Discover why traditional benchmarking is ineffective and learn about the 5-Factors Scorecard™ for measuring success. Explore the key competencies that set high-performance teams apart and how they can impact annual performance targets and customer satisfaction. Dive into the importance of user-centered approaches, optimizing data stacks, and understanding user behaviors for digital success.
Benchmarking conversion rates with competitors can be misleading, focus on user metrics instead.
The Five Factors Scorecard helps prioritize optimization efforts based on key competencies for success.
Deep dives
The Limitations of Benchmarking and Competitor Comparison
Benchmarking and comparing conversion rates with competitors can be misleading, as factors influencing conversion rates are complex and often unique to each business. While it may be tempting to look at industry benchmarks, relying solely on these comparisons can be futile. Competitor data can be unreliable and inaccurate, leading to misguided optimization efforts. It is crucial to focus on specific user metrics and nuanced comparisons, rather than general industry benchmarks.
The Five Factors Scorecard for Optimization Success
The Five Factors Scorecard offers a holistic approach to measuring optimization efforts and success. Based on key competencies identified by high-performing teams, including data foundations, a user-centered approach, resourcing, toolkit, and impact, the scorecard allows businesses to assess their performance and prioritize areas for improvement. Excelling in these five factors can significantly increase the likelihood of meeting performance targets and enhancing customer satisfaction.
Implementing a Comprehensive Optimization Strategy
Optimization requires a multidisciplinary approach beyond A/B testing. Success in optimization entails research, data analytics, design, engineering, and more. Building a toolkit that includes prioritization, research, and experimentation tools is essential for effective optimization. Strong buy-in from leadership not only provides necessary resources but also fosters a culture of experimentation and continuous improvement, driving meaningful impact in digital experiences.
Anyone who guarantees they can increase your conversion rates with just on-site optimization alone is either lucky or lying.
Many factors influence conversion rates. In this episode, we discuss why benchmarking doesn’t work and introduce a better way to measure optimization efforts.
After conducting a study of hundreds of optimization experts to uncover the key factors that influence the success of digital products, Jon and his team at The Good identified five competencies that set high-performance teams apart.
In fact, teams that excel in these five Factors are 60% more likely to meet their annual performance targets and twice as likely to rank “excellent” in customer satisfaction.
Listen to the full episode to learn;
Why traditional benchmarking is ineffective.
Why the 5-Factors Scorecard™ is a better way to measure success.
How the 5-Factors Scorecard™ can help you decide where to invest to improve your digital experience and determine what steps you need to take to grow your impact in your organization.