PR’s access to data has grown exponentially in the past few years, however one of the most frustrating aspects about measuring PR is the lack of industry benchmarks available.
It’s challenging to set measurement goals without an understanding of how others in your field are faring. In fact, PR may be the last business function to have clarity around how to gauge its performance from an industry-wide perspective.
This year, Onclusive aims to change that by providing clear industry benchmarks for important metrics, like Interactions. The whole goal of PR is to reach and activate your target audiences, so keeping tabs on changing interaction rates specifically is a must.
To find PR’s Target Interaction Rate, which is 1.8%, we plotted the distribution of nearly 400 event and goal interaction percentages across our entire customer base, including Onclusive’s own site data.
What are events and goals, anyways?
Events and goals are designated engagement points your website tracks by way of your analytics provider (typically Adobe Analytics or Google Analytics). Examples include demo requests, content or asset downloads, or video plays.
This target rate of 1.8% is meant to help you better understand if the aggregate performance of your PR-driven interactions is falling above, below, or on par with the rest of your industry cohorts.
But that’s just one way to gauge success. Another valuable way to understand performance is to zero in on the specific types of interactions that matter to your brand. While specific interactions differ from business to business, there are general categories we can delve into.
These include events and goals tied to:
1. Product Exploration
Knowing which offerings potential customers are exploring can help you understand what’s of most interest or which value propositions are resonating. Onclusive customers have a myriad of ways to track general product exploration.
Two examples of events and goals that fall into the product-exploration interaction bucket are navigating from a homepage directly to a product page, or a product pricing page view. When we isolated all the events and goals tied to any type of product exploration, the average interaction rate was 2.3%.
2. Increasing Time on Site
Getting a potential customer to your website is only half the battle. Keeping them there long enough to explore, understand, and consider your product or service is the other half. There are many ways to increase the amount of time a visitor spends on your website.
Two examples of events and goals that fall into the increase time-on-site bucket are when a video is played to completion or a live chat function is activated. When we isolated all the events and goals tied to increasing a visitor’s time on site, the average interaction rate was 4.7%.
3. Product Purchase or Sign Up
Converting a site visitor to a customer (or trial customer) is the ultimate end goal. And while not all businesses provide the explicit ability for product purchase or sign up, here are two examples of events and goals that fall into this interaction bucket: a trial download/sign up, or an order confirmation. When we isolated all the events and goals tied to product purchase or sign up, the average interaction rate was 0.8%.
What’s most intriguing, IMHO, is to see how these average rates differ. Product exploration and increasing time on site have much higher average rates than actions that require a deeper commitment, like purchase or sign up.
It’s also important to note that these average interaction rates are going to look different than in marketing or advertising where conversion paths are far more linear.
PR-driven visitors might trigger different engagement points based on the content that drove them to your site in the first place. The actions taken by visitors reading a blog post could look very different than the actions taken by visitors driven by earned media.
In the end, we hope visibility to these categories assists you in setting attainable, realistic targets for incremental growth and provides you a better understanding of the power of PR.
Got questions about your overall interaction rate? Want to tap into this data point? Reach out to us! And be sure to stay tuned, because we’ve got more PR benchmarks and data points to share.