In essence, after significant marketing, OnTheMarket appears to be making little impact. According to Hitwise, OnTheMarket average 38k visits per day compared to 1.25 million for Zoopla and 2.4 million for Rightmove.
None of these figures come as a real surprise. It is clear that OnTheMarket is in its early days and that building a brand and audience is much more than having some unique content. It requires time, patience, skills and most of all, a lot of money.
So the real question now will move from who has the most content and which agents are using which sites, to the far more relevant discussion of who is really delivering the best results for agents and far more importantly, the home seller. So far, on this metric, OnTheMarket is a long way behind.
Here is the Zoopla press release ...
With over a month and a half under its belt and its multi-million pound marketing campaign in full swing with over 3,000 TV ads aired in February alone, the latest independent data from Hitwise confirms that Onthemarket.com (OTM) has got off to a slow start with consumers despite the significant marketing spend and heavy branding by member agents.
According to February’s full month figures from Hitwise, daily visits to OTM averaged under 38k per day compared with over 1.25 million per day for Zoopla Property Group (ZPG) and 2.4 million per day for Rightmove (RMV). OTM’s audience size in February was less than 3% of Zoopla’s and only 1.5% of Rightmove’s and the market share for each of the portals as a percentage of all UK property internet traffic was 0.63% for OTM versus 21.3% for Zoopla and 40% for Rightmove.
And the latest data for March also shows that ZPG’s audience has so far been unaffected by the launch of OTM and actually experienced record traffic last Monday with more visits in a single day than OTM’s total visits for the entire month of February, according to Hitwise.
These figures highlight that OTM is currently a very expensive proposition for its members and even more so with the requirement to give up a huge audience by dropping either ZPG or RMV. And it is also clear from the data that much of the search traffic to OTM so far is coming at the expense of cannibalizing the traffic to its members’ own websites.
Lawrence Hall of ZPG said, “OTM members are today paying 30 to 40 times more than they should be for their digital marketing whilst offering substantially less exposure to their clients, so they are being disadvantaged both competitively and financially. Portals are no different from any other marketing channel that must deliver an audience to its advertisers and charge accordingly. If OTM was charging based on their audience, building traffic fast might be a less urgent priority. However, given that they are charging today on a promise for tomorrow, it is hard to see how sustainable it is to continue to force their members to spend more and get far less, effectively achieving the exact opposite of their stated aim of improving the portal value proposition.”
Source: Press Release