EI-CS-findings-ptc2Enterprise Ireland Case study

Consumer Retail Market

Benchmarking online business maturity of Enterprise Ireland client business using ‘Power to Convert’ diagnostic rating tool.

The Enterprise Ireland CRM team was concerned that client companies were not focused on using online as a core part of their business strategy. They were also aware that many companies struggled to effectively implement or resource their online business channel. Considering the critical role the web will play in future competitiveness and business growth, Enterprise Ireland was focused on establishing the current state of play and responding effectively and quickly. Rather than working on anecdotal information and client feedback, Enterprise Ireland wanted to find:


 arrow A scientific way of establishing current online business maturity of CRM clients

 Untitled-1 A pragmatic solution to quantify the scale and nature of challenges facing client companies online

arrow  Pinpoint the most important and impactful ways to fast track online growth

Untitled-1 Utilise the most relevant benchmark data that focused on the business’s ability to deliver sales and leads online

arrow  Hone in on online conversions in particular, to profile each client business in terms of online business maturity

Untitled-1  Provide an accurate profile for the business group’s overall digital resources and skills level

arrow  Engage the most senior management to focus on their digital business channel.

 

 

 

Solution

 

ComputerDevices-PTCEnterprise Ireland selected the Marketfinder online diagnostic tool, ‘Power to Convert’, to enable them to:

Untitled-1Quickly and cost effectively rate individual and the sectors online business maturity
Untitled-1Provide an understanding of what stage group and individual companies were in developing a digital business channel
Untitled-1Assess businesses on critical key performance indicators: including business culture, budgeting, website set-up, knowledge and understanding
Untitled-1‘Power to Convert’ provided a means of benchmarking using a SaaS solution
Untitled-1Deliver automated end to end online process to establishing online maturity ratings.

 

Process

 

process-smOnce logged in, the business responded to a number of queries. These were further evaluated using an online conversion rating algorithm – incorporating weightings and benchmarks to rate their ability to manage, generate leads and convert customers online. Participating companies were free to save and return to the ‘Power to Convert’ tool at any time or involve other members of the team in the process. On completion each client business immediately received an overall rating report accessible via the web.

 

 

 

Results for Participants

 

ParticipantResultsThe ‘Power to Convert’ report provides each business participant with:

 Untitled-1 Overall rating report against industry benchmarks
Untitled-1 Pinpoints key areas where greatest opportunities lie to increase the number of website visitors who convert into qualified leads or customers
Untitled-1 Provides access to relevant tips, guides, case studies, product comparisons, reviews and research focused on increasing online business
Untitled-1 Revealed how their business rated for online maturity compared to their peer group.

peersPeer to Peer

In addition to providing each participating business with an individual tailored rating report, Enterprise Ireland could also share with each client details of how their company rating compared to their CRM peer group rating.

 

 

 

Result for Enterprise Ireland

EI resultsEnterprise Ireland found the ‘Power to Convert’ tool:

Untitled-1 Delivered a renewed focus on online at a senior level within client companies
Untitled-1 Acted as a catalyst to increase engagement with Enterprise Ireland
Untitled-1 Provided a detailed report from which to zone in with clients to address individual opportunities to increase online business
Untitled-1 Evidence-based online maturity rating report for each individual business and entire group
Untitled-1 Clustered and grouped businesses into distinct segments based on common needs and gaps to allow Enterprise Ireland tailor supports effectively
Untitled-1 Provided data analysis to pinpoint group trends, clusters, commonalities and identify opportunities
Untitled-1 Very easy to deploy, fully automated end to end
Untitled-1 Process from start to finish very smooth.

Enterprise Ireland can access all the findings online and see how individual companies rate against the industry benchmarks, as well as providing a peer to peer benchmark for the CRM group.

 

Future

bar chart 3Enterprise Ireland is planning on running a further ‘Power to Convert’ diagnostic with the group at a later stage. The aim is to assess how effective the supports and assistance have been in increasing the number of CRM businesses that achieve a higher rating.  A result that would show ‘Novices’ becoming ‘Apprentices’ and ‘Apprentices’ moving up the maturity ranking into ‘Lead Practitioners’ as quickly as possible would be a major win.

 

 

 

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Findings

 

The findings showed that the gap between different businesses is significant. 50% of client companies were rated as ‘Novice’ in terms of their business sentiment and attitude to online, their overall website business set up and their internal knowledge and expertise. A further 13% were rated as ‘Apprentice’, 38% as ‘Lead Practitioners’, with no business receiving a ‘Role Model’ rating. High level findings reveal that within the CRM group companies:

findings-ptc

 

arrow  50% are currently set up to sell online

arrow  20% intend to start selling online in the next 12 months

arrow  There is a mix in attitudes toward online and its importance to their business future – 67% convinced of its importance but 33% not convinced

arrow  A small percentage have the knowledge, set-up and determination to rapidly expand their online sales and exports

arrow  For ‘Lead Practitioners’ within the group, they expect a 40% growth in online business in the next 12 months

arrow  For the majority (75%) there is poor integration of their online channel within the business, budgeting, reporting, marketing and operations

arrow  Majority do not have dedicated resources to promote their online business channel

arrow  42% don’t or don’t know if they have an online budget

arrow  Top 3 ‘Lead Practitioners’ sold on average half a million to 2m Euro online a year

arrow  41% don’t know how many visitors abandon their registration before it is complete

arrow  42% don’t gather any customer data on their website

arrow  50% offer complementary products and services online (personalisation)

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