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Six Best Amplitude Alternatives
10 décembre 2024, par Daniel CroughProduct 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.
- Matomo – Best privacy-focused web and mobile analytics
- Mixpanel – Best for product analytics
- Google Analytics – Best free option
- Adobe Analytics – Best for predictive analytics
- Umami – Best lightweight tool for product analytics
- 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.
The Locations page in Matomo shows the countries, continents, regions, and cities where website traffic originates. 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
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7 Fintech Marketing Strategies to Maximise Profits in 2024
24 juillet 2024, par ErinFintech 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.
(Source) 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.
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.
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.
Try Matomo for Free
21 day free trial. No credit card required.
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