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  • Conversion Rate Optimisation Statistics for 2024 and Beyond

    21 novembre 2023, par Erin — Analytics Tips

    Driving traffic to your website is only half the battle. The real challenge — once you’ve used a web analytics solution to understand how users behave — is turning more of those visitors into customers.

    That doesn’t happen by accident. You need to employ conversion rate optimisation strategies and tools to see even a small lift in conversion rates. The good news is that it doesn’t take much to see massive results. Raising your conversion rate from 1% to 3% can triple your revenue. 

    In even better news, you don’t have to guess at the best ways to improve your conversion rate. We’ve done the hard work and collected the most recent and relevant conversion rate optimisation statistics to help you. 

    General conversion rate optimisation statistics

    It appears the popularity of conversion rate optimisation is soaring. According to data collected by Google Trends, there were more people searching for the term “conversion rate optimization” in September 2023 than ever before. 

    As you can see from the chart below, the term’s popularity is on a clear upward trajectory, meaning even more people could be searching for it in the near future. (Source)

    More people searching for conversion rate optimization than ever before according to Google Trends data

    Do you want to know what the average landing page conversion rate is ? According to research by WordStream, the average website conversion rate across all industries is 2.35%

    That doesn’t paint the whole picture, however. Better-performing websites have significantly higher conversion rates. The top 25% of websites across all industries convert at a rate of 5.31% or higher. (Source)

    Let’s break things down by industry now. The Unbounce Conversion Benchmark Report offers a detailed analysis of how landing pages convert across various industries.

    First, we have the Finance and Insurance industry, which boasts a conversion rate of 15.6%. 

    On the other end, agencies appears to be one of the worst-performing. Agencies’ landing pages convert at a rate of 8.8%. (Source)

    The average landing page conversion rates across industries

    What about the size of the conversion rate optimisation industry ? Given the growth in popularity of the term in Google, surely the industry is experiencing growth, right ?

    You’d be correct in that assumption. The conversion rate optimisation software market was valued at $771.2 million in 2018 and is projected to reach $1.932 billion by 2026 — a compound annual growth rate (CAGR) of 9.6%.

    Statistics on the importance of conversion rate optimisation

    If you’re reading this article, you probably think conversion rate optimisation is pretty important. But do you know its importance and where it ranks in your competitors’ priorities ? Read on to find out. 

    Bounce rate — the number of people who leave your website without visiting another page or taking action — is the scourge of conversion rate optimisation efforts. Every time someone bounces from your site, you lose the chance to convert them.

    The questions, then, are : how often do people bounce on average and how does your bounce rate compare ? 

    Siege Media analysed over 1.3 billion sessions from a range of traffic sources, including 700 million bounces, to calculate an average bounce rate of 50.9%. (Source)

    The average bounce rate is 50.9%

    Bounce rates vary massively from website to website and industry to industry, however. Siege Media’s study unveils an array of average bounce rates across industries :

    • Travel – 82.58%
    • B2B – 65.17%
    • Lifestyle – 64.26%
    • Business and Finance – 63.51%
    • Healthcare – 59.50%
    • eCommerce – 54.54%
    • Insurance – 45.96%
    • Real Estate – 40.78%

    It won’t come as much of a surprise to learn that marketers are determined to reduce bounce rates and improve lead conversion. Today’s marketers are highly performance-based. When asked about their priorities for the coming year, 79% of marketers said their priority was generating quality qualified leads — the most popular answer in the survey. (Source)

    Just because it is a priority for marketers doesn’t mean that everyone has their stuff together. If you have a conversion rate optimisation process in place, you’re in the minority. According to research by HubSpot, less than one in five marketers (17%) use landing page A/B tests to improve their conversion rates. (Source)

    When it comes to personalisation strategies – a common and effective tool to increase conversion rates — the picture isn’t any rosier. Research by Salesforce found just over one-quarter of markets are confident their organisation has a successful strategy for personalisation. (Source)

    Conversion rate optimisation tactics statistics

    There are hundreds of ways to improve your website’s conversion rates. From changing the color of buttons to the structure of your landing page to your entire conversion funnel, in this section, we’ll look at the most important statistics you need to know when choosing tactics and building your own CRO experiments. 

    If you are looking for the best method to convert visitors, then email lead generation forms are the way to go, according to HubSpot. This inoffensive and low-barrier data collection method boasts a 15% conversion rate, according to the marketing automation company’s research. (Source)

    Where possible, make your call-to-actions personalised. Marketing personalisation, whether through behavioral segmentation or another strategy, is an incredibly powerful way of showing users that you care about their specific needs. It’s no great surprise, then, that HubSpot found personalised calls-to-actions perform a whopping 202% better than basic CTAs. (Source)

    If you want to boost conversion rates, then it’s just as important to focus on quantity as well as quality. Yes, a great-looking, well-written landing page will go a long way to improving your conversion rate, but having a dozen of these pages will do even more. 

    Research by HubSpot found companies see a 55% increase in leads when they increase the number of landing pages from 10 to 15. What’s more, companies with over 40 landing pages increase conversion by more than 500%. (Source)

    Companies with more than 40 landing pages increase conversions by over 500%

    User-generated content (UGC) should also be high on your priority list to boost conversion rates. Several statistics show how powerful, impactful and persuasive social proof like user reviews can be. 

    Research shows that visitors who scroll to the point where they encounter user-generated content increase the likelihood they convert by a staggering 102.4%. (Source)

    Other trust signs can be just as impactful. Research by Trustpilot found that the following four trust signals make consumers more likely to make a purchase when shown on a product page :

    • Positive star rating and reviews (85% more likely to make a purchase)
    • Positive star rating (78%)
    • Positive customer testimonials (82%)
    • Approved or authorised seller badge (76%)

    (Source)

    Showing ratings and reviews has also increased conversion rates by 38% on home appliances and electronics stores. (Source)

    And no wonder, given that consumers are more likely to buy from brands they trust than brands they love, according to the 2021 Edelman Trust Barometer Special Report. (Source

    A lack of trust is also one of the top four reasons consumers abandon their shopping cart at checkout. (Source

    Traffic source conversion rate statistics

    What type of traffic works the best when it comes to conversions, or how often you should be signing up users to your mailing list ? Let’s look at the stats to find out. 

    Email opt-ins are one of the most popular methods for collecting customer information — and an area where digital marketers spend a lot of time and effort when it comes to conversion rate optimisation. So, what is the average conversion rate of an email opt-in box ?

    According to research by Sumo — based on 3.2 billion users who have seen their opt-in boxes — the average email opt-in rate is 1.95%. (Source)

    Search advertising is an effective way of driving website traffic, but how often do those users click on these ads ?

    WordStream’s research puts the average conversion of search advertising for all industries at 6.11%. (Source)

    The arts and entertainment industry enjoys the highest clickthrough rates (11.78%), followed by sports and recreation (10.53%) and travel (10.03%). Legal services and the home improvement industry have the lowest clickthrough rates at 4.76% and 4.8%, respectively.

    The average clickthrough rate of search advertising for each industry
    (Source)

    If you’re spending money on Google ads, then you’d better hope a significant amount of users convert after clicking them. 

    Unfortunately, conversion rates from Google ads decreased year-on-year for most industries in 2023, according to research by WordStream — in some cases, those decreases were significant. The only two industries that didn’t see a decrease in conversion rates were beauty and personal care and education and instruction. (Source)

    The average conversion rate for search ads across all industries is 7.04%. The animal and pet niche has the highest conversion rate (13.41%), while apparel, fashion and jewelry have the lowest conversion rate (1.57%). (Source)

    What about other forms of traffic ? Well, there’s good reason to try running interstitial ads on smartphone apps if you aren’t already. Ads on the iOS app see a 14.3 percent conversion rate on average. (Source)

    E-commerce conversion rate optimisation statistics (400 words)

    Conversion rate optimisation can be the difference between a store that sets new annual sales records and one struggling to get by. 

    The good news is that the conversion rate among US shoppers was the highest it’s ever been in 2021, with users converting at 2.6%. (Source)

    If you have a Shopify store, then you may find conversion rates a little lower. A survey by Littledata found the average conversion rate for Shopify was 1.4% in September 2022. (Source)

    What about specific e-commerce categories ? According to data provided by Dynamic Yield, the consumer goods category converted at the highest rate in September 2023 (4.22%), a spike of 0.34% from August. 

    Generally, the food and beverage niche boasts the highest conversion rate (4.87%), and the home and furniture niche has the lowest conversion rate (1.44%). (Source)

    If you’re serious about driving sales, don’t focus on mobile devices at the expense of consumers who shop on desktop devices. The conversion rate among US shoppers tends to be higher for desktop users than for mobile users. 

    The conversion rate among US online shoppers is generally higher for desktop than

    In the second quarter of 2022, for instance, desktop shoppers converted at a rate of 3% on average compared to smartphone users who converted at an average rate of 2%. (Source)

    Increase your conversions with Matomo

    Conversion rate optimisation can help you grow your subscriber list, build your customer base and increase your revenue. Now, it’s time to put what you’ve learned into practice.

    Use the advice above to guide your experiments and track everything with Matomo. Achieve unparalleled data accuracy while harnessing an all-in-one solution packed with essential conversion optimisation features, including Heatmaps, Session Recordings and A/B Testing. Matomo makes it easier than ever to analyse conversion-focused experiments.

    Get more from your conversion rate optimisations by trying Matomo free for 21 days. No credit card required.

  • 7 Best Marketing Attribution Software in 2024

    22 février 2024, par Erin

    It can be hard to accurately track the impact of your marketing efforts across marketing channels and campaigns. That’s where marketing attribution software comes in. 

    It goes beyond basic web analytics solutions that just look at the final click. Instead, it shows how different channels, content, and ads are performing at every step of the buyer’s journey, which gives a more accurate picture than just focusing on the last click.

    In this guide, we’ll cover the basics of marketing attribution, list the top marketing attribution software and explain how the issue of privacy is transforming the web analytics industry.

    What is marketing attribution ?

    Marketing attribution is the process of assigning credit to each touchpoint in a buyer’s journey that leads to a desired action (such as a conversion or sale) in order to understand the effectiveness of various marketing channels and campaigns in influencing the customer’s decision-making process.

    Marketers use software tools like website analytics to to track and analyse customer interactions across different touchpoints, allowing them to attribute conversions or sales to specific marketing efforts and optimise their strategies and budgets accordingly.

    Why is marketing attribution so important ?

    If you don’t track your campaigns correctly, it’s easy to spend thousands (or even millions) in an ineffective way. A 2022 survey by Australian marketing agency Next&Co revealed their clients wasted AU$5.46 billion in ineffective ad spend.

    Illustrated statistic showing how much ad spend was wasted in 2022

    That’s 41% of all the ad spend tracked by Next&Co in 2022. A wasted marketing spend percentage this high isn’t exactly a recipe for a high marketing return on investment (ROI). And yet, it’s the average.

    Why is that ? 

    Most companies don’t actively track the results of their marketing campaigns actively enough.

    By improving your marketing attribution, you can determine which channels, ads, and campaigns work and which don’t. Then, you can move the budget from ineffective channels to effective ones.

    Even if you can only identify half of your wastage, this could be 20% or more of your total spend. Just imagine what your bottom line would look like if your marketing budget were 20% more effective.

    That’s the power that marketing attribution, when done right, brings to the table. It’s the road to a higher marketing ROI.

    Common marketing attribution models and how they’re different 

    The default model for attributing completed goals in most analytics tools is either the last interaction or the last non-direct interaction.

    However, some multi-touch models can help you get a more holistic view of the impact of your marketing efforts.

    Pros and cons of different marketing attribution models.
    • Last interaction model : attributes the conversion to the final interaction or referring source (campaign or ad).
    • Last non-direct interaction model : attributes the conversion to the final touchpoint that was not a direct visit to your website. (For example, if a search ad took them to a product page, the user bookmarked it and returned directly the next day to finish the purchase. The credit would go to the search ad as it’s the last non-direct touchpoint.)
    • First interaction model : attributes the conversion to the first referring event alone.
    • Linear model : gives equal value to every touchpoint throughout the customer journey. 
    • Time decay model : gives more value to touchpoints the closer they were to the actual sale.
    • Position-based model : gives more value to the first and last touchpoints — often 40% each, while splitting 20% among the rest.

    You can read our guide dedicated to marketing attribution models for more details on these models.

    Types of marketing attribution software and the impact of privacy regulations

    Until recently, digital advertising was the “scientific” advertisers’ utopia. Everything could be measured, with cookies from giants like Google and Facebook stalking every user across the web.

    But with the advent of regulations like GDPR and the CCPA, you can no longer blindly trust Google Analytics or the Meta Pixel without consequences.

    Multi-channel attribution tools with third-party cookies and GDPR

    Google, Meta, and other companies used to track and combine user data from their own platforms and websites across the web that installed their tags. These third-party cookies have long been under fire and have caused several GDPR fines.

    Illustration of the privacy issues with some multi-channel attribution tools

    The alternative : analytics platforms with first-party cookies

    In a post-GDPR digital marketing landscape, a compliant-by-default web analytics platform like Matomo is a more reliable and accurate alternative.

    Plus, with a platform like Matomo, you don’t need to rely on data from digital advertising platforms like Facebook Ads and Google Ads. You can accurately track referral sources using our campaign tracking parameters.

    7 best marketing attribution software in 2024

    Below is the list of our favourite marketing attribution tools in 2024. If you find and use one that suits your needs correctly, you can quickly boost your marketing performance.

    1. Matomo — Accurate and easiest to set up for marketing attribution

    Matomo is a privacy-friendly web analytics suite that empowers you to accurately attribute marketing efforts and gain valuable insights while prioritising user privacy and compliance.

    Matomo integrates with e-commerce platforms like WooCommerce and Magenta. That makes it easy for B2C marketing teams to track the revenue impact of their campaigns.

    Multi-channel conversion attribution report in Matomo analytics

    You can also compare a variety of attribution models against each other. B2B teams can use our API to integrate Matomo with their CRM.

    Pros :

    • Relies on first-party cookies for tracking, ensuring accurate data collection and attribution of user actions
    • Includes additional features like Heatmaps, Session Recordings, Form Analytics, A/B Testing, and more
    • Easy to set up and use
    • Features most common multi-touch attribution models

    Cons :

    • Limited to owned channels (website and e-commerce store) due to first-party cookies and data (but you can integrate other data sources through a CRM)

    Pricing

    The self-hosted version is free. The cloud hosted version starts at $19 per month and includes a 21-day free trial. No credit card requierd. 

    Try Matomo for Free

    Get the web insights you need, without compromising data accuracy.

    No credit card required

    2. WhatConverts — Great option for leads-based businesses with high ad spend

    WhatConverts is a marketing attribution tool with a focus on lead tracking. With most web analytics setups, it adds call and text tracking to the typical form-only tracking.

    Screenshot of the WhatConverts homepage

    Pros :

    • Reliable call and text tracking
    • Revenue attribution to specific leads (and, by extension, campaigns and ads)

    Cons :

    • Focused exclusively on leads — little utility for e-commerce companies 

    Pricing

    The cheapest plan starts at $30/month but does not include analytics integrations or form tracking. To access this and advanced flow tracking and attribution features, you need the Elite plan, which starts at $160/month.

    3. HubSpot Marketing Hub — Ideal CRM for larger B2B companies

    HubSpot is a marketing CRM with attribution features for tracking and analysis.

    Screenshot of the HubSpot homepage

    The platform is very broad — encompassing CRM, email automation and other tools — which makes it challenging to use effectively. The price tag is also quite steep for smaller companies and marketing teams.

    Pros :

    • Concretely tracks revenue to multiple different touchpoints and marketing channels
    • Includes several different multi-touch attribution models
    • Allows offline conversion tracking

    Cons :

    • The price point is too high for smaller teams
    • Cam be difficult to set up effectively

    Pricing

    Since marketing attribution is only included in HubSpot Marketing Hub’s Professional and Enterprise plans, pricing starts at $800/month (paid annually). If you commit for a year but pay monthly, the price is $890/month for the professional plan. This goes up with additional add-ons and as your contacts increase as well. 

    4. ActiveCampaign — Good CRM option for small B2B companies

    ActiveCampaign is a CRM and marketing automation platform that can help you trace leads and revenue back to their source.

    Screenshot of the ActiveCampaign homepage

    Although it has a similar scope of features to HubSpot, it is more affordable and slightly easier to use for beginners.

    Pros :

    • Tracks sales revenue back to specific marketing touchpoints
    • Powerful marketing automation features

    Cons :

    • B2B companies may need to purchase two plans, one ActiveCampaign marketing and one CRM.

    Pricing

    Unlike HubSpot, ActiveCampaign offers a much more affordable plan, starting at $29/month billed annually (for up to 1,000 contacts). The marketing and sales CRM bundle starts at $93/month with up to five users.

    5. Salesforce Data Cloud for Marketing — Ideal CRM for enterprises

    Salesforce is a robust and feature-rich CRM that many enterprises rely on for their sales teams.

    Screenshot of the Salesforce homepage

    That makes Salesforce’s marketing attribution platform a logical choice for existing Salesforce users.

    Pros :

    • Uses prospect and sales data from CRM to attribute revenue
    • Revenue prediction analytics
    • Lead scoring to help your sales team focus on high-value leads

    Cons :

    • Difficult to set up and use
    • Clunky and aged user interface
    • Relatively high price point

    Pricing

    The limited Marketing Cloud Account Engagement Growth plan starts at $1,250/month, billed annually. To access advanced cross-channel journeys, you need the Pro plan, which starts at $2,750 monthly.

    6. Terminus — Great for account-based marketing

    If your marketing team uses an account-based marketing (ABM) approach, Terminus might be the right option for you.

    Screenshot of the Terminus homepage

    It offers ABM tools like target account event tracking and revenue attribution tools for your marketing campaigns.

    Pros :

    • Advanced multi-channel revenue attribution tools with a wide range of reports
    • Track intent touchpoints back to target accounts
    • Reliable revenue predictions help you focus your marketing activities

    Cons :

    • Complex and difficult to set up, understand and use effectively
    • Lacks native integrations with many common advertising platforms and analytics tools

    Pricing

    Terminus offers no standard pricing plans. You must contact their sales team for a custom quote based on your needs.

    7. Adobe Analytics — An analytics for enterprises

    Adobe Analytics is part of the Adobe Experience Cloud, with plenty of big data analysis tools for enterprises. Although the platform is quite powerful, it is equally complex and difficult to use. The price point is also prohibitive for many smaller companies.

    Screenshot of the Adobe Analytics homepage

    Pros :

    • Very extensive reporting tools
    • Predictive analytics give you solid leading indicator for future campaign performance
    • Track multiple digital touchpoints across the entire customer journey

    Cons :

    • Like Google Analytics, Adobe Analytics aggregates your visitor data by default, making compliant “consent-free tracking” — tracking user actions without asking for consent — impossible according to GDPR. (See more differences in Matomo’s comparison against Adobe Analytics and Google Analytics.)
    • Prohibitively expensive for most smaller companies
    • Very steep learning curve for setting up and using it correctly

    Pricing

    Adobe Analytics uses usage-based pricing — which means they adjust the pricing based on the traffic volume to your website. Still, their lower price points aren’t exactly SMB-friendly — multiple sources put Adobe’s lowest starting price point at $2,000–2,500 per month.

    Get accurate marketing attribution with Matomo (without privacy concerns)

    Matomo allows you to do marketing attribution effectively and accurately without compromising your users’ privacy. By default, we only use first-party cookies and offer consent-free tracking – meaning no more annoying cookie consent banners (excluding in Germany and the UK).

    If you want to boost your marketing performance without disregarding your users’ privacy, get started with our 21-day free trial. No credit card required. It’s time to make more informed decisions about your marketing campaigns.