 days for an account to be active from challenger banks like Monzo, Starling and Metro.
Kudos is due to the traditional banks like Barclays and Lloyds who have revised their back office process using STP (straight-through processing) so that they offer a 2-day turnaround process.
In terms of digital experiences, the challenger banks perform even better...
It took 5x as many clicks…
US, Europe and Worldwide ad clickthrough rates statistics comparing display ads to paid social and Google Ads CTRs
I've put this compilation together to help marketing professionals and students studying interactive marketing create direct response conversion models for digital marketing campaigns. Through creating budget models using known benchmarks for clickthrough rates and average costs for digital media you can better forecast your return-on-investment from digital media ads. This data is particularly useful if you haven't previously invested in advertising on publisher sites through ad networks or paid social media ads since it can help make the case and set expectations with colleagues or clients of the number of visits based on quantitative forecasts.
When I originally compiled these stats from different sources, social media ads were only in their infancy, but they are now established as a mainstay of online advertising. More recently I have added a comparison of CTRs…
Benchmarking your performance allows you to understand how well you’re actually performing, compared to real life competitors
Measuring digital success is no easy feat; even if you’ve reached your digital marketing goals and KPIs, that doesn’t necessarily mean it’s good enough. After all, what if your competitors are all outperforming you? What if the industry is growing at a faster rate than your business is?
That’s why it’s extremely important that you benchmark your business against your competitors: it allows you to understand how well you’re actually performing, compared to real life competitors.
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In this blog post, discover useful tips and tools for benchmarking success in the digital landscape: from social…
Benchmarking allows you to see how well you are faring against your competitors, allowing you to pinpoint what you do well and where improvements need to be made.
Measuring your success is more than looking at how much traffic is coming to your site and what your conversion rate is. You can’t really get a true idea of how you are performing unless you compare yourself to your competitors.
‘How do we compare to our competitors?’ and ‘What does excellence look like?’ are questions you should be asking when developing your digital marketing strategy. While many companies are asking these questions, they may not know exactly what answers they are looking for.
In order to benchmark your performance against your competitors, you need to know exactly what you should be comparing and how to structure your review and recommendations. This is where our comprehensive benchmarking templates come in.
Using capability maturity models to review digital readiness and set targets for digital transformation
We've been adding to our visual tools to help all members assess how well their businesses are adapting to using digital media and technology as part of Digital Transformation.
We have collected these visuals together in a single download so that you can easily review them and print the most relevant for you.
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We hope you find these visual tools inspire you to make improvements to your digital marketing - let us know if you have any comments or suggestions.
What is the 5 point…
How do your digital marketing capabilities compare?
In our next free webinar for members, Benchmarking your digital future, I will be reviewing the state of digital transformation and recommending how companies at different stages of transformation, with different levels of maturity can assess their current use of digital marketing, digital media and technology.
Since Smart Insights launched we have looked to help businesses review their capabilities, for example using our free digital marketing benchmark templates and the popular interactive capability benchmarking tool available in the members area:
This tool shows that the majority of businesses assessing their capability on a 5 point scale are at stage 1 or 2. I think this is reassuring in the sense that it shows the challenge of digital transformation in many industries and that if you are relatively immature, it's likely many of your competitors…
The ‘digital’ opportunity is enormous, with staggering growth in all territories and sectors
Along with the opportunities come some significant challenges as you adapt to highly demanding digitally-savvy customers.
These challenges are caused by the pace, complexity and the degree of change.
This shifting environment means that digitally-led business transformation is a complex and on-going journey - an evolution to transition and optimise your business.
Even digitally native companies know that they have to innovate and stay ahead of the game because of growing disruption and rapid technological change.
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Smart Insights members can also use…
Use our RACE framework to discover your ability to Plan, Reach, Act, Convert and Engage
Two years ago we launched our free interactive marketing benchmarking tool to help members rate their 'digital readiness' for digital marketing as a whole and for the key channels like Search, Social media and Email marketing.
Well, it's proved popular since it helps members score where they are now and then gives recommendations of how to improve in the future - to take their skills or marketing results to the next level.
So in our recent UX members refresh - we have made it more prominent and put all the benchmarking tools in place. We also renamed it to 'capability grader'.
Introducing our upgraded, free interactive tool!
I'm also writing this post to let members know about a simplification to the most popular digital strategy grader which you may want to try - it's here (available if you're signed in):
5 tools for assessing your online competitors
Site audience comparison tools provide marketers with industry and competitor intelligence to help inform decisions (e.g. new markets, new content strategies). Some of these tools also provide powerful segmentation capabilities. Typically, they do this either by aggregating Internet Service Provider data, panel data or a mixture of the two.
Whether you’re launching a new product, entering a new market or wishing to understand what’s driving competitor growth, these tools can provide the relevant information to help inform key decisions. They’re often used to support business cases, helping to identify opportunities and threats in the competitor landscape. So if you are looking to map your competition, build a case for a new product line or more investment in your website, these tools can be extremely useful.
Key things to consider before purchasing and when using these tools:
Discover your business's ability to Plan, Reach, Act, Convert and Engage
Applying the many digital channels and technologies to your business is no easy task. The industry moves fast, and there are a large number of different disciplines to master (see our list of the top 20 digital marketing skills). Email marketing, SEO, Social Media Marketing, Conversion Rate Optimisation, the list goes on, and each one requires a very different set of skills and awareness of the success factors for different platforms.
Amongst the many different skills we need to master for digital marketing, it's easy to lose sight of the big picture of how a business is using digital marketing to compete. Our research shows that many businesses don't have a digital marketing plan, so knowing how to structure a plan can be difficult.
To help provide a structure for creating a strategy, when Smart Insights first launched, we developed this Excel digital…