Small business owners have long understood the importance of competitor analysis. However, a recent breakthrough by leading digital marketing software firm, Semrush, is set to revolutionize how they view their competition. The company has introduced a “Purchase Conversion” metric that allows businesses to delve deeper into competitor strategies, measuring their impact, and tracking conversion trends throughout the year.
The Purchase Conversion metric is the next frontier in competitive insights. It allows businesses to gauge the percentage of visits to a competitor’s domain that resulted in a purchase. The metric also enables enterprises to track Purchase Conversion trends annually, providing invaluable insight into seasonal influences or specific strategy shifts.
For instance, if a competitor’s traffic statistics reveal a significant push for a new product driven by paid search and social traffic, you might assume it to be a successful strategy based on the spike in traffic. However, the new metric can reveal if conversions remained static or even dropped during the same period, offering deeper insight into the effectiveness of such a strategy.
Semrush generates its Purchase Conversion data using clickstream data, which is processed through proprietary AI algorithms. This process identifies and calculates conversion pages such as “Thank you” pages, “Confirmation” pages, or “Check out pages,” to generate accurate Purchase Conversion estimates.
Small business owners can access Purchase Conversion data via the Market Explorer Growth Quadrant and All Domains report. These reports allow users to compare conversions among market competitors easily.
Further, the data can be segmented by date and location, allowing for comparison of Purchase Conversions across various timeframes and geographic areas. This added level of detail can be especially helpful for businesses operating in multiple markets or planning to expand into new areas.
As of now, only Semrush customers who have purchased a Trends solution can access the Purchase Conversion metric within the Market Explorer tool. But given the potential for this tool to radically alter the landscape of competitive analysis, small business owners should seriously consider integrating it into their own strategy.
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In conclusion, the new “Purchase Conversion” metric by Semrush is set to level the playing field for small businesses, allowing them to effectively gauge the impact of competitor strategies and adjust their own strategies accordingly. This innovative tool further illustrates the importance of understanding not just what competitors are doing but how well their strategies are working. In an increasingly competitive business environment, these insights could differentiate between success and failure.