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• Strategies for Reducing Bank Customer Acquisition Cost [2024]

  24 septembre 2024, par Daniel Crough — Banking and Financial Services

  Acquiring new customers is no small feat — regardless of the size of your team. The expenses of various marketing efforts tend to pile up fast, even more so when your business operates in a highly competitive industry like banking. At the same time, marketing budgets continue to decrease — dropping from an average of 9.1% of total company revenue in 2023 down to 7.7% in 2024 — prompting businesses in the financial services industry to figure out how they can do more with less.

  That brings us to bank customer acquisition cost (CAC) — a key business metric that can reveal quite a bit about your bank’s long-term profitability and potential for achieving sustainable growth. 

  This article will cover the ins and outs of bank customer acquisition costs and share actionable tips and strategies you can implement to reduce CAC.

  What is customer acquisition cost in banking ? 

  

  The global market volume of neobanks — fintech companies and digital banking platforms, often referred to as “challenger banks” — was estimated at $4.96 trillion in 2023. It’s expected to continue growing at a compound annual growth rate (CAGR) of 13.15% in the coming years, potentially reaching $10.44 trillion by 2028.

  That’s enough of an indicator that the financial services industry is now a highly competitive landscape where companies are often competing for the attention of a relatively limited audience. 

  Plus, several app-only banks based in Europe have made significant progress in attracting new customers to their financial products : 

  

  Unsurprisingly, this flurry of competition is putting upward pressure on customer acquisition and retention costs across the banking sector.

  Customer acquisition cost (CAC) — the sum of all costs and resources related to acquiring an additional customer — is one of the key business metrics to keep an eye on when trying to maximise your return on investment (ROI) and profitability, especially if your company operates in the banking industry.

  Here’s the basic formula you can use to calculate the cost of acquisition in banking : 

  Customer Acquisition Cost (CAC) = Total Amount Spent (TS) / Total New Customers Acquired (TNC)

  In essence, it requires you to divide the total cost of acquiring consumers — including sales and marketing expenses — by the total number of new customers your company has gained within a specific timeframe.

  There’s one thing you need to keep in mind : 

  The customer acquisition process involves more than just your marketing and sales departments. 

  While marketing and sales channels play a crucial role in this process, the list of expenses that may contribute to customer acquisition costs in banking goes well beyond that. 

  Here’s a quick breakdown of the customer acquisition cost formula to show you which costs make up the total amount spent : 

  • All advertising and marketing costs, including traditional (direct mail, billboards, TV and print advertising) and digital channels (email, Google ads, social media and influencer marketing)
  • Cost of outsourced marketing services, including any independent contractors involved in the process 
  • Salaries and commissions for the marketing team and sales representatives
  • Software subscriptions, including marketing software and web analytics tools 
  • Other overhead and operational costs 

  And until you’ve taken all these expenses into account, you won’t be able to accurately estimate how much it actually costs you to attract potential customers.

  Another thing to keep in mind is that there’s no universal definition of “good CAC.” 

  The average customer acquisition cost varies across different industries and business models. That said, you can generally expect a higher-than-average CAC in highly competitive sectors — namely, the financial, manufacturing and real estate industries. 

  Importance of tracking customer acquisition cost in banking 

  

  Customer acquisition costs are an important indicator of a banking business’s potential growth and profitability. Monitoring this fundamental business metric can provide data-driven insights about your current bank customer acquisition strategy — and offers a few notable benefits : 

  • Measuring the performance and effectiveness of different channels and campaigns and making data-driven decisions regarding future marketing efforts
  • Improving return on investment (ROI) by determining the most effective strategies for acquiring new customers 
  • Improving profitability by assessing the value per customer and improving profit margins 
  • Benchmarking against industry competitors to see where your business’s CAC stands compared to the banking industry average

  At the risk of stating the obvious, acquiring new customers isn’t always easy. That’s true for many highly competitive industries — especially the banking sector, which is currently witnessing the rapid rise of digital disruptors. 

  Case in point, the fintech market alone is currently valued at $312.98 billion and is expected to reach $556.70 billion by 2030, following a CAGR of 14%.

  

  However, strong competition is only one of the challenges banks face throughout the process of attracting potential customers. 

  Here are a few other things to keep in mind : 

  • Ethical business practices and strict compliance requirements when it comes to the privacy and security of customer data, including meeting data protection standards and ensuring regulatory compliance
  • Lack of personalisation throughout the customer journey, which today’s customers view as a lack of understanding of — and even interest in — their needs and preferences 
  • Limited mobile banking capabilities, which further points to a failure to innovate and adapt — one of the leading risks that financial services may face 

  7 strategies for reducing bank customer acquisition costs 

  

  When working on optimising your banking customer acquisition strategy, the key thing to keep in mind is that there are two sides to improving CAC : 

  On the one hand, you have efforts to decrease the costs associated with acquiring a new customer — and on the other, you have the importance of attracting high-value customers. 

  1. Eliminate friction points in the customer onboarding process

  One of the first things financial institutions should do is examine their existing digital onboarding process and look for friction points that might cause potential customers to drop off. After all, a streamlined onboarding process will minimise barriers to conversion, increasing the number of new customers acquired and improving overall customer satisfaction. 

  Keep in mind that, at the 30-day mark, finance mobile apps have an average user retention rate of 3% : 

  

  That says a lot about the importance of providing a frictionless onboarding experience as a retail bank or any other financial institution. 

  Granted, a single point of friction is rarely enough to cause customers to churn. It’s typically a combination of several factors — a lengthy sign-up process with complicated password requirements and time-consuming customer identification or poor customer service, for example — that occur during the key moments of the customer journey.

  In order to keep tabs on customer experiences across different touchpoints and spot potential barriers in their journey, you’ll need a reliable source of data. Matomo’s Funnels report can show you exactly where your website visitors are dropping off. 

  2. Get more personalised with your marketing efforts 

  Generic experiences are rarely the way to go — especially when you’re contending for the attention of prospective customers in such a competitive sector. 

  Besides, 62% of people who made an online purchase within the last six months have said that brands would lose their loyalty following a non-personalised experience. 

  What’s more shocking is that only a year earlier, that number stood at 45%.

  

  When it comes to improving marketing efficiency and sales strategies, 94% of marketers agree that personalisation is key : 

  

  It’s evident that personalised marketing supported by behavioural segmentation can significantly improve conversion rates — and, most importantly, reduce acquisition costs. 

  Of course, it’s virtually impossible to deliver targeted, personalised marketing messaging without creating audience segments and detailed buyer personas. Matomo’s Segmentation feature can help by allowing you to split website visitors into smaller groups and get much-needed insights for behavioural segmentation. 

  3. Build an omnichannel marketing strategy 

  Customer expectations, behaviours and preferences are constantly evolving, making it crucial for financial services to adapt their customer acquisition strategies accordingly. Meeting prospective customers on their preferred channels is a big part of that. 

  The issue is that modern banking customers tend to move across different channels. That’s one of the reasons why it’s becoming increasingly more difficult to deliver a unified experience throughout the entire customer journey and close the gap between digital and in-person customer interactions. 

  Omnichannel marketing gives you a way to keep up with customers’ ever-evolving expectations :

  Adopting this marketing strategy will allow you to meet customers where they are and deliver a seamless experience across a wide range of digital channels and touchpoints, leading to more exposure — and, ultimately, increasing the number of acquired customers.

  Matomo can support your omnichannel efforts by providing accurate, unsampled data needed for cross-channel analytics and marketing attribution. 

  4. Work on your social media presence 

  Social networks are among the most popular — and successful — digital marketing channels, with millions (even billions, depending on the platform) of active users. 

  In fact, 89% of marketers report using Facebook as their main platform for social media marketing, while another 80% use Instagram to reach their target audience and promote their business. 

  

  And according to The State of Social Media in Banking 2023 report, nine out of ten banks (89%) consider social media is important, while another 88% are active on their social media accounts. 

  That is to say, even traditionally conservative industries — like banking and finance — realise the crucial role of social media in promoting their services and engaging with customers on their preferred channels : 

  It’s an excellent way for businesses in the financial sector to gain exposure, drive traffic to their website and acquire new customers. 

  If you’re ready to improve social media visibility as part of your multichannel efforts, Matomo can help you track social media activity across 70 different platforms. 

  5. Shift the focus on customer loyalty and retention 

  Up until this point, the focus has mainly been on building new business relationships. However, one thing to keep in mind is that retaining existing customers is generally cheaper than investing in customer acquisition activities to attract new ones. 

  Of course, customer retention won’t directly impact your CAC. But what it can do is increase customer lifetime value, contributing to your company’s revenue and profits — which, in turn, can “balance out” your acquisition costs in the long run.

  That’s not to say that you should stop trying to bring in new clients ; far from it. 

  However, focusing on increasing customer loyalty — namely, delivering excellent customer service and building lasting business relationships — could motivate satisfied customers to become brand advocates. 

  As this survey of customer satisfaction for leading banks in the UK has shown, when clients are satisfied with a bank’s products and services, they’re more likely to recommend it. 

  

  Positive word-of-mouth recommendations can be a powerful way to drive customer acquisition. You can leverage that by launching a customer referral program and incentivising loyal customers to refer new ones to your business. 

  6. A/B test different elements to find ones that work 

  We’ve already underlined the importance of understanding your audience ; it’s the foundation for optimising the customer journey and delivering targeted marketing efforts that will attract more customers. 

  Another proven method that can be used to refine your customer acquisition strategy is A/B or split testing. 

  It involves testing different versions of specific elements of your marketing content — such as language, CTAs and visuals — to determine the most effective combinations that resonate with your target audience. 

  Besides your marketing campaigns, you can also split test different variants of your website or mobile app to see which version gets them to convert. 

  Matomo’s A/B Testing feature can be of huge help here : 

  

  7. Track other relevant customer acquisition metrics 

  To better assess your company’s profitability, you’ll have to go beyond CAC and factor in other critical metrics — namely, customer lifetime value (CLTV), churn rate and return on investment (ROI). 

  Here are the most important KPIs you should monitor in addition to CAC : 

  • Customer lifetime value (CLTV), which represents the revenue generated by a single customer throughout the duration of their relationship with your company and is another crucial indicator of customer profitability 
  • Churn rate — the rate at which your company loses clients within a given timeframe — can indicate how well you’re retaining customers 
  • Return on investment (ROI) — the revenue generated by new clients compared to the initial costs of acquiring them — can help you identify the most effective customer acquisition channels 

  These metrics work hand in hand. There needs to be a balance between the revenue the customer generates over their lifetime and the costs related to attracting them.

  Ideally, you should be aiming for lower CAC and customer churn and higher CLTV ; that’s usually a solid indicator of financial health and sustainable growth. 

  Lower bank customer acquisition costs with Matomo 

  Acquiring new customers will require a lot of time and resources, regardless of the industry you’re working in — but can be even more challenging in the financial sector, where you have to adapt to the ever-changing customer expectations and demands. 

  The strategies outlined above — combined with a thorough understanding of your customer’s behaviours and preferences — can help you lower the cost of bank customer acquisition.

  On that note, you can learn a lot about your customers through web analytics — and use those insights to support your customer acquisition process and ensure you’re delivering a seamless online banking experience. 

  If you need an alternative to Google Analytics that doesn’t rely on data sampling and ensures compliance with the strictest privacy regulations, all while being easy to use, choose Matomo — the go-to web analytics platform for more than 1 million websites around the globe. 

  CTA : Start your 21-day free trial today to see how Matomo’s all-in-one solution can help you understand and attract new customers — all while respecting their privacy. 

• What Are Website KPIs (10 KPIs and Best Ways to Track Them)

  3 mai 2024, par Erin

  Trying to improve your website’s performance ?

  Have you ever heard the phrase, “What gets measured gets managed ?”

  To improve, you need to start crunching your numbers.

  The question is, what numbers are you supposed to track ?

  If you want to improve your conversions, then you need to track your website KPIs.

  In this guide, we’ll break down the top website KPIs you need to be tracking and how you can track them so you can double down on what’s working with your website (and ditch what’s not).

  Let’s begin.

  What are website KPIs ?

  Before we dive into website KPIs, let’s define “KPI.”

  A KPI is a key performance indicator.

  You can use this measurable metric to track progress toward a specific objective.

  A website KPI is a metric to track progress towards a specific website performance objective.

  

  Website KPIs help your business identify strengths and weaknesses on your website, activities you’re doing well (and those you’re struggling with).

  Web KPIs can give you and your team a target to reach with simple checkpoints to show you whether you’re on the right track toward your goals.

  By tracking website KPIs regularly, you can ensure your organisation performs consistently at a high level.

  Whether you’re looking to improve your traffic, leads or revenue, keeping a close eye on your website KPIs can help you reach your goals.

  10 Website KPIs to track

  If you want to improve your site’s performance, you need to track the right KPIs.

  While there are plenty of web analytics solutions on the market today, below we’ll cover KPIs that are automatically tracked in Matomo (and don’t require any configuration).

  Here are the top 10 website KPIs you need to track to improve site performance and grow your brand :

  1. Pageviews

  Website pageviews are one of the most important KPIs to track.

  What is it exactly ?

  It’s simply the number of times a specific web page has been viewed on your site in a specific time period.

  For example, your homepage might have had 327 pageviews last month, and only 252 this month. 

  This is a drop of 23%. 

  A drop in pageviews could mean your search engine optimisation or traffic campaigns are weakening. Alternatively, if you see pageviews rise, it could mean your marketing initiatives are performing well.

  High or low pageviews could also indicate potential issues on specific pages. For example, your visitors might have trouble finding specific pages if you have poor website structure.

  

  2. Average time on page

  Now that you understand pageviews, let’s talk about average time on page.

  This is simple : it’s the average amount of time your visitors spend on a particular web page on your site.

  This isn’t the average time they spend on your website but on a specific page.

  If you’re finding that you’re getting steady traffic to a specific web page, but the average time on the page is low, it may mean the content on the page needs to be updated or optimised.

  Tracking your average time on page is important, as the longer someone stays on a page, the better the experience.

  This isn’t a hard and fast rule, though. For specific types of content like knowledge base articles, you may want a shorter period of time on page to ensure someone gets their answer quickly.

  3. Bounce rate

  Bounce rate sounds fun, right ?

  Well, it’s not usually a good thing for your website.

  A bounce rate is how many users entered your website but “bounced” away without clicking through to another page.

  Your bounce rate is a key KPI that helps you determine the quality of your content and the user experience on individual pages.

  You could be getting plenty of traffic to your site, but if the majority are bouncing out before heading to new pages, it could mean that your content isn’t engaging enough for your visitors.

  Remember, like average time on page, your bounce rate isn’t a black-and-white KPI.

  A higher bounce rate may mean your site visitors got exactly what they needed and are pleased.

  But, if you have a high bounce rate on a product page or a landing page, that is a sign you need to optimise the page.

  4. Exit rate

  Bounce rate is the percentage of people who left the website after visiting one page.

  Exit rate, on the other hand, is the percentage of website visits that ended on a specific page.

  For example, you may find that a blog post you wrote has a 19% exit rate and received 1,000 visits that month. This means out of the 1,000 people who viewed this page, 190 exited after visiting it.

  On the other hand, you may find that a second blog post has 1,000 pageviews, but a 10% exit rate, with only 100 people leaving the site after visiting this page.

  What could this mean ?

  This means the second page did a better job keeping the person on your website longer. This could be because :

  • It had more engaging content, keeping the visitors’ interest high
  • It had better internal links to other relevant pieces of content
  • It had a better call to action, taking someone to another web page

  If you’re an e-commerce store and notice that your exit rate is higher on your product, cart or checkout pages, you may need to adjust those pages for better conversions.

  

  5. Average page load time

  Want to know another reason you may have a high exit rate or bounce rate on a page ?

  Your page load time.

  The average page load time is the average time it takes (in seconds) from the moment you click through to a page until it has fully rendered within your browser.

  In other words, it’s the time it takes after you click on a page for it to be fully functional.

  Your average load time is a crucial website KPI because it significantly impacts page performance and the user experience.

  How important is your page load time ?

  Nearly 53% of website visitors expect e-commerce pages to load in 3 seconds or less.

  You will likely lose visitors if your pages take too long to load.

  You could have the best content on a web page, but if it takes too long to load, your visitors will bounce, exit, or simply be frustrated.

  6. Conversions

  

  Conversions.

  It’s one of the most popular words in digital marketing circles.

  But what does it mean ?

  A conversion is simply the number of times someone takes a specific action on your website.

  For example, it could be wanting someone to :

  • Read a blog post
  • Click an external link
  • Download a PDF guide
  • Sign up to your email list
  • Comment on your blog post
  • Watch a new video you uploaded
  • Purchase a limited-edition product
  • Sign up for a free trial of your software

  To start tracking conversions, you need to first decide what your business goals are for your website.

  With Matomo, you can set up conversions easily through the Goals feature. Simply set up your website goals, and Matomo will automatically track the conversions towards that objective (as a goal completion).

  Simply choose what conversion you want to track, and you can analyse when conversions occur through the Matomo platform.

  7. Conversion rate

  

  Now that you know what a conversion is, it’s time to talk about conversion rate.

  This key website KPI will help you analyse your performance towards your goals.

  Conversion rate is simply the percentage of visitors who take a desired action, like completing a purchase, signing up for a newsletter, or filling out a form, out of the total number of visitors to your website or landing page.

  Understanding this percentage can help you plan your marketing strategy to improve your website and business performance.

  For instance, let’s say that 2% of your website visitors purchase a product on your digital storefront.

  Knowing this, you could tweak different levers to increase your sales.

  If your average order value is $50 and you get 100,000 visits monthly, you make about $100,000.

  Let’s say you want to increase your revenue.

  One option is to increase your traffic by implementing campaigns to increase different traffic sources, such as social media ads, search ads, organic social traffic, and SEO.

  If you can get your traffic to 120,000 visitors monthly, you can increase your revenue to $120,000 — an additional $20,000 monthly for the extra 20,000 visits.

  Or, if you wanted to increase revenue, you could ignore traffic growth and simply improve your website with conversion rate optimisation (CRO).

  CRO is the practice of making changes to your website or landing page to encourage more visitors to take the desired action.

  If you can get your conversion rate up to 2.5%, the calculation looks like this :

  100,000 visits x $50 average order value x 2.5% = $125,000/month.

  8. Average time spent on forms

  If you want more conversions, you need to analyse forms.

  Why ?

  Form analysis is crucial because it helps you pinpoint where users might be facing obstacles. 

  By identifying these pain points, you can refine the form’s layout and fields to enhance the user experience, leading to higher conversion rates.

  In particular, you should track the average time spent on your forms to understand which ones might be causing frustration or confusion. 

  The average time a visitor spends on a form is calculated by measuring the duration between their first interaction with a form field (such as when they focus on it) and their final interaction.

  Find out how Concrete CMS tripled their leads using Form Analytics.

  9. Play rate

  One often overlooked website KPI you need to be tracking is play rate.

  What is it exactly ?

  The percentage of visitors who click “play” on a video or audio media format on a specific web page.

  For example, if you have a video on your homepage, and 50 people watched it out of the 1,000 people who visited your website today, you have a play rate of 5%.

  Play rate lets you track whenever someone consumes a particular piece of audio or video content on your website, like a video, podcast, or audiobook.

  Not all web analytics solutions offer media analytics. However, Matomo lets you track your media like audio and video without the need for configuration, saving you time and upkeep.

  10. Actions per visit

  Another crucial website KPI is actions per visit.

  This is the average number of interactions a visitor has with your website during a single visit.

  For example, someone may visit your website, resulting in a variety of actions :

  • Downloading content
  • Clicking external links
  • Visiting a number of pages
  • Conducting specific site searches

  Actions per visit is a core KPI that indicates how engaging your website and content are.

  The higher the actions per visit, the more engaged your visitors typically are, which can help them stay longer and eventually convert to paying customers.

  Track your website KPIs with Matomo today

  Running a website is no easy task.

  There are dozens of factors to consider and manage :

  • Copy
  • Design
  • Performance
  • Tech integrations
  • And more

  But, to improve your website and grow your business, you must also dive into your web analytics by tracking key website KPIs.

  Managing these metrics can be challenging, but Matomo simplifies the process by consolidating all your core KPIs into one easy-to-use platform.

  As a privacy-friendly and GDPR-compliant web analytics solution, Matomo tracks 20-40% more data than other solutions. So you gain access to 100% accurate, unsampled insights, enabling confident decision-making.

  Join over 1 million websites that trust Matomo as their web analytics solution. Try it free for 21 days — no credit card required.

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• How to Track Website Visitors : Benefits, Tools and FAQs

  31 août 2023, par Erin — Analytics Tips, Marketing

  Businesses spend a ton of time, money and effort into creating websites that are not only helpful and captivating, but also highly effective at converting visitors. They’ll create content, revise designs, add new pages and change forms, all in the hope of getting visitors to stay on the site and convert into leads or customers.

  When you track website visitors, you can see which of your efforts are moving the needle. While many people are familiar with pageviews as a metric, website visitor tracking can be much more in-depth and insightful.

  In this article, we’ll cover how website visitor tracking works, what you can track, and how this information can improve sales and marketing results. We’ll also explain global privacy concerns and how businesses can choose the right tracking software. 

  What is website visitor tracking ? 

  Website visitor tracking uses software and applications to track and analyse how visitors interact with your website. It’s a vital tool to help businesses understand whether their website design and content are having the desired effect.

  

  Website visitor tracking includes very broad, non-specific data, like how many times visitors have come to your site. But it can also get very specific, with personal information about the user and even recordings of their visit to your site. Site visits, which may include visiting several different pages of the same site, are often referred to as “sessions.”

  Although Google Analytics is the most widely used website visitor tracking software, it isn’t the most comprehensive or powerful. Companies that want a more in-depth understanding of their website may need to consider running a more precise tool alongside Google Analytics, like Matomo.

  As we’ll cover later, website tracking has many important business applications, but it also poses privacy and security concerns, causing some states and countries to impose strict regulations. Privacy laws and your company’s values should also impact what web analytics tool you choose.

  How website tracking works

  Website tracking starts with the collection of data as users interact with the website. Tracking technologies like cookies, JavaScript and pixels are embedded into web pages. These technologies then gather data about user behaviour, session details and user actions, such as pageviews, clicks, form submissions and more.

  More advanced tracking systems assign unique identifiers (such as cookies or visitor IDs) to individual users. This enables tracking of user journeys across multiple sessions and pages. These detailed journeys can often tell a different story and provide different insights than aggregated numbers do. 

  All this collected data is transmitted from the user’s browser to a centralised tracking system, which can be a third-party web analytics tool or a self-hosted solution. The collected data is stored in databases and processed to generate meaningful insights. This process involves organising the data, aggregating metrics, and creating reports.

  Analytics tools process the collected data to generate reports and visualisations that provide insights into user behaviour. Metrics such as pageviews, bounce rates, conversion rates and user paths are analysed. Good web analytics tools are able to present these insights in a user-friendly way. Analysts and marketing professionals then use this knowledge to make informed decisions to improve the user experience (UX).

  Advanced tracking systems allow data segmentation and filtering based on various criteria, such as user demographics, traffic sources, devices and more. This enables deeper analysis of specific user groups. For example, you might find that your conversion rate is much lower when your website is viewed on a mobile device. You can then dig deeper into that segment of data to find out why and experiment with changes that might increase mobile conversions.

  3 types of website tracking and their benefits

  There are three main categories of website tracking, and they each provide different information that can be used by sales, marketing, engineering and others. Here, we cover those three types and how businesses use them to understand customers and create better experiences.

  Website analytics 

  Website analytics is all about understanding the traffic your website receives. This type of tracking allows you to learn how the website performs based on pageviews, real-time traffic, bounce rate and conversions. 

  For example, you would use website analytics to determine how effectively your homepage drives people toward a product or pricing page. You can use pageviews and previous page statistics to learn how many people who land on your homepage read your blog posts. From there, you could use web analytics to determine the conversion rate of the call to action at the end of each article.

  

  User behaviour

  While website analytics focuses on the website’s performance, user behaviour tracking is about monitoring and quantifying user behaviour. One of the most obvious aspects of user behaviour is what they click on, but there are many other actions you can track. 

  The time a user spends on a page can help you determine whether the content on the page is engaging. Some tracking tools can also measure how far down the page a user scrolls, which reveals whether some content is even being seen. 

  Session recordings are another popular tool for analysing user behaviour. They not only show concrete actions, like clicks, but can also show how the user moves throughout the page. Where do they stop ? What do they scroll right past ? This is one example of how user behaviour data can be quantitative or qualitative.

  Visitor information

  Tracking can also include gathering or uncovering information about visitors to your site. This might include demographic information, such as language and location, or details like what device a website visitor is using and on which browser they view your website. 

  This type of data helps your web and marketing teams make better decisions about how to design and format the site. If you know, for example, that the website for your business-to-business (B2B) software is overwhelmingly viewed on desktop computers, that will affect how you structure your pages and choose images. 

  Similarly, if visitor information tells you that you have a significant audience in France, your marketing team might develop new content to appeal to those potential customers.

  Use website visitor tracking to improve marketing, sales and UX 

  Website visitor tracking has various applications for different parts of your business, from marketing to sales and much more. When you understand the impact tracking has on different teams, you can better evaluate your company’s needs and build buy-in among stakeholders.

  Marketing

  At many companies, the marketing team owns and determines what kind of content is on your website. From landing pages to blog posts to the navigation bar, you want to create an experience that drives people toward making a purchase. When marketers can track website visitors, they can get a real look at how visitors respond to and engage with their marketing efforts. Pageviews, conversion rates and time spent on pages help them better understand what your customers care about and what messaging resonates.

  But web analytics can even help marketing teams better understand how their external marketing campaigns are performing. Tracking tools like Matomo reveal your most important traffic sources. The term “traffic source” refers to the content or web property from which someone arrives at your site. 

  For instance, you might notice that an older page got a big boost in traffic this month. You can then check the traffic sources, where you find that an influential LinkedIn user posted a link to the page. This presents an opportunity to adjust the influencer or social media aspects of your marketing strategy.

  

  Beyond traffic sources, Matomo can provide a visual user journey (also known as User Flow), showing which pages visitors tend to view in a session and even in what order they progress. This gives you a bird’s-eye view of the customer journey.

  Sales

  Just like your marketing team, your sales team can benefit from tracking and analysing website visitor information. Data about user behaviour and visitor demographics helps sales representatives better understand the people they’re talking to. Segmented visitor tracking data can even provide clues as to how to appeal to different buyer personas.

  Sales leadership can use web analytics to gauge interest over time, tie visitors to revenue and develop more accurate sales forecasts and goals. 

  

  And it’s not just aggregated website tracking data that your sales team can use to better serve customers. They can also use insights about an individual visitor to tailor their approach. Matomo’s Visits Log report and Visitor Profiles allow you to see which pages a prospect has viewed. This tells your sales team which products and features the prospect is most interested in, leading to more relevant interactions and more effective sales efforts.

  User experience and web development

  The way users interact with and experience your website has a big impact on their impression of your brand and, ultimately, whether they become customers. While marketing often controls much of a website’s content, the backend and technical operation of the site usually falls to a web development or engineering team. Website analytics and tracking inform their work, too.

  Along with data about website traffic and conversion rates, web development teams often monitor bounce rates (the percentage of people who leave your website entirely after landing on a page) and page load time (the time it takes for an individual web page to load for a user). Besides the fact that slow loading times inconvenience visitors, they can also negatively affect your search engine optimization (SEO).

  

  Along with session recordings, user experience teams and web developers may use heatmaps to find out what parts of a page draw a visitor’s attention and where they are most likely to convert or take some other action. They can then use these insights to make a web page more intuitive and useful.

  Visitor tracking and privacy regulations 

  There are different data privacy standards in other parts of the world, which are designed to ensure that businesses collect and use consumer data ethically. The most-discussed of these privacy standards is the General Data Protection Regulation (GDPR), which was instituted by the European Union (EU) but affects businesses worldwide. However, it’s important to note that individual countries or states can have different privacy laws.

  Many privacy laws govern how websites can use cookies to track visitors. With a user’s consent, cookies can help websites identify and remember visitors. However, many web visitors will reject cookie consent banners. When this happens, analysts and marketers can’t collect information from these visitors and have to work with incomplete tracking data. Incomplete data leads to poor decision-making. What’s more, cookie consent banners can create a poor user experience and often annoy web visitors.

  With Matomo’s industry-leading measures to protect user privacy, France’s data protection agency (CNIL) has confirmed that Matomo is exempt from tracking consent in France. Matomo users have peace of mind knowing they can uphold the GDPR and collect data without needing to collect and track cookie consent. Only in Germany and the UK are cookie consent banners still required.

  Choosing user tracking software

  The benefits and value of tracking website visitors are enormous, but not all tracking software is equal. Different tools have different core functionalities. For instance, some focus on user behaviour over traditional web analytics. Others offer detailed website performance data but offer little in the way of visitor information. It’s a good idea to start by identifying your company’s most important tracking goals.

  Along with core features, look for useful tools to experiment with and optimise your website with. For example, Matomo enables A/B testing while many other tools do not.

  

  Along with users of your website, you also need to think about the employees who will be using the tracking software. The interface can have a big impact on the value you get from a tool. Matomo’s session recording functionality, for example, not only provides you with video but with a colour-coded timeline identifying important user actions.

  

  Privacy standards and compliance should also be a part of the conversation. Different tools use different tracking methods, impacting accuracy and security and can even cause legal trouble. You should consider which data privacy laws you are subject to, as well as the privacy expectations of your users.

  

  Some industries have especially high data security standards. Government and healthcare organisations, for example, may require visitor tracking software that is hosted on their premises. While there are many purely cloud-based software-as-a-service (SaaS) tracking tools, Matomo is available both On-Premise (also known as self-hosted) and in the Cloud.

  Frequently asked questions

  Here are answers to some of people’s most common questions about tracking website visitors.

  Can you track who visited your website ?

  In most cases, tracking your website’s traffic is possible. Still, the extent of the tracking depends on the visitor-tracking technology you use and the privacy settings and precautions the visitor uses. For example, some technologies can pinpoint users by IP address. In other cases, you may only have access to anonymized data.

  Is it legal to track someone’s IP address ?

  It is legal for websites and businesses to track someone’s IP address in the sense that they can identify that someone from the same IP address is visiting a page repeatedly. Under the General Data Protection Regulation (GDPR), IP addresses are considered personally identifiable information (PII). The GDPR mandates that websites only log and store a user’s IP address with the user’s consent.

  How do you find where visitors are clicking the most ?

  Heatmap tools are among the most common tools for learning where visitors click the most on your website. Heatmaps use colour-coding to show what parts of a web page users either click on or hover over the most.

  Unique tracking URLs are another way to determine what part of your website gets the most clicks. For example, if you have three links on a page that all go to the same destination, you can use tracking links to determine how many clicks each link generates.

  Matomo also offers a Tag Manager within the platform that lets you manage and unify all your tracking and marketing tags to find out where visitors are clicking.

  What is the best tool for website visitor tracking ?

  Like most tools, the best website visitor tracking tool depends on your needs. Each tool offers different functionalities, user interfaces and different levels of accuracy and privacy. Matomo is a good choice for companies that value privacy, compliance and accuracy.

  Tracking for powerful insights and better performance

  Tracking website visitors is now a well-ingrained part of business operations. From sales reps seeking to understand their leads to marketers honing their ad spend, tracking helps teams do their jobs better.

  Take the time to consider what you want to learn from website tracking and let those priorities guide your choice of visitor tracking software. Whatever your industry or needs, user privacy and compliance must be a priority.

  Find out how much detail and insight Matomo can give you with our free 21-day trial — no credit card required.