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• Server-side tracking vs client-side tracking : What you need to know

  3 juillet, par Joe

  Server-side tracking vs client-side tracking : What you need to know

  Today, consumers are more aware of their online privacy rights, leading to an extensive use of ad blockers and stricter cookie policies. Organisations are facing some noteworthy challenges with this trend, including :

  • Limited data collection, which makes it harder to understand user behaviour and deliver personalised ads that resonate with customers
  • Rising compliance costs as businesses adapt to new regulations, straining resources and budgets.
  • Growing customer scepticism in data practices, affecting brand reputation.
  • Maintaining transparency and fostering trust with customers through clear communication about data practices.

  Server-side tracking can help resolve these problems. This article will cover server-side tracking, how it works, implementation methods and its benefits.

  What is server-side tracking ? 

  Server-side tracking refers to a method where user data is collected directly by a server rather than through a user’s browser.

  The key advantage of server-side tracking is that data collection, processing, and storage occur directly on the website’s server.

  For example, when a visitor interacts with any website, the server captures that activity through the backend system, allowing for greater data control and security. 

  Client-side tracking vs. server-side tracking 

  There are two methods to collect user data : client-side and server-side. 

  Let’s understand their differences. 

  Client-side tracking : Convenience with caveats

  Client-side tracking embeds JavaScript tags, pixels or other scripts directly into a website’s code. When a user interacts with the site, these tags fire, collecting data from their browser. This information might include page views, button clicks, form submissions and other user actions. 

  The collected data is then sent directly to third-party analytics platforms like Google Analytics or Adobe Analytics, or internal teams can also analyse it.

  This method is relatively easy to implement. That’s because marketers can often deploy these tags without needing extensive developer support, enabling quick adjustments and A/B testing. 

  However, there are some challenges. 

  Ad blockers and browser privacy settings, such as Intelligent Tracking Prevention (ITP), restrict the ability of third-party tags to collect data. 

  This results in data gaps and inaccuracies skewing analytics reports and potentially leading to misguided business decisions. 

  Reliance on numerous JavaScript tags can also negatively impact website performance, slowing down page load times and affecting user experience. This is especially true on mobile devices where processing power and network speeds are often limited.

  

  Now, let’s see how server-side tracking changes this.

  Server-side tracking : Control and reliability

  Server-side tracking shifts the burden of data collection from the user’s browser to a server controlled by the business. 

  Instead of relying on JavaScript tags firing directly from the user’s device, user interactions are first sent to the business’s own server. Here, the data can be processed, enriched, and analysed. 

  This method provides numerous advantages, including enhanced control over data integrity, improved privacy, and more, which we discuss in the next section.

  Benefits of server-side tracking 

  Server-side tracking offers a compelling alternative to traditional client-side methods, providing numerous business advantages. Let’s take a look at them.

  Improved data accuracy

  This method reduces inaccuracies caused by ad blockers or cookie restrictions by bypassing browser limitations. As a result, the data collected is more reliable, leading to better analytics and marketing attribution.

  Data minimisation

  Data minimisation is a fundamental principle in data protection. It emphasises that organisations should collect only data that is strictly needed for a specific purpose. 

  In server-side tracking, this translates into collecting just the essential data points and discarding anything extra before the data is sent to analytics platforms. It helps organisations avoid accumulating excessive personal information, reducing the risk of data breaches and misuse.

  For example, consider a scenario where a user purchases a product on an e-commerce website. 

  With client-side tracking scripts, the system might inadvertently collect a range of data, including the user’s IP address, browser type, operating system and even details about other websites they have visited. 

  However, for conversions, the organisation only needs to know the purchase amount, product IDs, user IDS, and timestamps. 

  Server-side tracking filters unnecessary information. This reduces the privacy impact and simplifies data analysis and storage.

  Cross-device tracking capabilities

  Server-side tracking provides a unified view of customer behaviour regardless of the device they use, allowing for more personalised and targeted marketing campaigns. 

  In-depth event tracking

  Server-side tracking helps businesses track events that occur outside their websites, such as payment confirmations. Companies gain insights into the entire customer journey, from initial interaction to final purchase, optimising every touchpoint. 

  Enhanced privacy compliance

  With increasing regulations like GDPR and CCPA, businesses can better manage user consent and data handling practices through server-side solutions. 

  Server-side setups make honouring user consent easier. If a user opts out, server-side logic can exclude their data from all outgoing analytics calls in one central place. 

  

  Server-side methods reassure users and regulators that data is collected and secured with minimal risk. 

  In sectors like government and banking, this level of control is often a non-negotiable part of their duty of care. 

  Extended cookie lifetime

  Traditional website tracking faces growing obstacles as modern browsers prioritise user privacy. Initiatives like Safari’s ITP block third-party cookies and also constrain the use of first-party cookies. 

  Other browsers, such as Firefox and Brave, are implementing similar methods, while Chrome is beginning to phase out third-party cookies. Retargeting and cross-site analytics, which rely on these cookies, encounter significant challenges.

  Server-side tracking overcomes this by allowing businesses to collect data over a longer duration. 

  When a website’s server directly sets a cookie, that cookie often lasts longer than cookies created by JavaScript code running inside the browser. This lets websites get around some of the limits browsers put on tracking and allows them to remember a visitor when they return to the site later, which gives better customer insights. Plus, server-side tracking typically classifies cookies as first-party data, which is less susceptible to blocking by browsers and ad blockers.

  Server-side tracking : Responsibilities and considerations

  While server-side tracking delivers powerful capabilities, remember that it also brings increased responsibility. Companies must remain vigilant in upholding privacy regulations and user consent. It’s up to the organisation to make sure the server follows user consent, for example, not sending data if someone has opted out.

  Server-side setups introduce technical complexity, which can potentially lead to data errors that are more difficult to identify and resolve. Therefore, monitoring processes and quality assurance practices are essential for data integrity. 

  How does server-side tracking work ? 

  When a user interacts with a website (e.g., clicking a button), this action triggers an event. The event could be anything from a page view to a form submission.

  The backend system captures relevant details such as the event type, user ID and timestamp. This information helps in understanding user behaviour and creating meaningful analytics.

  The captured data is processed directly on the organisation’s server, allowing for immediate validation. For example, organisations can add additional context or filter out irrelevant information.

  Instead of sending data to third-party endpoints, the organisation stores everything in its own database or data warehouse. This ensures full control over data privacy and security.

  Organisations can perform their own analysis using tools like SQL or Python. To visualise data, custom dashboards and reports can be created using self-hosted analytics tools. This way, businesses can present complex data in a clear and actionable manner.

  How to implement server-side tracking ?

  Server-side tracking can work in four common ways, each offering a different blend of control, flexibility and complexity.

  1. Server-side tag management

  In this method, organisations use platforms like Google Tag Manager Server-Side to manage tracking tags on the server, often using containers to isolate and manage different tagging environments. 

  

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  This approach offers a balance between control and ease of use. It allows for the deployment and management of tags without modifying the application code, which is particularly useful for marketers who want to adjust tracking configurations quickly.

  2. Direct server-to-server tracking via APIs

  This method involves sharing information between two servers without affecting the user’s browser or device. 

  A unique identifier is generated and stored on a server when a user interacts with an ad or webpage. 

  If a user takes some action, like making a purchase, the unique identifier is sent from the advertiser’s server directly to the platform’s server (Google or Facebook) via an API. 

  It requires more development effort but is ideal for organisations needing fine-grained data control.

  3. Using analytics platforms with built-in server SDKs

  Another way is to employ analytics platforms like Matomo that provide SDKs for various programming languages to instrument the server-side code. 

  This eases integration with the platform’s analytics features and is a good choice for organisations primarily using a single analytics platform and want to use its server-side capabilities.

  4. Hybrid approaches

  Finally, organisations can also combine client- and server-side tracking to capture different data types and maximise accuracy. 

  This method involves client-side scripts for specific interactions (like UI events) and server-side tracking for more sensitive or critical data (like transactions). 

  While these are general approaches, dedicated analytics platforms can also be helpful. Matomo, for example, facilitates server-side tracking through two specific methods.

  Using server logs

  Matomo can import existing web server logs, such as Apache or Nginx, that capture each request. Every page view or resource load becomes a data point. 

  Matomo’s log processing script reads log files, importing millions of hits. This removes the need to add code to the site, making it suitable for basic page analytics (like the URL) without client-side scripts, particularly on security-sensitive sites.

  Using the Matomo tracking API (Server-side SDKs)

  This method integrates application code with calls to Matomo’s API. For example, when a user performs a specific action, the server sends a request to Matomo.php, the tracking endpoint, which includes details like the user ID and action. 

  Matomo offers SDKs in PHP, Java C#, and community SDKs to simplify these calls. These allow tracking of not just page views but custom events such as downloads and transactions from the backend, functioning similarly to Google’s Measurement Protocol but sending data to the Matomo instance. 

  Data privacy, regulations and Matomo

  As privacy concerns grow and regulations like GDPR and CCPA become more stringent, businesses must adopt data collection methods that respect user consent and data protection rights. 

  Server-side tracking allows organisations to collect first-party data directly from their servers, which is generally considered more compliant with privacy regulations.

  Matomo is a popular open-source web analytics platform that is committed to privacy. It gives organisations 100% data ownership and control, and no data is sent to third parties by default.

  

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  Matomo is a full-featured analytics platform with dashboards and segmentation comparable to Google Analytics. It can self-host and provides DoNotTrack settings and the ability to anonymise IP addresses.

  Governments and organisations requiring data sovereignty, such as the EU Commission and the Swiss government, choose Matomo for web analytics due to its strong compliance posture.

  Balancing data collection and user privacy

  Ad blockers and other restrictions prevent data from being accurate. Server-side tracking helps get data on the server and makes it more reliable while respecting user privacy. Matomo supports server-side tracking, and over one million websites use Matomo to optimise their data strategies. 

  Get started today by trying Matomo for free for 21 days, no credit card required.

• Your Essential SOC 2 Compliance Checklist

  11 mars, par Daniel Crough — Privacy, Security

  With cloud-hosted applications becoming the norm, organisations face increasing data security and compliance challenges. SOC 2 (System and Organisation Controls 2) provides a structured framework for addressing these challenges. Established by the American Institute of Certified Public Accountants (AICPA), SOC 2 has become a critical standard for demonstrating trustworthiness to clients and partners.

  A well-structured SOC 2 compliance checklist serves as your roadmap to successful audits and effective security practices. In this post, we’ll walk through the essential steps to achieve SOC 2 compliance and explain how proper analytics practices play a crucial role in maintaining this important certification.

  Download SOC2 Checklist

  

  What is SOC 2 compliance ?

  SOC 2 compliance applies to service organisations that handle sensitive customer data. While not mandatory, this certification builds significant trust with customers and partners.

  According to the AICPA, “SOC 2 reports are intended to meet the needs of a broad range of users that need detailed information and assurance about the controls at a service organisation relevant to security, availability, and processing integrity of the systems the service organisation uses to process users’ data and the confidentiality and privacy of the information processed by these systems.“

  At its core, SOC 2 helps organisations protect customer data through five fundamental principles : security, availability, processing integrity, confidentiality, and privacy.

  Think of it as a seal of approval that tells customers, “We take data protection seriously, and here’s the evidence.”

  Companies undergo SOC 2 audits to evaluate their compliance with these standards. During these audits, independent auditors assess internal controls over data security, availability, processing integrity, confidentiality, and privacy.

  What is a SOC 2 compliance checklist ?

  A SOC 2 compliance checklist is a comprehensive guide that outlines all the necessary steps and controls an organisation needs to implement to achieve SOC 2 certification. It covers essential areas including :

  • Security policies and procedures
  • Access control measures
  • Risk assessment protocols
  • Incident response plans
  • Disaster recovery procedures
  • Vendor management practices
  • Data encryption standards
  • Network security controls

  SOC 2 compliance checklist benefits

  A structured SOC 2 compliance checklist offers several significant advantages :

  Preparedness

  Preparing for a SOC 2 examination involves many complex elements. A checklist provides a clear, structured path, breaking the process into manageable tasks that ensure nothing is overlooked.

  Resource optimisation

  A comprehensive checklist reduces time spent identifying requirements, minimises costly mistakes and oversights, and enables more precise budget planning for the compliance process.

  Better team alignment

  A SOC 2 checklist establishes clear responsibilities for team members and maintains consistent understanding across all departments, helping align internal processes with industry standards.

  Risk reduction

  Following a SOC 2 compliance checklist significantly reduces the risk of compliance violations. Systematically reviewing internal controls provides opportunities to catch security gaps early, mitigating the risk of data breaches and unauthorised access.

  Audit readiness

  A well-maintained checklist simplifies audit preparation, reduces stress during the audit process, and accelerates the certification timeline.

  Business growth

  A successful SOC 2 audit demonstrates your organisation’s commitment to data security, which can be decisive in winning new business, especially with enterprise clients who require this certification from their vendors.

  Challenges in implementing SOC 2

  Implementing SOC 2 presents several significant challenges :

  Time-intensive documentation

  Maintaining accurate records throughout the SOC 2 compliance process requires diligence and attention to detail. Many organisations struggle to compile comprehensive documentation of all controls, policies and procedures, leading to delays and increased costs.

  Incorrect scoping of the audit

  Misjudging the scope can result in unnecessary expenses and extended timelines. Including too many systems complicates the process and diverts resources from critical areas.

  Maintaining ongoing compliance

  After achieving initial compliance, continuous monitoring becomes essential but is often neglected. Regular internal control audits can be overwhelming, especially for smaller organisations without dedicated compliance teams.

  Resource constraints

  Many organisations lack sufficient resources to dedicate to compliance efforts. This limitation can lead to staff burnout or reliance on expensive external consultants.

  Employee resistance

  Staff members may view new security protocols as unnecessary hurdles. Employees who aren’t adequately trained on SOC 2 requirements might inadvertently compromise compliance efforts through improper data handling.

  Analytics and SOC 2 compliance : A critical relationship

  One often overlooked aspect of SOC 2 compliance is the handling of analytics data. User behaviour data collection directly impacts multiple Trust Service Criteria, particularly privacy and confidentiality.

  Why analytics matters for SOC 2

  Standard analytics platforms often collect significant amounts of personal data, creating potential compliance risks :

  1. Privacy concerns : Many analytics tools collect personal information without proper consent mechanisms
  2. Data ownership issues : When analytics data is processed on third-party servers, maintaining control becomes challenging
  3. Confidentiality risks : Analytics data might be shared with advertising networks or other third parties
  4. Processing integrity questions : When data is transformed or aggregated by third parties, verification becomes difficult

  How Matomo supports SOC 2 compliance

  

  Matomo’s privacy-first analytics approach directly addresses these concerns :

  1. Complete data ownership : With Matomo, all analytics data remains under your control, either on your own servers or in a dedicated cloud instance
  2. Consent management : Built-in tools for managing user consent align with privacy requirements
  3. Data minimisation : Configurable anonymisation features help reduce collection of sensitive personal data
  4. Transparency : Clear documentation of data flows supports audit requirements
  5. Configurable data retention : Set automated data deletion schedules to comply with your policies

  By implementing Matomo as part of your SOC 2 compliance strategy, you address key requirements while maintaining the valuable insights your organisation needs for growth.

  Conclusion

  A SOC 2 compliance checklist helps organisations meet critical security and privacy standards. By taking a methodical approach to compliance and implementing privacy-respecting analytics, you can build trust with customers while protecting sensitive data.

  Start your 21-day free trial — no credit card needed.

• 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.