Data is the currency of the digital age. It’s what leads to informed decisions and dictates performance. Data is where power resides.
As research analysts and digital specialists here at Dusted, for us data isn’t just a solution. It sparks opportunity, value creation and, most of all, curiosity. Having worked with many ambitious businesses, time and time again we ask ourselves the same question: what exactly fuels successful brands to thrive online? What factors actually drive audience engagement?
It’s fair to say we are obsessed with the customer view and determined to find answers. So, we decided to pair data truths with real life deliverable solutions, applying our human lens. And that’s how Elevate came to be.
What is Elevate?
Born out of our curiosity about what fuels successful brands online, Elevate is a digital performance analysis tool.
It examines 40+ data points across 7 key digital metrics to evaluate your company’s digital strategies. Most excitingly, its sleek interface provides a single-view visual comparison between you and your industry peers, allowing you to holistically observe your industry’s competitive landscape and beyond.
However, the real value in gathering 100,000+ data points and analysing 600 websites isn’t just the end product we developed, but also the key insights all this data reveals.
In this article, we’ll share the most eye-opening facts and figures, as well as delve into what they reveal about the current digital landscape.
How the Elevate key metrics reflect the current digital landscape
Social + SEO + UX + Security + Content + ESG + MarTech = Competitive advantage
Seven performance metrics, yet together they have the power to unlock unparalleled levels of digital transformation. And, in a post-Covid world where companies everywhere are in an arms race to improve their technologies, your business’s digital strategies should be your top priority.
Here’s a quick breakdown of how each metric contributes to your digital presence:
Social
Despite many businesses using social media, few of them can measure the effectiveness of these particular marketing efforts. Without competitive benchmarking, your number of followers or likes are just vanity metrics. The Elevate Social score not only diagnoses your presence across these channels but also benchmarks your social presence against your competitors and your sector average so you can assess areas for improvement.
SEO
HubSpot reveals that blogs (aka the top drivers of SEO) provide the #1 ROI of any marketing channel. And with generative AI now capable of churning out blogs at an unprecedented speed, businesses need truly exceptional SEO strategies to stand out in search. The Elevate SEO score amalgamates all the disparate software tools we use in contracted retainers to signal overall performance and potential gaps.
UX
UX is more than just aesthetics; it’s about creating an immersive journey. According to WebFX, 94% of first impressions relate to your site’s web design. Elevate’s UX score assesses more than the visual appeal of your digital touchpoints, delving into how user-friendly they are and whether they leave a lasting positive impression on your audience from the very first click.
Security
Data breaches can cost millions. $4.45 million, to be more exact, as 2023 statistics reveal. And given that most of the industry sectors Elevate covers (like Insurance, Insurtech, or Cloud-based services) are highly susceptible to cyber attacks, we know just how important security is in determining your business’s digital resilience. Our Security score indicates potential best practice vulnerabilities and where improvements can be made..
Content
If we’ve learned anything from customers engaging with 3-7 pieces of content before talking to a sales representative, it’s that compelling content drives customer engagement. By focusing on content as a metric, Elevate examines whether your strategy is informative and captivating enough to guide potential customers towards conversion.
ESG
When it comes to ESG, the debate is twofold. There’s the consumer-centric focus and the environmental one. Many businesses fixate on the latter, making it easier to discard it as a passing trend among younger generations who are the main advocates of ESG initiatives. The reality, however, is much grimmer if we consider that 80% of the world’s largest companies report exposure to climate change risks which, by 2026, are likely to cost businesses $1.3 trillion. Because of both the growing concerns related to ESG practices and the dire impact of neglecting them, we consider ESG paramount in your business’s digital performance management, external brand reputation and regulatory compliance.
MarTech
MailChimp reveals that 88% of marketers believe organisations must increase their use of automation and AI to meet customer expectations and stay competitive. Recent advancements in MarTech have made this clear, and marketers are now in a rush to adopt the newest technology. We know as well as they do that agility and adaptability to technological advancements are key drivers of innovation. Thus, our tool evaluates your and your peers’ use of such technology based on the quality of these solutions.
Obviously not an exhaustive list, but success indicators we see affect performance every day and based on 20 yrs of experience and will develop metrics based on the market.
So, now that you know how all these metrics contribute to digital success, it’s time to dig into the valuable insights we uncovered this quarter.
An overview of the current digital landscape
In gathering thousands of data points, Elevate understands the intricacies of digital performance across various industry sectors. Before we unveil the most fascinating stats we observed this quarter, it’s important to understand the industries we analyse and their classification.
Industry sectors and classification
As a specialist brand and digital agency working across diverse industries, we understand the fine nuances, from different audience needs to varied trends.
Differentiation is in our DNA.
We carried this ethos into Elevate, whose analytical power hones in on the following sectors:
- Infrastructure Investment
- Specialist Banking
- UC & Cloud Vendors
- UC & Cloud Channel Partners
- IT and Managed Service Providers
- Secure Cloud Collaborations
- Insurtech
- Insurance
- Finance & Healthcare Tech Solution Services
- Cloud Infrastructure and Managed Services
- Electric Vehicle Manufacturers
- Vehicle Manufacturers
To extract key insights and uncover areas for improvement, we assessed how these, based on their Elevate scores, operate within the broader ecosystem. So, we classified them into six buckets based on HubSpot’s Clearbit standardised categories:
- Integrated Telecommunication Services: UC & Cloud Vendors, UC & Cloud Channel Partners
- Banking & Mortgages: Specialist Banking
- Cloud Services: Cloud Infrastructure and Managed Services, Secure Cloud Collaborations
- Insurance: Insurance, Insurtech
- Automotive: Electric Vehicle Manufacturers, Vehicle Manufacturers
- IT Services: Finance & Healthcare Tech Solution Services, IT and Managed Service
Equipped with this information, let’s now look at some eye-opening observations.
Key insights (with examples)
Automotive missing out on social opportunities
27% of users discover new car brands on social media platforms and 71% of customers heavily rely on such channels to support their buying process. Thus, the digital landscape in the Automotive is dominated by social media marketing.
We were thus not surprised to discover that 64% of the automotive companies in our sample excelled at social media engagement. However, despite being above the majority, this score hardly stands out compared to other industries which don’t have nearly as much room for growth in their respective social niches.
Given that 1 in 4 UK car buyers consult YouTube in their vehicle purchase process, and that Facebook has an Automotive Inventory Ads (AIA) feature focused entirely on in-market car buyers, the potential for conversion through social media channels shouldn’t be overlooked.
Social media is a fast-paced environment, with trends coming and going in a matter of days. Thus, the remainder 36% of companies that are yet to invest in this medium should take a look at some of the leading companies in their industry sector which, unsurprisingly, also perform well on socials.
Example: The Indian multinational automotive manufacturing corporation, Mahindra & Mahindra, has a far-reaching social media presence spanning across Twitter, Instagram, Facebook, LinkedIn and YouTube. Considering that India, their target market, has the most Facebook users in the world, Mahindra uses this channel for both organic and paid reach.
With a whopping 926K followers, their strategy focuses on community building, with posts highlighting both corporate achievements and customer-facing product updates. As a result, Facebook has become a two-way communication vehicle, with users chiming into comment sections with feedback and support requests.
This allows Mahindra to create a personal connection with their target audience, which they also leverage in directing the users towards the many other Mahindra brand pages on the platform.
Insurance and Insurtech need to pay more attention to security
The pandemic has accelerated digital transformation in financial institutions. As a result, they face an increased risk of cyber attacks due to their heavy reliance on digital solutions. The impact could be devastating, as the estimated value of data amassed by Insurance companies is a staggering $6 trillion. Unsurprisingly then, the companies in these niches are prime targets for cybercriminals looking for lucrative opportunities.
However, Elevate data reveals that, on average, approximately 37% of companies in Insurance and Insurtech excel at security. This suggests a commendable level of resilience.
Even so, it’s crucial to address the remaining 73% of companies that may still have vulnerabilities in their security measures. The data underscores the urgent need for enhanced cybersecurity strategies and investments within this majority. As cyber threats continue to evolve, bridging this security gap becomes paramount to the long-term success of a company’s digital presence.
Example: With a 92% Elevate Security score, insurtech provider Majesco stands out through its excellent protective measures. This not only proves Majesco’s commitment to safeguarding sensitive information but also positions the company as a leader in its industry sector. Majesco’s robust cybersecurity measures instil confidence in clients and stakeholders alike, underscoring the integral role that a strong security foundation plays in the overall success of a company in the current digital landscape.
Great opportunity for conversion via SEO for Insurance
According to Invoca, not only do 69% of insurance customers start with a search before scheduling an appointment, but queries for “insurance near me” have also grown by over 100% in the past two years. Additionally, in the US, the average amount spent by consumers after a search is $867, indicating the potential revenue that can be generated through successful SEO.
So why then, are 40% of Insurance companies yet to adopt an SEO strategy?
The reluctance to embrace SEO may be causing them to miss out on significant benefits, including heightened visibility in online searches, increased website traffic, and a greater likelihood of converting leads into customers.
By neglecting SEO, these companies may be underselling their services to potential clients who heavily rely on search engines to make informed decisions.
It also means that companies that do embrace SEO are already tapping into a considerable market share.
Example: Liverpool Victoria, one of the UK’s largest insurance companies, ranks for high-traffic keywords like “travel insurance” or “cheap car insurance”, granting them an estimated 709.3K monthly traffic. This not only enhances their brand visibility but also positions them as a go-to choice for individuals actively seeking insurance solutions. Even more, keywords with obvious commercial intent like “car insurance quotes” allow them to better target prospects in the advanced stages of the selling funnel.
IT Services could benefit from UX
A report by Forrester suggests that better UX design could increase your website’s conversion rates by up to 400%. We also know that a one-second delay in load time could result in a 7% reduction in conversion.These stats reveal that, unless your website caters to its users, all your other digital marketing efforts are in vain.
This is why, especially in highly competitive industry sectors like IT Services, a website’s UX is paramount.
Even so, the latest Elevate data shows on average, 59% of companies across these segments value their website’s UX. While this may suggest a baseline level of consideration, there’s room for improvement. In an era where user expectations are continually rising, companies that invest in elevating their website’s UX stand to gain a competitive edge.
Example: Among these, an IT Consulting company like Infosys manages to stand out through its website’s user-friendly interface which effortlessly leads visitors toward the information they seek. The site’s clean design, logical structure, and quick loading times contribute to an overall positive user experience. And, as we know, a satisfied user is more likely to engage with the content, explore services, and potentially convert into a client or partner.
Conclusion
The digital landscape is evolving at a rapid pace, driven by the power of data and the necessity for businesses to adapt and innovate. Elevate provides invaluable insights into the key metrics shaping success across various industry sectors. As showcased, understanding and leveraging these insights can make all the difference in achieving digital transformation and staying ahead in today’s competitive environment.
Elevate your digital channels with Dusted!
The good news is that there are many more insights where these came from. All you need to do to access them is check out the Elevate ranks for an overview of the top 50 players in your sector of choice and their scores across the 7 key metrics.
