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• CRO Audit : Increase Your Conversions in 10 Simple Steps

  25 mars 2024, par Erin

  You have two options if you’re unhappy with your website’s conversion rates.

  The first is to implement a couple of random tactics you heard on that marketing podcast, which worked for a business completely unrelated to yours. 

  The other is to take a more systematic, measured approach. An approach that finds specific problems with the pages on your site and fixes them one by one. 

  You’re choosing the second option, right ?

  Good, then let’s explain what a conversion rate optimisation audit is and how you can complete one using our step-by-step process.

  What is a CRO audit ?

  A conversion rate optimisation audit (CRO audit) systematically evaluates your website. It identifies opportunities to enhance your website’s performance and improve conversion rates. 

  During the audit, you’ll analyse your website’s entire customer journey, collect valuable user behaviour data and cross reference that with web analytics to find site elements (forms, calls-to-actions, etc.) that you can optimise.

  

  It’s one (and usually the first) part of a wider CRO strategy. 

  For example, an online retailer might run a CRO audit to discover why cart abandonment rates are high. The audit may throw up several potential problems (like a confusing checkout form and poor navigation), which the retailer can then spend time optimising using A/B tests. 

  Why run a CRO audit ?

  A CRO audit can be a lot of work, but it’s well worth the effort. Here are the benefits you can expect from running one.

  Generate targeted and relevant insights

  You’ve probably already tested some “best practice” conversion rate optimisations, like changing the colour of your CTA button, adding social proof or highlighting benefits to your headlines. 

  These are great, but they aren’t tailored to your audience. Running a CRO audit will ensure you find (and rectify) the conversion bottlenecks and barriers that impact your users, not someone else’s.

  Improve conversion rates

  Ultimately, CRO audits are about improving conversion rates and increasing revenue. Finding and eliminating barriers to conversion makes it much more likely that users will convert. 

  But that’s not all. CRO audits also improve the user experience and customer satisfaction. The audit process will help you understand how users behave on your website, allowing you to create a more user-friendly customer experience. 

  A 10-step process for running your first CRO audit 

  Want to conduct your first CRO audit ? Follow the ten-step process we outline below :

  

  1. Define your goals

  Start your CRO audit by setting conversion goals that marry with the wider goals of your business. The more clearly you define your goals, the easier it will be to evaluate your website for opportunities. 

  Your goals could include :

  • Booking more trials
  • Getting more email subscribers
  • Reducing cart abandonments

  You should also define the specific actions users need to take for you to achieve these goals. For example, users will have to click on your call-to-action and complete a form to book more trials. On the other hand, reducing cart abandonments requires users to add items to their cart and click through all of the forms during the checkout process. 

  If you’re unsure where to start, we recommend reading our CRO statistics roundup to see how your site compares to industry averages for metrics like conversion and click-through rates. 

  You’ll also want to ensure you track these conversion goals in your web analytics software. In Matomo, it only takes a few minutes to set up a new conversion goal, and the goals dashboard makes it easy to see your performance at a glance. 

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  2. Review your analytics

  With your goals in mind, the next step is to dive into your website analytics and identify pages that need improvement.

  Consider the following conversion metrics when analysing pages :

  • Conversion rate
  • Average time on page
  • Average order value
  • Click-through rate

  Ensure you’re analysing metrics aligning with the goals you set in step one. Average order value could be a great metric to track if you want to reduce cart abandonments, for example, but it’s unsuitable to get more email subscribers.

  3. Research the user experience

  Next, you’ll want to gather user experience data to better understand how potential customers use your website and why they aren’t converting as often as you’d like. 

  You can use several tools for user behaviour analysis, but we recommend heatmaps and session recordings.

  Heatmaps visually represent how users click, move and scroll your website. It will show where visitors place their attention and which page elements are ignored. 

  Take a look at this example below from our website. As you can see, the navigation, headline and CTA get the most attention. If we weren’t seeing as many conversions as we liked and our CTAs were getting ignored, that might be a sign to change their colour or placement. 

  

  Session recordings capture the actions users take as they browse your website. They let you watch a video playback of how visitors behave, capturing clicks and scrolls so you can see each visitor’s steps in order. 

  Session recordings will show you how users navigate and where they drop off. 

  4. Analyse your forms

  Whether your forms are too confusing or too long, there are plenty of reasons for users to abandon your forms. 

  But how many forms are they abandoning exactly and which forms are there ?

  That’s what form analysis is for. 

  Running a form analysis will highlight which forms need work and reveal whether forms could be contributing to a page’s poor conversion rate. It’s how Concrete CMS tripled its leads in just a few days.

  Matomo’s Form Analytics feature makes running form analysis easy.

  

  Just open up the forms dashboard to get a snapshot of your forms’ key metrics, including average hesitation time, starter rate and submission rates. 

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  5. Analyse your conversion funnel

  Next, analyse the conversion funnel to see if there’s an obvious bottleneck or several pages where visitors abandon your desired action. Common conversion abandonment points are shopping carts and forms.

  

  For example, you could find there is a drop-off in conversions between checking out and making a purchase or between booking a demo and signing up for a subscription. Understanding where these drop-offs occur lets you dig deeper and make targeted improvements.

  Don’t worry if you’ve got a very long funnel. Start at the bottom and work backward. Problems with the pages at the very end of your funnel tasked with converting customers (landing pages, checkout pages, etc.) will have the biggest impact on your conversion rate. So, it makes sense to start there. 

  6. Analyse campaigns and traffic sources (marketing attribution)

  It’s now time to analyse traffic quality to ensure you’re powering your conversion optimisation efforts with the best traffic possible. 

  This can also help you find your best customers so you can focus on acquiring more of them and tailoring your optimisation efforts to their preferences. 

  Run a marketing attribution report to see which traffic sources generate the most conversions and have the highest conversion rates. 

  

  Using marketing attribution is crucial here because it gives a fuller picture of how customers move through their journey, recognising the impact of various touchpoints in making a decision, unlike last-click attribution, which only credits the final touchpoint before a conversion.

  7. Use surveys and other qualitative data sources

  Increase the amount of qualitative data you have access to by speaking directly to customers. Surveys, interviews and other user feedback methods add depth and context to your user behaviour research.

  Sure, you aren’t getting feedback from hundreds of customers like you do with heatmaps or session recordings, but the information can sometimes be much richer. Users will often tell you outright why they didn’t take a specific action in a survey response (or what convinced them to convert). 

  Running surveys is now even easier in Matomo, thanks to the Matomo Surveys third-party plugin. This lets you add a customisable survey popup to your site, the data from which is automatically added to Matomo and can be combined with Matomo segments.

  8. Develop a conversion hypothesis

  Using all of the insights you’ve gathered up to this point, you can now hypothesise what’s wrong and how you can fix it. 

  Here’s a template you can use :

  

  This could end up looking something like the following :

  Based on evidence gathered from web analytics and heatmaps, moving our signup form above the fold will fix our lack of free trial signups, improving signups by 50%.

  

  Make sure you write your hypothesis down somewhere. Matomo lets you document your hypothesis when creating an A/B test, so it’s easy to reflect on when the test finishes. 

  9. Run A/B tests

  Now, it’s time to put your theory into practice by running an A/B test.

  Create an experiment using a platform like Matomo that creates two different versions of your page : the original and one with the change you mentioned in your hypothesis. 

  There’s no set time for you to run an A/B test. Just keep running it until the outcome is statistically significant. This is something your A/B testing platform should do automatically. 

  A statistically significant result means it would be very unlikely the outcome doesn’t happen in the long term.

  

  As you can see in the image above, the wide header variation has significantly outperformed both the original and the other variation. So we can be pretty confident about making the change permanent. 

  If the outcome of your A/B test also validates your conversion hypothesis, you can implement the change. If not, analyse the data, brainstorm another hypothesis and run another A/B test. 

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  10. Monitor and iterate

  You need to develop a culture of continuous improvement to succeed with conversion rate optimisation. That means constantly monitoring your conversion goals and running tests to improve your metrics. 

  While you don’t need to run a conversion audit every month, you should run audits regularly throughout the year.

  How often should you conduct a CRO audit ? 

  You should conduct a CRO audit fairly regularly. 

  We recommend creating a CRO schedule that sees you run a CRO audit every six to 12 months. That will ensure you continue identifying problem pages and keeping your conversion rates competitive. 

  Regular CRO audits will also account for evolving consumer behaviours, changes in your industry and your own business goals, all of which can impact your approach conversion rate optimisation. 

  Run your CRO audit with Matomo

  A CRO audit process is the only way you can identify conversion optimisation methods that will work for your site and your target audience. It’s a methodical, data-backed strategy for making targeted improvements to send conversion rates soaring. 

  There are a lot of steps to complete, but you don’t need dozens of tools to run a CRO audit process. 

  Just one : Matomo.

  Unlike other web analytics platforms, like Google Analytics, Matomo has the built-in tools and plugins to help with every step of the CRO audit process, from web analytics to conversion funnel analysis and A/B testing. With its accurate, unsampled data and privacy-friendly tracking, Matomo is the ideal choice for optimising conversions. 

  Learn how to increase your conversions with Matomo, and start a free 21-day trial today. No credit card required.

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• How to Measure Marketing Effectiveness : A Step-by-Step Guide

  22 février 2024, par Erin

  Are you struggling to prove that your marketing efforts are having a measurable impact on your company’s performance ? We get it. 

  You would think that digital marketing would make it easier to track the effectiveness of your marketing efforts. But in many ways, it’s harder than ever. With so many channels and strategies competing against each other, it can feel impossible to pin down the campaign that caused a conversion. 

  That leaves you in a tricky spot as a marketing manager. It can be hard to know which campaigns to persevere with and harder still to prove your worth to stakeholders. 

  Thankfully, there are several strategies you can use to measure the success of your campaigns and put a value on your efforts. So, if you want to learn how you can measure the effectiveness of your marketing, improve the ROI of your efforts and prove your value as an employee, read on. 

  What is marketing effectiveness ?

  Marketing effectiveness measures how successful a marketing strategy or campaign is and the extent to which it achieves goals and business objectives.

  

  It’s a growing concern for brands, with research showing that 61.2% say measuring marketing effectiveness has become a more prominent factor in decision-making over the last three years. In other words, it’s becoming critical for marketers to know how to measure their effectiveness. 

  But it’s getting harder to do so. A combination of factors, including channel fragmentation, increasingly convoluted customer journeys, and the deprecation of third-party cookies, makes it hard for marketing teams to measure marketing performance. 

  Why you need to measure marketing effectiveness

  Imagine ploughing thousands of dollars into a campaign and not being confident that your efforts bore fruit. It’s unthinkable, right ? If you care about optimising campaigns and improving your worth as a marketer, measuring marketing effectiveness is necessary. 

  

  Optimise marketing campaigns

  Do you know how effectively each campaign generates conversions and drives revenue ? No ? Then, you need to measure marketing effectiveness.

  Doing so could also shine a light on ways to improve your campaigns. One paid ad campaign may suffer from a poor return on ad spend caused by high CPCs. Targeting less competitive keywords could dramatically reduce your costs. 

  Improve ROI

  Today, marketing budgets make up almost 10% of a company’s total revenue, up from 6.4% in 2021. With so much revenue at stake, you’ve got to deliver a return on that investment. 

  Measuring marketing effectiveness can help you identify the campaigns or strategies delivering the highest ROI so you can invest more heavily into them. On the other side of the same coin, you can use the data to strike off any campaigns that aren’t pulling their weight — increasing your ROI even further. 

  Demonstrate value

  Let’s get selfish for a second. Whether you’re an in-house marketing manager or work for an agency, the security of your paycheck depends on your ability to deliver high-ROI campaigns. 

  Measuring your marketing effectiveness lets you showcase your value to your company and clients. It helps you build stronger relationships that can lead to bigger and better opportunities in the future. 

  We should take this opportunity to point out that a good tool for measuring marketing effectiveness is equally important. You probably think Google Analytics will do the job, right ? But when you start implementing the strategies we discuss below, there’s a good chance you’ll have data quality issues. 

  That was the case for full-service marketing agency MHP/Team SI, which found Google Analytics’ data sampling severely limited the quantity and quality of insights they could collect. It was only by switching to Matomo, a platform that doesn’t use data sampling, that the agency could deliver the insights its clients needed to grow. 

  Further reading :

  • How to check website traffic as accurately as possible
  • 8 best tools to analyse website traffic

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  How to measure marketing effectiveness

  Measuring marketing effectiveness is not always easy, especially if you have long buying cycles and a lack of good-quality data. Make things as easy as possible by following the steps below :

  Know what success looks like

  You can’t tell whether your campaigns are effective if you don’t know what you are trying to achieve. That’s why the first step in measuring marketing effectiveness is to set a clear goal. 

  So, ask yourself what success looks like for each campaign you launch. 

  Remember, a campaign doesn’t have to drive leads to be considered effective. If all you wanted to do was raise brand awareness or increase organic traffic, you could achieve both goals without recording a single conversion. 

  We’d wager that’s probably not true for most marketing managers. It’s much more likely you want to achieve something like the following :

  • Generating 100 new customers
  • Increasing revenue by 20%
  • Selling $5,000 of your new product line
  • Reducing customer churn by 50%
  • Achieving a return on ad spend of 150%

  Conventional goal-setting wisdom applies here. So, ensure your goals are measurable, timely, relevant and achievable. 

  Track conversions

  Setting up conversion tracking in your web analytics platform is vital to measuring marketing effectiveness accurately. 

  What you count as a conversion event will depend on the goals you’ve set above. It doesn’t have to be a sale, mind you. Downloading an ebook or signing up for a webinar are worthy conversion goals, especially if you know they increase the chances of a customer converting. 

  

  Whichever platform you choose, ensure it can meet your current and future needs. This is one of the reasons open-source content management system Concrete CMS opted for Matomo when choosing a new website analytics platform. The flexibility of the Matomo platform gave Concrete CMS the adaptability it needed for future growth. 

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  Decide on an attribution model

  Marketing attribution is a way of measuring the impact of different channels and touchpoints across the customer journey. If you can assign a value to each conversion, you can use a marketing attribution model to quantify the value of your channels and campaigns.

  While most web analytics platforms simply credit the last touchpoint, marketing attribution offers a more comprehensive view by considering all interactions along the customer journey. This distinction is important because relying solely on the last touchpoint can lead to skewed insights and misallocation of resources and budget. 

  By adopting a marketing attribution approach, you can make more informed decisions, optimizing your campaigns and maximizing your return on investment.

  

  There are several different attribution models you can use to give credit to your various campaigns. These include :

  • First interaction : Gives all the credit to the first channel in the customer journey.
  • Last interaction : Gives all the credit to the last channel in the customer journey.
  • Last non-direct attribution : Gives all credit to the final touchpoint in the customer journey, except for direct interactions. In those cases, credit is given to the touchpoint just before the direct one.
  • Linear attribution : Distributes credit equally across all touchpoints.
  • Position-based attribution : Attributes 40% credit to the first and last touchpoints and distributes the remaining 20% evenly across all other touchpoints. 

  Consider carefully which attribution model to use, as this can significantly impact your marketing effectiveness calculation by giving certain campaigns too much credit.

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  Analyse KPIs

  Tracking KPIs is essential if you want to quantify the impact of your marketing campaigns. But which metrics should you track ?

  To improve brand awareness or traffic, so-called vanity metrics like sessions, returning visitors, and organic traffic may suffice as KPIs. 

  However, that’s not going to be the case for most marketers, whose performance is tied to revenue and ROI. If that’s you, put vanity metrics to one side and focus on the following conversion metrics instead :

  • Conversion rate : the percentage of users who complete a desired action. 
  • Return on ad spend : the revenue earned for every dollar spent on a campaign.
  • Return on investment : a broader calculation than ROAS, typically calculated across all your marketing efforts. 
  • Customer lifetime value : the total amount a customer will spend throughout their relationship with your company.
  • Customer acquisition cost : the cost to acquire each customer on average.

  

  Your analytics platform and advertising tools should track most of these KPIs by default. Matomo, for instance, automatically calculates your conversion rate in the Goals report. 

  How to present your marketing effectiveness

  Calculating your marketing effectiveness is one thing, but it’s important to share this information with stakeholders — whether those are executives in your company or your agency’s clients. 

  Follow the steps below to create an insightful and compelling marketing report :

  • Set the scene. There’s no guarantee that the people reading your report will know your goals. So, add context at the start of the reporting by spelling out what you are trying to achieve and why. 
  • Select the right data. You don’t want to overwhelm the reader with facts and figures, but you do need to provide hard evidence of your success. Include the KPIs you used to measure your success and show how these have changed over time. You can also support your report with audience insights such as heatmaps or customer surveys.
  • Tell a story with your presentation. Give your presentation a narrative arc with a beginning, middle, and end. Start with what you want to achieve, describe how you plan to achieve it and end with the results. Support your story with graphs and other visual aids that hold your reader’s attention. 
  • Provide a concise summary. Not everyone will read your presentation cover to cover. With that in mind, provide a summary of your report at the start or end that shows what you achieved and quantifies your marketing effectiveness. 

  How to improve marketing effectiveness

  Don’t settle for simply measuring your marketing effectiveness. Use the following strategies to make future campaigns as effective as possible. 

  Understand customer behaviour

  More effective marketing campaigns start by deeply understanding your customers, who they are, and how they behave. This allows you to take an audience-first approach to your marketing efforts and design campaigns around the unique needs of your customers. 

  Gather as much first-party data as you can. Surveys, focus groups, and other market research techniques can help you learn more about who your customers are, but don’t disregard the quantitative data you can gather from your web analytics platform. 

  Using Heatmaps, Session Recordings and behavioural analytics tools, you can learn exactly how customers behave when they land on your site, where they focus their attention and which pages they look at first. 

  

  These insights can help you turn an average campaign into an exceptional one. For example, a heatmap may highlight the need to move CTA buttons above the fold to increase conversions. A session recording could pinpoint the problems users have when filling out your website’s forms. 

  Further reading :

  • What Is Behavioural Analytics & How Can It Improve Website Performance
  • 9 Form Optimisation Tips to Convert More Visitors
  • How to Increase Conversions with Form Analysis

  Optimise landing pages

  Developing a culture of testing and experimentation is a great way to improve your marketing effectiveness. Let’s dive into A/B testing.

  By tweaking various elements of your landing pages, you can squeeze every last conversion from your campaigns.

  

  We have a guide on conversion funnel optimisation, which we recommend you check out, but I’ll briefly list some of the optimisations you could test :

  • Making your CTAs actionable and compelling
  • Integrating images and videos
  • Adding testimonials and other forms of social proof
  • Reducing form fields

  Use a different attribution model

  It might be that some campaigns, strategies or traffic sources aren’t getting the love they deserve. By changing your attribution model, you can significantly change the perceived effectiveness of certain campaigns. 

  Let’s say you use a last-touch attribution model, for instance. Only the last channel customers will get credit for each conversion, meaning top-of-the-funnel campaigns like SEO may be deemed less effective than they are. 

  It’s why you must continually test, tweak and validate your chosen model — and why changing it can be so powerful. 

  Measure your marketing effectiveness with Matomo

  Measuring your marketing effectiveness is hard work. But it’s vital to optimise campaigns, improve your ROI and demonstrate your value. 

  The good news is that Matomo makes things a lot easier thanks to its comprehensive conversion tracking, attribution modelling capabilities and behavioural insight features like Heatmaps, A/B Testing and Session Recordings. 

  Take steps today to start measuring (and improving) the effectiveness of your marketing with our 21-day free trial. No credit card required.

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• 7 Fintech Marketing Strategies to Maximise Profits in 2024

  24 juillet 2024, par Erin

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

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

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

  Top fintech marketing challenges in 2024

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

  Here are the biggest challenges fintech marketers face in 2024 :

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

  

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

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

  7 fintech marketing strategies

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

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

  1. Optimise for profitability over growth at all costs

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

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

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

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

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

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

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

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

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

  Strategies included :

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

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

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

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

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

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

  Example : Dynamic Yield fintech re-engagement case study

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

  

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

  3. Identify the path your most valuable customers take

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

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

  Get 20-40% more data with Matomo

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

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

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

  

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

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  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.

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  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.

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