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• 7 Fintech Marketing Strategies to Maximise Profits in 2024

  24 juillet 2024, par Erin

  Fintech investment skyrocketed in 2021, but funding tanked in the following two years. A -63% decline in fintech investment in 2023 saw the worst year in funding since 2017. Luckily, the correction quickly floored, and the fintech industry will recover in 2024, but companies will have to work much harder to secure funds.

  F-Prime’s The 2024 State of Fintech Report called 2023 the year of “regulation on, risk off” amid market pressures and regulatory scrutiny. Funding is rising again, but investors want regulatory compliance and stronger growth performance from fintech ventures.

  Here are seven fintech marketing strategies to generate the growth investors seek in 2024.

  Top fintech marketing challenges in 2024

  Following the worst global investment run since 2017 in 2023, fintech marketers need to readjust their goals to adapt to the current market challenges. The fintech honeymoon is over for Wall Street with regulator scrutiny, closures, and a distinct lack of profitability giving investors cold feet.

  Here are the biggest challenges fintech marketers face in 2024 :

  • Market correction : With fewer rounds and longer times between them, securing funds is a major challenge for fintech businesses. F-Prime’s The 2024 State of Fintech Report warns of “a high probability of significant shutdowns in 2024 and 2025,” highlighting the importance of allocating resources and budgets effectively.
  • Contraction : Aside from VC funding decreasing by 64% in 2023, the payments category now attracts a large majority of fintech investment, meaning there’s a smaller share from a smaller pot to go around for everyone else.
  • Competition : The biggest names in finance have navigated heavy disruption from startups and, for the most part, emerged stronger than ever. Meanwhile, fintech is no longer Wall Street’s hottest commodity as investors turn their attention to AI.
  • Regulations : Regulatory scrutiny of fintech intensified in 2023 – particularly in the US – contributing to the “regulation on, risk off” summary of F-Prime’s report.
  • Investor scrutiny : With market and industry challenges intensifying, investors are putting their money behind “safer” ventures that demonstrate real, sustainable profitability, not short-term growth.
  • Customer loyalty : Even in traditional baking and finance, switching is surging as customers seek providers who better meet their needs. To achieve the sustainable growth investors are looking for, fintech startups need to know their ideal customer profile (ICP), tailor their products/services and fintech marketing campaigns to them, and retain them throughout the customer lifecycle.

  

  The good news for fintech marketers is that the market correction is leveling out in 2024. In The 2024 State of Fintech Report, F-Prime says that “heading into 2024, we see the fintech market amid a rebound,” while McKinsey expects fintech revenue to grow “almost three times faster than those in the traditional banking sector between 2023 and 2028.”

  Winning back investor confidence won’t be easy, though. F-Prime acknowledges that investors are prioritising high-performance fintech ventures, particularly those with high gross margins. Fintech marketers need to abandon the growth-at-all-costs mindset and switch to a data-driven optimisation, growth and revenue system.

  7 fintech marketing strategies

  Given the current state of the fintech industry and relatively low levels of investor confidence, fintech marketers’ priority is building a new culture of sustainable profit. This starts with rethinking priorities and switching up the marketing goals to reflect longer-term ambitions.

  So, here are the fintech marketing strategies that matter most in 2024.

  1. Optimise for profitability over growth at all costs

  To progress from the growth-at-all-cost mindset, fintech marketers need to optimise for different KPIs. Instead of flexing metrics like customer growth rate, fintech companies need to take a more balanced approach to measuring sustainable profitability.

  This means holding on to existing customers – and maximising their value – while they acquire new customers. It also means that, instead of trying to make everyone a target customer, you concentrate on targeting the most valuable prospects, even if it results in a smaller overall user base.

  Optimising for profitability starts with putting vanity metrics in their place and pinpointing the KPIs that represent valuable business growth :

  • Gross profit margin
  • Revenue growth rate
  • Cash flow
  • Monthly active user growth (qualify “active” as completing a transaction)
  • Customer acquisition cost
  • Customer retention rate
  • Customer lifetime value
  • Avg. revenue per user
  • Avg. transactions per month
  • Avg. transaction value

  With a more focused acquisition strategy, you can feed these insights into every company level. For example, you can prioritise customer engagement, revenue, retention, and customer service in product development and customer experience (CX).

  To ensure all marketing efforts are pulling towards these KPIs, you need an attribution system that accurately measures the contribution of each channel.

  Marketing attribution (aka multi-touch attribution) should be used to measure every touchpoint in the customer journey and accurately credit them for driving revenue. This helps you allocate the correct budget to the channels and campaigns, adding real value to the business (e.g., social media marketing vs content marketing).

  Example : Mastercard helps a digital bank acquire 10 million high-value customers

  For example, Mastercard helped a digital bank in Latin America achieve sustainable growth beyond customer acquisition. The fintech company wanted to increase revenue through targeted acquisition and profitable engagement metrics.

  Strategies included :

  • A more targeted acquisition strategy for high-value customers
  • Increasing avg. spend per customer
  • Reducing acquisition cost
  • Customer retention

  As a result, Mastercard’s advisors helped this fintech company acquire 10 million new customers in two years. More importantly, they increased customer spending by 28% while reducing acquisition costs by 13%, creating a more sustainable and profitable growth model.

  2. Use web and app analytics to remotivate users before they disengage

  Engagement is the key to customer retention and lifetime value. To prevent valuable customers from disengaging, you need to intervene when they show early signs of losing interest, but they’re still receptive to your incentivisation tactics (promotions, rewards, milestones, etc.).

  By integrating web and app analytics, you can identify churn patterns and pinpoint the sequences of actions that lead to disengaging. For example, you might determine that customers who only log in once a month, engage with one dashboard, or drop below a certain transaction rate are at high risk for churn.

  Using a tool like Matomo for web and app analytics, you can detect these early signs of disengagement. Once you identify your churn risks, you can create triggers to automatically fire re-engagement campaigns. You can also use CRM and session data to personalize campaigns to directly address the cause of disengagement, e.g., valuable content or incentives to increase transaction rates.

  Example : Dynamic Yield fintech re-engagement case study

  In this Dynamic Yield case study, one leading fintech company uses customer spending patterns to identify those most likely to disengage. The company set up automated campaigns with personalised in-app messaging, offering time-bound incentives to increase transaction rates.

  

  With fully automated re-engagement campaigns, this fintech company increased customer retention through valuable engagement and revenue-driving actions.

  3. Identify the path your most valuable customers take

  Why optimise web experiences for everyone when you can tailor the online journey for your most valuable customers ? Use customer segmentation to identify the shared interests and habits of your most valuable customers. You can learn a lot about customers based on where the pages they visit and the content they engage with before taking action.

  Use these insights to optimise funnels that motivate prospects displaying the same customer behaviours as your most valuable customers.

  Get 20-40% more data with Matomo

  One of the biggest issues with Google Analytics and many similar tools is that they produce inaccurate data due to data sampling. Once you collect a certain amount of data, Google reports estimates instead of giving you complete, accurate insights.

  This means you could be basing important business decisions on inaccurate data. Furthermore, when investors are nervous about the uncertainty surrounding fintech, the last thing they want is inaccurate data.

  Matomo is the reliable, accurate alternative to Google Analytics that uses no data sampling whatsoever. You get 100% access to your web analytics data, so you can base every decision on reliable insights. With Matomo, you can access between 20% and 40% more data compared to Google Analytics.

  

  With Matomo, you can confidently unlock the full picture of your marketing efforts and give potential investors insights they can trust.

  Try Matomo for Free

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

  Start for free

  No credit card required

  4. Reduce onboarding dropouts with marketing automation

  Onboarding dropouts kill your chance of getting any return on your customer acquisition cost. You also miss out on developing a long-term relationship with users who fail to complete the onboarding process – a hit on immediate ROI and, potentially, long-term profits.

  The onboarding process also defines the first impression for customers and sets a precedent for their ongoing experience.

  An engaging onboarding experience converts more potential customers into active users and sets them up for repeat engagement and valuable actions.

  Example : Maxio reduces onboarding time by 30% with GUIDEcx

  Onboarding optimisation specialists, GUIDEcx helped Maxio cut six weeks off their onboarding times – a 30% reduction.

  

  With a shorter onboarding schedule, more customers are committing to close the deal during kick-off calls. Meanwhile, by increasing automated tasks by 20%, the company has unlocked a 40% increase in capacity, allowing it to handle more customers at any given time and multiplying its capacity to generate revenue.

  5. Increase the value in TTFV with personalisation

  Time to first value (TTFV) is a key metric for onboarding optimisation, but some actions are more valuable than others. By personalising the experience for new users, you can increase the value of their first action, increasing motivation to continue using your fintech product/service.

  The onboarding process is an opportunity to learn more about new customers and deliver the most rewarding user experience for their particular needs.

  Example : Betterment helps users put their money to work right away

  Betterment has implemented a quick, personalised onboarding system instead of the typical email signup process. The app wants to help new customers put their money to work right away, optimising for the first transaction during onboarding itself.

  

  It personalises the experience by prompting new users to choose their goals, set up the right account for them, and select the best portfolio to achieve their goals. They can complete their first investment within a matter of minutes and professional financial advice is only ever a click away.

  Optimise account signups with Matomo

  If you want to create and optimise a signup process like Betterment, you need an analytics system with a complete conversion rate optimisation (CRO) toolkit. 

  

  Matomo includes all the CRO features you need to optimise user experience and increase signups. With heatmaps, session recordings, form analytics, and A/B testing, you can make data-driven decisions with confidence.

  Try Matomo for Free

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

  Start for free

  No credit card required

  6. Use gamification to drive product engagement

  Gamification can create a more engaging experience and increase motivation for customers to continue using a product. The key is to reward valuable actions, engagement time, goal completions, and the small objectives that build up to bigger achievements.

  Gamification is most effective when used to help individuals achieve goals they’ve set for themselves, rather than the goals of others (e.g., an employer). This helps explain why it’s so valuable to fintech experience and how to implement effective gamification into products and services.

  Example : Credit Karma gamifies personal finance

  Credit Karma helps users improve their credit and build their net worth, subtly gamifying the entire experience.

  

  Users can set their financial goals and link all of their accounts to keep track of their assets in one place. The app helps users “see your wealth grow” with assets, debts, and investments all contributing to their next wealth as one easy-to-track figure.

  

  7. Personalise loyalty programs for retention and CLV

  Loyalty programs tap into similar psychology as gamification to motivate and reward engagement. Typically, the key difference is that – rather than earning rewards for themselves – you directly reward customers for their long-term loyalty.

  That being said, you can implement elements of gamification and personalisation into loyalty programs, too. 

  Example : Bank of America’s Preferred Rewards

  Bank of America’s Preferred Rewards program implements a tiered rewards system that rewards customers for their combined spending, saving, and borrowing activity.

  

  The program incentivises all customer activity with the bank and amplifies the rewards for its most active customers. Customers can also set personal finance goals (e.g., saving for retirement) to see which rewards benefit them the most.

  Conclusion

  Fintech marketing needs to catch up with the new priorities of investors in 2024. The pre-pandemic buzz is over, and investors remain cautious as regulatory scrutiny intensifies, security breaches mount up, and the market limps back into recovery.

  To win investor and consumer trust, fintech companies need to drop the growth-at-all-costs mindset and switch to a marketing philosophy of long-term profitability. This is what investors want in an unstable market, and it’s certainly what customers want from a company that handles their money.

  Unlock the full picture of your marketing efforts with Matomo’s robust features and accurate reporting. Trusted by over 1 million websites, Matomo is chosen for its compliance, accuracy, and powerful features that drive actionable insights and improve decision-making.

   Start your free 21-day trial now. No credit card required.

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• Six Best Amplitude Alternatives

  10 décembre 2024, par Daniel Crough

  Product analytics is big business. Gone are the days when we could only guess what customers were doing with our products or services. Now, we can track, visualise, and analyse how they interact with them and, with that, constantly improve and optimise. 

  The problem is that many product analytics tools are expensive and complicated — especially for smaller businesses. They’re also packed with functionality more attuned to the needs of massive companies. 

  Amplitude is such a tool. It’s brilliant and it has all the bells and whistles that you’ll probably never need. Fortunately, there are alternatives. In this guide, we’ll explore the best of those alternatives and, along the way, provide the insight you’ll need to select the best analytics tool for your organisation. 

  Amplitude : a brief overview

  To set the stage, it makes sense to understand exactly what Amplitude offers. It’s a real-time data analytics tool for tracking user actions and gaining insight into engagement, retention, and revenue drivers. It helps you analyse that data and find answers to questions about what happened, why it happened, and what to do next.

  However, as good as Amplitude is, it has some significant disadvantages. While it does offer data export functionality, that seems deliberately restricted. It allows data exports for specific events, but it’s not possible to export complete data sets to manipulate or format in another tool. Even pulling it into a CSV file has a 10,000-row limit. There is an API, but not many third-party integration options.

  Getting data in can also be a problem. Amplitude requires manual tags on events that must be tracked for analysis, which can leave holes in the data if every possible subsequent action isn’t tagged. That’s a time-consuming exercise, and it’s made worse because those tags will have to be updated every time the website or app is updated. 

  As good as it is, it can also be overwhelming because it’s stacked with features that can create confusion for novice or inexperienced analysts. It’s also expensive. There is a freemium plan that limits functionality and events. Still, when an organisation wants to upgrade for additional functionality or to analyse more events, the step up to the paid plan is massive.

  Lastly, Amplitude has made some strides towards being a web analytics option, but it lacks some basic functionality that may frustrate people who are trying to see the full picture from web to app.

  Snapshot of Amplitude alternatives

  So, in place of Amplitude, what product analytics tools are available that won’t break the bank and still provide the functionality needed to improve your product ? The good news is that there are literally hundreds of alternatives, and we’ve picked out six of the best.

  1. Matomo – Best privacy-focused web and mobile analytics
  2. Mixpanel – Best for product analytics
  3. Google Analytics – Best free option
  4. Adobe Analytics – Best for predictive analytics
  5. Umami – Best lightweight tool for product analytics
  6. Heap – Best for automatic user data capture

  A more detailed analysis of the Amplitude alternatives

  Now, let’s dive deeper into each of the six Amplitude alternatives. We’ll cover standout features, integrations, pricing, use cases and community critiques. By the end, you’ll know which analytics tool can help optimise website and app performance to grow your business.

  1. Matomo – Best privacy-friendly web and app analytics

  Privacy is a big concern these days, especially for organisations with a presence in the European Union (EU). Unlike other analytics tools, Matomo ensures you comply with privacy laws and regulations, like the General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act (CCPA).

  Matomo helps businesses get the insights they need without compromising user privacy. It’s also one of the few self-hosted tools, ensuring data never has to leave your site.

  Matomo is open-source, which is also rare in this class of tools. That means it’s available for anyone to adapt and customise as they wish. Everything you need to build custom APIs is there.

  

  Its most useful capabilities include visitor logs and session recordings to trace the entire customer journey, spot drop-off points, and fine-tune sales funnels. The platform also comes with heatmaps and A/B testing tools. Heatmaps provide a useful visual representation of your data, while A/B testing allows for more informed, data-driven decisions.

  Despite its range of features, many reviewers laud Matomo’s user interface for its simplicity and user-friendliness. 

  Why Matomo : Matomo is an excellent alternative because it fills in the gaps where Amplitude comes up short, like with cookieless tracking. Also, while Amplitude focuses mainly on behavioural analytics, Matomo offers both behavioural and traditional analytics, which allows more profound insight into your data. Furthermore, Matomo fully complies with the strictest privacy regulations worldwide, including GDPR, LGPD, and HIPAA.

  Standout features include multi-touch attribution, visits log, content engagement, ecommerce, customer segments, event tracking, goal tracking, custom dimensions, custom reports, automated email reports, tag manager, sessions recordings, roll-up reporting that can pull data from multiple websites or mobile apps, Google Analytics importer, Matomo tag manager, comprehensive visitor tracking, heatmaps, and more.

  Integrations with 100+ technologies, including Cloudflare, WordPress, Magento, Google Ads, Drupal, WooCommerce, Vue, SharePoint and Wix.

  Pricing is free for Matomo On-Premise and $23 per month for Matomo Cloud, which comes with a 21-day free trial (no credit card required).

  Strengths

  • Privacy focused
  • Cookieless consent banners
  • 100% accurate, unsampled data
  • Open-source code 
  • Complete data ownership (no sharing with third parties)
  • Self-hosting and cloud-based options
  • Built-in GDPR Manager
  • Custom alerts, white labelling, dashboards and reports

  Community critiques 

  • Premium features are expensive and proprietary
  • Learning curve for non-technical users

  2. Mixpanel – Best for product analytics

  Mixpanel is a dedicated product analytics tool. It tracks and analyses customer interactions with a product across different platforms and helps optimise digital products to improve the user experience. It works with real-time data and can provide answers from customer and revenue data in seconds.

  It also presents data visualisations to show how customers interact with products.

  

  Mixpanel allows you to play around filters and views to reveal and chart some useful customer trends. (Image source)

  Why Mixpanel : One of the strengths of this platform is the ability to test hypotheses. Need to test an ambitious idea ? Mixpanel data can do it with real user analytics. That allows you to make data-driven decisions to find the best path forward.

  Standout features include automatic funnel segment analysis, behavioural segmentation, cohort segmentation, collaboration support, customisable dashboards, data pipelines, filtered data views, SQL queries, warehouse connectors and a wide range of pre-built integrations.

  Integrations available include Appcues, AppsFlyer, AWS, Databox, Figma, Google Cloud, Hotjar, HubSpot, Intercom, Integromat, MailChimp, Microsoft Azure, Segment, Slack, Statsig, VWO, Userpilot, WebEngage, Zapier, ZOH) and dozens of others.

  Pricing starts with a freemium plan valid for up to 20 million events per month. The growth plan is affordable at $25 per month and adds features like no-code data transformations and data pipeline add-ons. The enterprise version runs at a monthly cost of $833 and provides the full suite of features and services and premium support.

  There’s a caveat. Those prices only allow up to 1,000 Monthly Tracked Users (MTUs), calculated based on the number of visitors that perform a qualifying event each month. Beyond that, MTU plans start at $20,000 per year.

  Strengths

  • User behaviour and interaction tracking
  • Unlimited cohort segmentation capabilities
  • Drop-off analysis showing where users get stuck
  • A/B testing capabilities

  Community critiques 

  • Expensive enterprise features
  • Extensive setup and configuration requirements

  3. Google Analytics 4 – Best free web analytics tool

  The first thing to know about Google Analytics 4 is that it’s a web analytics tool. In other words, it tracks sessions, not user behaviours in app environments. It can provide details on how people found your website and how they go there, but it doesn’t offer much detail on how people use your product. 

  There is also an enterprise version, Google Analytics 360, which is not free. We’ve broken down the differences between the two versions elsewhere.

  

  GA4’s audience overview shows visitors, sessions, session lengths, bounce rates, and user engagement data. (Image source)

   

  Why Google Analytics : It’s great for gauging the effectiveness of marketing campaigns, tracking goal completions (purchases, cart additions, etc.) and spotting trends and patterns in user engagement.

  Standout features include built-in automation, customisable conversion goals, data drill-down functionality, detailed web acquisition metrics, media spend ROI calculations and out-of-the-box web analytics reporting.

  Integrations include all major CRM platforms, CallRail, DoubleClick DCM, Facebook, Hootsuite, Marketo, Shopify, VWO, WordPress, Zapier and Zendesk, among many others.

  Pricing is free for the basic version (Google Analytics 4) and scales based on features and data volume. The advanced features (in Google Analytics 360) are pitched at enterprises, and pricing is custom.

  Strengths

  • Free to start
  • Multiple website management
  • Traffic source details
  • Up-to-date traffic data

  Community critiques 

  • Steep learning curve 
  • Data sampling

  4. Adobe Analytics – Best for predictive analytics

  A fully configured Adobe Analytics implementation is the Swiss army knife of analytics tools. It begins with web analytics, adds product analytics, and then wraps it up nicely with predictive analytics.

  Unlike all the Amplitude alternatives here, there’s no free version. Adobe Analytics has a complicated pricing matrix with options like website analytics, marketing analytics, attribution, and predictive analytics. It also has a wide range of customisation options that will appeal to large businesses. But for smaller organisations, it may all be a bit too much.

  Mixpanel allows you to play around filters and views to reveal and chart some useful customer trends. (Image source)

  

  Adobe Analytics’ cross-channel attribution ties actions from different channels into a single customer journey. (Image source)

   

  Why Adobe Analytics : For current Adobe customers, this is a logical next step. Either way, Adobe Analytics can combine, evaluate, and analyse data from any part of the customer journey. It analyses that data with predictive intelligence to provide insights to enhance customer experiences.

   

  Standout features include AI-powered prediction analysis, attribution analysis, multi-channel data collection, segmentation and detailed customer journey analytics, product analytics and web analytics.

   

  Integrations are available through the Adobe Experience Cloud Exchange. Adobe Analytics also supports data exchange with brands such as BrightEdge, Branch.io, Google Ads, Hootsuite, Invoca, Salesforce and over 200 other integrations.

   

  Pricing starts at $500 monthly, but prospective customers are encouraged to contact the company for a needs-based quotation.

   

  Strengths

  • Drag-and-drop interface
  • Flexible segmentation 
  • Easy-to-create conversion funnels
  • Threshold-based alerts and notifications

  Community critiques 

  • No free version
  • Lack of technical support
  • Steep learning curve

  5. Umami – Best lightweight tool for web analytics

  The second of our open-source analytics solutions is Umami, a favourite in the software development community. Like Matomo, it’s a powerful and privacy-focused alternative that offers complete data control and respects user privacy. It’s also available as a cloud-based freemium plan or as a self-hosted solution.

   

  

  Umami’s dashboard reveals the busiest times of day and which pages are visited when.(Image source)

   

  Why Umami : Unami has a clear and simple user interface (UI) that lets you measure important metrics such as page visits, referrers, and user agents. It also features event tracking, although some reviewers complain that it’s quite limited.

  Standout features can be summed up in five words : privacy, simplicity, lightweight, real-time, and open-source. Unami’s UI is clean, intuitive and modern, and it doesn’t slow down your website. 

  Integrations include plugins for VuePress, Gatsby, Craft CMS, Docusaurus, WordPress and Publii, and a module for Nuxt. Unami’s API communicates with Javascript, PHP Laravel and Python.

  Pricing is free for up to 100k monthly events and three websites, but with limited support and data retention restrictions. The Pro plan costs $20 a month and gives you unlimited websites and team members, a million events (plus $0.00002 for each event over that), five years of data and email support. Their Enterprise plan is priced custom.

  Strengths

  • Freemium plan
  • Open-source
  • Lightweight 

  Community critiques 

  • Limited support options
  • Data retention restrictions
  • No funnel functionality

  6. Heap – Best for automatic data capture

  Product analytics with a twist is a good description of Heap. It features event auto-capture to track user interactions across all touchpoints in the user journey. This lets you fully understand how and why customers engage with your product and website. 

  Using a single Javascript snippet, Heap automatically collects data on everything users do, including how they got to your website. It also helps identify how different cohorts engage with your product, providing the critical insights teams need to boost conversion rates.

  

  Heap’s journeys feature combines funnel and path analysis. (Image source)

   

  Why Heap : The auto-capture functionality solves a major shortcoming of many product analytics tools — manual tracking. Instead of having to set up manual tags on events, Heap automatically captures all data on user activity from the start. 

  Standout features include event auto-capture, session replay, heatmaps, segments (or cohorts) and journeys, the last of which combines the functions of funnel and path analysis tools into a single feature.

  Integrations include AWS, Google, Microsoft Azure, major CRM platforms, Snowflake and many other data manipulation platforms.

  Pricing is quote-based across all payment tiers. There is also a free plan and a 14-day free trial.

  Strengths

  • Session replay
  • Heatmaps 
  • User segmentation
  • Simple setup 
  • Event auto-capture 

  Community critiques 

  • No A/B testing functionality
  • No GDPR compliance support

  Choosing the best solution for your team

  When selecting a tool, it’s crucial to understand how product analytics and web analytics solutions differ. 

  Product analytics tools track users or accounts and record the features they use, the funnels they move through, and the cohorts they’re part of. Web analytics tools focus more on sessions than users because they’re interested in data that can help improve website usage. 

  Some tools combine product and web analytics to do both of these jobs.

  Area of focus

  Product analytics tools track user behaviour within SaaS- or app-based products. They’re helpful for analysing features, user journeys, engagement metrics, product development and iteration. 

  Web analytics tools analyse web traffic, user demographics, and traffic sources. They’re most often used for marketing and SEO insights.

  Level of detail

  Product analytics tools provide in-depth tracking and analysis of user interactions, feature usage, and cohort analysis.

  Web analytics tools provide broader data on page views, bounce rates, and conversion tracking to analyse overall site performance.

  Whatever tools you try, your first step should be to search for reviews online to see what people who’ve used them think about them. There are some great review sites you can try. See what people are saying on Capterra, G2, Gartner Peer Insights, or TrustRadius. 

  Use Matomo to power your web and app analytics

  Web and product analytics is a competitive field, and there are many other tools worth considering. This list is a small cross-section of what’s available.

  That said, if you have concerns about privacy and costs, consider choosing Matomo. Start your 21-day free trial today.

  Start improving your websites and apps

  21 day free trial. No credit card required.

  
  

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• Conversion Funnel Optimisation : 10 Ways to Convert More

  24 janvier 2024, par Erin

  Converting leads into happy customers is the ultimate goal of any sales and marketing team. But there are many steps in between those two events, or in other words, funnel stages. 

  Your sales funnel includes all the steps you take to make your audience aware of your product or services and convince them to purchase. Conversion funnel optimisation strategies can help you move users through the stages of your sales funnel. 

  This article will show you how to optimise your conversion funnel and boost sales — no matter how your funnel looks. We’ll go over practical tips you can implement and how you can analyse and measure results.

  Let’s get started.

  What is conversion funnel optimisation ? 

  Conversion funnel optimisation is the strategic and ongoing process of refining and improving the different stages of a sales or marketing funnel to increase the rate at which users complete desired actions.

  A sales funnel represents the stages a potential customer goes through before purchasing. 

  The typical stages of a sales funnel include :

  • Awareness : At the top of the funnel, potential customers become aware of your product or service. 
  • Consideration : In this stage, prospects evaluate the product or service against alternatives. They may compare features, prices and customer reviews to make an informed decision.
  • Conversion : The prospect completes the transaction and becomes an actual customer by purchasing.
  • Loyalty : You can turn one-time buyers into repeat customers and brand advocates. 

  It’s called a “funnel” because, similar to the shape of a funnel, the number of potential customers decreases as they progress through the various stages of the sales process — as you can see illustrated below.

  

  Sales funnels can vary across industries and business models, but the general concept remains the same. The goal is to guide potential customers through each funnel stage, addressing their needs and concerns at each step, ultimately leading to a successful conversion. 

  You can create and monitor a custom funnel for your site’s user journey with a web analytics solution like Matomo.

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  The importance of conversion funnel optimisation 

  At the heart of conversion funnel optimisation is the quest for higher conversion rates. 

  Refining the customer journey can increase the chances of turning visitors into customers who return repeatedly.

  Specifically, here’s how conversion funnel optimisation can benefit your business :

  • Increased conversions : Marketers can increase the likelihood of turning website visitors into customers by making the user journey more user-friendly and persuasive.
  • Higher revenue : Improved conversion rates aren’t just numbers on a chart ; they translate to tangible revenue. 
  • Increased ROI (return on investment) : By optimising the conversion funnel, you can get more value from your marketing and sales efforts. 
  • Improved customer satisfaction : When customers find it easy and enjoyable to interact with a website or service, it positively influences their satisfaction and likelihood of returning.
  • Data-driven decision-making : Businesses can make informed decisions on budgets and resources based on user behaviour and performance metrics by analysing and optimising conversion funnels.

  ​​Ultimately, conversion funnel optimisation efforts align the entire funnel with overarching business goals.

  10 ways to optimise your conversion funnel 

  Here are 10 ways to optimise your conversion funnel.

  1. Identify and segment your target audience

  The key to a successful conversion funnel begins with a deep understanding of your target audience. 

  Identifying and segmenting your audience lets you speak directly to their pain points, desires and motivations.

  One effective way to know your audience better is by creating detailed buyer personas. These are fictional representations of your ideal customers based on thorough market research and real data. Dive into demographics and behavioural patterns to craft personas that resonate with your audience.

  

  Note that consumer preferences are not static. They evolve, influenced by trends, technological advancements and shifts in societal values. Staying attuned to these changes is crucial as part of optimising your conversion funnel.

  Thus, you must regularly update your buyer personas and adjust your marketing strategies accordingly.

  2. Create content for every stage of the funnel

  Each funnel stage represents a different mindset and needs for your potential customers. Tailoring your content ensures you deliver the right message at the right time to the right audience. 

  Here’s how to tailor your content to fit prospective customers at every conversion funnel stage.

  Awareness-stage content

  Prospects here are seeking information. Your content should be educational and focused on addressing their pain points. Create blog posts, infographics and videos introducing them to your industry, product or service.

  This video we created at Matomo is a prime example of awareness-stage content, grabbing attention and educating viewers about Matomo.

  Consideration-stage content

  Prospects are evaluating their options. Provide content highlighting your product’s unique selling points, such as case studies, product demonstrations and customer testimonials.

  Here’s how we use a versus landing page at Matomo to persuade prospects at this funnel stage.

  

  Conversion-stage content

  This is the final push. Ensure a smooth transition to conversion with content like promotional offers, limited-time discounts and clear calls to action (CTA).

  Loyalty-stage content

  In this stage, you might express gratitude for the purchase through personalised thank-you emails. Follow up with additional resources, tips or exclusive offers to reinforce a positive post-purchase experience. This also positions your brand as a helpful resource beyond the initial sale.

  Reward customer loyalty with exclusive offers, discounts or membership in a loyalty program.

  3. Capture leads

  Lead magnets are incentives offered to potential customers in exchange for their contact information, typically their email addresses. 

  Examples of lead magnets include :

  • Ebooks and whitepapers : In-depth resources that delve into specific topics of interest to your target audience.
  • Webinars and workshops : Live or recorded sessions that offer valuable insights, training or demonstrations.
  • Free trials and demos : Opportunities for potential customers to experience your product or service firsthand.
  • Checklists and templates : Practical tools that help your audience solve specific challenges.
  • Exclusive offers and discounts : Special promotions are available to those who subscribe or provide their contact information.

  For instance, here’s how HubSpot uses templates as lead magnets.

  

  Similarly, you can incorporate your lead magnets into relevant articles or social media posts, email campaigns and other marketing channels.

  4. Optimise your landing pages

  Understanding how visitors interact with your landing pages is a game-changer. So, the first step in optimising your landing pages is to analyse them.

  Enter Matomo’s heatmaps — the secret weapon in landing page optimisation. They visually represent how users interact with your pages, revealing where they linger, what catches their attention and where they may encounter friction. 

  

  Here are a few landing page elements you should pay attention to :

  • Strategic visual elements : Integrate high-quality images, videos and graphics that support your message and guide visitors through the content.
  • Compelling copy : Develop concise and persuasive copy that emphasises the benefits of your offering, addressing user pain points.
  • Effective CTA : Ensure your CTA is prominently displayed, using compelling language and colours that stand out.
  • Mobile responsiveness : Optimise your landing pages for various devices, especially considering the prevalence of mobile users.
  • Minimal form fields : Reduce friction by keeping form fields to a minimum, requesting only essential information.
  • ​​Leverage social proof : Integrate testimonials, reviews and trust badges to build trust and credibility.
  • A/B testing : Experiment with variations in design, copy and CTAs through A/B testing, allowing data to guide your decisions.

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  5. ​​Use compelling Calls to Action (CTAs)

  Crafting compelling CTAs is an art that involves a careful balance of persuasion, clarity and relevance.

  Here are a few tips you can implement to write CTAs that support your goals :

  • Use language that compels action. Instead of generic phrases like “Click Here,” opt for more persuasive alternatives such as “Unlock Exclusive Access” or “Start Your Free Trial.”
  • Make sure your CTAs are clear and straightforward. Visitors should instantly understand what action you want them to take. 
  • Tailor CTAs to the specific content on the page. Whether it’s a blog post, landing page or email, the CTA should seamlessly connect with the surrounding context.
  • Position your CTAs strategically. They should be prominently displayed and easily noticeable, guiding visitors without intruding.
  • Create a sense of urgency. Encourage immediate action by incorporating language that instils a sense of urgency. Phrases like “Limited Time Offer” or “Act Now” can prompt quicker responses.

  6. Have an active social presence

  Social media platforms are bustling hubs of activity where your target audience spends a significant portion of their online time. Cultivating a social media presence allows you to meet your audience where they are, fostering a direct line of communication.

  Moreover, the integration of shopping features directly into social media platforms transforms them into seamless shopping experiences. Nearly half of Instagram users shop weekly through the platform. 

  Also, the US social commerce sales continue to grow each year and are expected to reach $79.64 billion by 2025.

  

  7. Build a brand community

  Four in five customers consider communities important to how engaged they are with a brand.

  A strong community fosters a sense of belonging and loyalty among members. When customers feel connected to your brand and each other, they are more likely to remain loyal over the long term. 

  Also, satisfied community members often share their positive experiences with others, expanding your brand’s reach without additional marketing efforts.

  For example, Nike’s community for runners is a digital space where individuals share their running journeys, accomplishments and challenges. 

  

  By strategically building and nurturing a community, you not only enhance retention and spur referrals but also create a space where your brand becomes an integral part of your customers’ lives. 

  8. Conduct A/B tests

  A/B testing systematically compares two versions of a webpage, email or other content to determine which performs better.

  Examples of elements to A/B test :

  • CTAs : The language, colour, size and placement of CTAs can significantly impact user engagement. A/B testing allows you to discover which variations prompt the desired actions.
  • Headlines : Crafting compelling headlines is an art. Test different versions to identify which headlines resonate best with your audience, whether they are more drawn to clarity, humour, urgency or curiosity.
  • Images : Test different images to understand your audience’s visual preferences. This could include product images, lifestyle shots or graphics.

  

  With Matomo’s A/B testing feature, you can test various elements to see which is successful in converting visitors or moving them to the next stage of the conversion funnel.

  9. Leverage social proof

  In an era where consumers are inundated with choices, the opinions, reviews and endorsements of others serve as beacons, guiding potential customers through the decision-making process. 

  Simply put — when people see that others have had positive experiences with your brand, it instils trust and confidence.

  

  You can proactively gather social proof and display it prominently across your marketing channels. Here are some examples of social proof you can leverage :

  • Customer reviews : Positive reviews and testimonials from satisfied customers serve as authentic endorsements of your products or services. 
  • Case studies : In-depth case studies that showcase successful collaborations or solutions provided to clients offer a detailed narrative of your brand’s capabilities. These are particularly effective in B2B scenarios or for complex products and services.
  • User-generated content : Encourage customers to share their experiences. This could include photos, videos or posts on social media platforms, providing a dynamic and genuine portrayal of your brand.
  • Influencer endorsements : Collaborating with influencers in your industry or niche can amplify your social proof. When influencers vouch for your products or services, their followers are more likely to take notice.

  10. Measure and analyse performance

  This is a continuous loop of refinement, where you should use analysis and data-driven insights to guide your conversion funnel optimisation efforts.

  Here’s a systematic approach you can take :

  1. Identify the path users take on your site using a feature like Users Flow.
  2. Map the customer journey using a Funnels feature like the one in Matomo. 
  3. Identify the metrics that align with your conversion goals at each stage of the funnel, such as website traffic, conversion rates, click-through rates and customer acquisition costs.
  4. Assess conversion rates at different stages of the funnel. Identify areas with significant drop-offs and investigate factors that might contribute to the decline.
  5. Use heatmaps and session recordings to see first-hand how users interact with your site.
  6. Create an experiment to test and improve a specific area within your funnel using insights from the heatmaps and session recordings.
  7. A/B test, analyse the results to understand which variations performed better. Use this data to refine elements within your funnel.

  See how Concrete CMS 3x their leads with conversion optimisation.

  Conclusion 

  The customer journey is not linear. However, it involves a few specific stages your audience will go through — from first learning about your product or services to considering whether to try it. The goal is to turn them into happy and loyal customers.

  In this article, we went over strategies and practical tips you can use to guide customers through the conversion funnel. From segmenting your audience to capturing leads, optimising landing pages and running A/B tests, there are steps you can take to ensure your audience will move to the next stage.

  And of course, you have to continuously measure and analyse your performance. That’s how you know whether you’re heading in the right direction and, if not, where to correct your course. 

  For that, you need a robust web analytics solution with conversion optimisation features. Try Matomo free for 21 days and start optimising your conversion funnel—no credit card required. 

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