Since launching just over a week ago, OnTheMarket has come under sustained attack by Zoopla. Last week Zoopla issued press releases highlighting agents that were finding a way around OnTheMarket's "only one other portal" policy and the low traffic numbers in the first few days. This week, Zoopla has issued another release reiterating the poor traffic numbers of OnTheMarket during its first week and the first few days of its national marketing campaign.
Here is the release ...
With one week of trading under its belt and its launch advertising campaign now underway OnTheMarket.com (OTM) appears to be struggling to gain any traction with consumers, according to the latest data from independent web monitoring firm, Hitwise.
Total visits to the OTM website in the entire first week since launch were just 58,000, hardly breaking into the UK’s top 100 property websites. By contrast, visits to ZPG websites over the same 7 day period were over 9.2 million, 160 times as many visits than OTM. To put this in starker context, OTM attracted fewer visitors in its first week than readers of the Zoopla blog.
The latest traffic figures from Hitwise also show that despite the media launch of OTM on Sunday Feb 1st, which included national press and TV ads, it was actually one of the weakest days for OTM so far in terms of traffic attracting only 4,000 visits versus over 1.2m for ZPG.
Assuming OTM converts visits into enquiries at the same rate as ZPG and Rightmove (which is unlikely given the lower stock) then based on the figures from Hitwise and publicly stated average rates charged to agents, an enquiry from OTM would cost an average of around £137 versus just over £3 for ZPG.
Lawrence Hall of Zoopla Property Group said, “So far the only beneficiaries from OTM appear to be Ian Springett who is reportedly pocketing a significant six-figure pay cheque, traditional media like The Sunday Times and Countrylife where he is visibly splashing cash (unlikely to benefit the majority of his members) and agents NOT involved with OTM who are winning instructions from those involved.”
He continues: “Those agents who have decided to act as one of Mr Springett’s guinea pigs are now feeling the real effects of losing enquiries, instructions, market share and reputation and will not be able to do so indefinitely. In view of Mr Springett's promises that he will 'catch the existing portals and fast', he had better hurry up before he does irreparable damage to some of the businesses he appears to have forced to give up their most effective marketing channels to fund his salary and ambitions.”