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• Conversion Funnel Optimisation : 10 Ways to Convert More

  24 janvier 2024, par Erin

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

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

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

  Let’s get started.

  What is conversion funnel optimisation ? 

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

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

  The typical stages of a sales funnel include :

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

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

  

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

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

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  The importance of conversion funnel optimisation 

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

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

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

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

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

  10 ways to optimise your conversion funnel 

  Here are 10 ways to optimise your conversion funnel.

  1. Identify and segment your target audience

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

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

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

  

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

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

  2. Create content for every stage of the funnel

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

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

  Awareness-stage content

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

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

  Consideration-stage content

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

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

  

  Conversion-stage content

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

  Loyalty-stage content

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

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

  3. Capture leads

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

  Examples of lead magnets include :

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

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

  

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

  4. Optimise your landing pages

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

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

  

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

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

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

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

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

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

  6. Have an active social presence

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

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

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

  

  7. Build a brand community

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

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

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

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

  

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

  8. Conduct A/B tests

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

  Examples of elements to A/B test :

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

  

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

  9. Leverage social proof

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

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

  

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

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

  10. Measure and analyse performance

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

  Here’s a systematic approach you can take :

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

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

  Conclusion 

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

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

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

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

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• Top Conversion Metrics to Track in 2024

  22 janvier 2024, par Erin

  2023 boasts  2.64 billion online shoppers worldwide ; that’s more than a third of the global population. With these numbers on an upward trajectory in 2024, conversion metrics are more important than ever to help marketers optimise the online shopping experience. 

  In this article, we’ll provide predictions for the most important conversion metrics you should keep track of in 2024. We’ll also examine how social media can make or break your brand engagement strategy. Keep reading to stay ahead of the competition for 2024 and gain tips and tricks for improving conversion performance.

  What are conversion metrics ?

  In technical terms, conversion metrics are the quantifiable measurements used to track the success of specific outcomes on a website or marketing campaign. Conversion metrics demonstrate how well your website prompts visitors to take desirable actions, like signing up for a newsletter, making a purchase, or filling out a form, for instance.

  Let’s say you’re running a lemonade stand, and you want to compare the number of cups sold to the number of people who approached your stand (your conversion rate). This ratio of cups sold to the total number of people can help you reassess your sales approach. If the ratio is low, you might reconsider your approach ; if it’s high, you can analyse what makes your technique successful and double down.

  

  In 2023, we saw the average conversion rate for online shopping grow by 5.53% compared to the previous year. An increase in conversion rate typically indicates a higher percentage of website visitors converting to buyers. It can also be a good sign for marketing teams that marketing campaigns are more effective, and website experiences are more user-friendly than the previous year. 

  Conversion metrics are a marketers’ bread and butter. Whether it’s through measuring the efficacy of campaigns, honing in on the most effective marketing channels or understanding customer behaviour — don’t underestimate the power of conversion metrics. 

  Conversion rate vs. conversion value 

  Before we dive into the top conversion metrics to track in 2024, let’s clear up any confusion about the difference between conversion rate and conversion value. Conversion rate is a metric that measures the ratio of website visitors/users who complete a conversion action to the total number of website visitors/users. Conversion rates are communicated as percentages.

  A conversion action can mean many different things depending on your product or service. Some examples of conversion actions that website visitors can take include : 

  • Making a purchase
  • Filling out a form
  • Subscribing to a newsletter
  • Any other predefined goal

  Conversion rate is arguably one of the most valuable conversion metrics if you want to pinpoint areas for improvement in your marketing strategy and user experience (UX).

  A good conversion rate completely depends on the type of conversion being measured. Shopify has reported that the average e-commerce conversion rate will be 2.5%-3% in 2023, so if you fall anywhere in this range, you’re in good shape. Below is a visual aid for how you can calculate conversion rate depending on which conversion actions you decide to track :

  

  Conversion value is also a quantifiable metric, but there’s a key difference : conversion value assigns a numerical value to each conversion based on the monetary value of the completed conversion action. Conversion value is not calculated with a formula but is assigned based on revenue generated from the conversion. Conversion value is important for calculating marketing efforts’ return on investment (ROI) and is often used to allocate marketing budgets better. 

  Both conversion rate and conversion value are vital metrics in digital marketing. When used in tandem, they can provide a holistic perspective on your marketing efforts’ financial impact and success. 

  9 important conversion metrics to track in 2024

  Based on research and results from 2023, we have compiled this list of predictions for the most important metrics to track in 2024. 

  

  1. Conversion rate 

  To start things out strong, we’ve got the timeless and indispensable conversion rate. As we discussed in the previous section, conversion rate measures how successfully your website convinces visitors to take important actions, like making purchases or signing up for newsletters. 

  An easy-to-use web analytics solution like Matomo can help in tracking conversion rates. Matomo automatically calculates conversion rates of individual pages, overall website and on a goal-by-goal basis. So you can compare the conversion rate of your newsletter sign up goal vs a form submission goal on your site and see what is underperforming and requires improvement.

  

  In the example above in Matomo, it’s clear that our goal of getting users to comment is not doing well, with only a 0.03% conversion rate. To improve our website’s overall conversion rate, we should focus our efforts on improving the user commenting experience.

  For 2024, we predict that the conversion rate will be just as important to track as in 2023. 

  2. Average visit duration

  This key metric tracks how long users spend on your website. A session typically starts when a user lands on your website and ends when they close the browser or have been inactive for some time ( 30 minutes). Tracking the average visit duration can help you determine how well your content captures users’ attention or how engaged users are when navigating your website. 

  Average Visit Duration = Total Time Spent / Number of Visits

  

  Web analytics tools like Matomo help in monitoring conversion rate metrics like average visit duration. Timestamps are assigned to each interaction within a visit, so that average visit duration can be calculated. Analysing website visit information like average visit duration allows you to evaluate the relevance of your content with your target audience. 

  3. Starter rate

  If your business relies on getting leads through forms, paying attention to Form Analytics is crucial for improving conversion rates. The “starter rate” metric is particularly important—it indicates the number of who people start filling out the form, after seeing it. 

  When you’re working to increase conversion rates and capture more leads, keeping an eye on the starter rate helps you understand where users might encounter issues or lose interest early in the form-filling process. Addressing these issues can simplify the form-filling experience and increase the likelihood of successful lead captures.

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  Concrete CMS tripled their leads using Form Analytics in Matomo—see how in their case study.

  4. Bounce rate

  Bounce rate reflects the percentage of visitors who exit your site after interacting with a single page. Bounce rate is an important metric for understanding how relevant your content is to visitors or how optimised your user experience is. A high bounce rate can indicate that visitors are having trouble navigating your website or not finding what they’re looking for. 

  Matomo automatically calculates bounce rate on each page and for your overall website.

  

  Bounce Rate = (# of Single-Page Sessions / Total # of Sessions) * 100

  5. Cost-per-conversion

  This metric quantifies the average cost incurred for each conversion action (i.e., sale, acquired lead, sign-up, etc.). Marketers use cost-per-conversion to assess the cost efficiency of a marketing campaign. You want to aim for a lower cost-per-conversion, meaning your advertising efforts aren’t breaking the bank. A high cost-per-conversion could be acceptable in luxury industries, but it often indicates a low marketing ROI. 

  Cost-per-Conversion = Ad Spend / # of Conversions

  By connecting your Matomo with Google Ads through Advertising Conversion Export feature in Matomo, you can keep tabs on your conversions right within the advertising platform. This feature also works with Microsoft Advertising and Yandex Ads.

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  6. Average order value (AOV)

  AOV is a conversion metric that calculates the average monetary value of each order. AOV is crucial for helping e-commerce businesses understand the value of their transactions. A high AOV means buyers spend more per transaction and could be more easily influenced by upselling or cross-selling. Low AOV isn’t necessarily bad — you can compensate for a low AOV by boosting transaction volume. 

  

  AOV = Total Revenue / Total # of Orders 

  Matomo automatically tracks important e-commerce metrics such as AOV, the percentage of visits with abandoned carts and the conversion rate for e-commerce orders.

  7. Exit rate

  Exit rate measures the percentage of visitors who leave a specific webpage after viewing it. Exit rate differs from bounce rate in that it focuses on the last page visitors view before leaving the site. A high exit rate should be examined to identify issues with visitors abandoning the specific page. 

  Exit Rate = (# of Exits from a Page / Total # of Pageviews for that Page) * 100

  

  In the Matomo report above, it’s clear that 77% of visits to the diving page ended after viewing it (exit rate), while 23% continued exploring. 

  On the other hand, our products page shows a lower exit rate at 36%, suggesting that more visitors continue navigating through the site after checking out the products.

  How to improve your conversion performance 

  If you’re curious about improving your conversion performance, this section is designed to guide you through that exact process.

  

  Understand your target audience and their behaviour

  You may need to return to the drawing board if you’re noticing high bounce rates or a lack of brand engagement. In-depth audience analysis can unveil user demographics, preferences and behaviours. This type of user data is crucial for building user personas, segmenting your visitors and targeting marketing campaigns accordingly.

  You can segment your website visitors in a number of web analytics solutions, but for the example below, we’ll look at segmenting in Matomo. 

  

  In this instance, we’ve segmented visitors by mobile users. This helps us see how mobile users are doing with our newsletter signup goal and identify the countries where they convert the most. It also shows how well mobile users are doing with our conversion goal over time.

  It’s clear that our mobile users are converting at a very low rate—just 0.01%. This suggests there’s room for improvement in the mobile experience on our site.

  Optimise website design, landing pages, page loading speed and UX

  A slow page loading speed can result in high exit rates, user dissatisfaction and lost revenue. Advanced web analytics solutions like Matomo, which provides heatmaps and session recordings, can help you find problems in your website design and understand how users interact with it.

  Making a website that focuses on users and has an easy-to-follow layout will make the user experience smooth and enjoyable.

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  Create compelling calls-to-action (CTA)

  Research shows that a strategically placed and relevant CTA can significantly increase your revenue. CTAs guide prospects toward conversion and must have a compelling and clear message. 

  You can optimise CTAs by analysing how users interact with them — this helps you tailor them to better resonate with your target audience. 

  A/B testing

  A/B testing can improve your conversion performance by allowing you to experiment with different versions of a web page. By comparing the impact of different web page elements on conversions, you can optimise your website with confidence. 

  Key conversion metrics takeaways

  Whether understanding user behaviour to develop a more intuitive user experience or guessing which marketing channel is the most effective, conversion metrics can be a marketer’s best friend. Conversion metrics help you save time, money and headaches when making your campaigns and website as effective as possible. 

  Make improving conversion rates easier with Matomo, a user-friendly all-in-one solution. Matomo ensures reliable insights by delivering accurate data while prioritising compliance and privacy.

  Get quality insights from your conversion metrics by trying Matomo free for 21 days. No credit card required.

• What is Funnel Analysis ? A Complete Guide for Quick Results

  25 janvier 2024, par Erin

  Your funnel is leaking.

  You’re losing visitors.

  You’re losing conversions and sales.

  But you don’t know how it’s happening, where it’s happening, or what to do about it.

  The reason ? You aren’t properly analysing your funnels.

  If you want to improve conversions and grow your business, you need to understand how to properly assess your sales funnels to set yourself up for success.

  In this guide, we’ll show you what funnel analysis is, why it’s important, and what steps you need to take to leverage it to improve conversions.

  What is funnel analysis ?

  Every business uses sales funnels, whether they know it or not.

  But most people aren’t analysing them, costing them conversions.

  

  Funnel analysis is a marketing method to analyse the events leading to specific conversion points. 

  It aims to look at the entire journey of potential customers from the moment they first touch base with your website or business to the moment they click “buy.”

  It’s assessing what your audience is doing at every step of the journey.

  By assessing what actions are taking place at scale, you can see where you’re falling short in your sales funnel.

  You’ll see :

  1. Where prospects are falling off.
  2. Where people are converting well.

  By gaining this understanding, you’ll better understand the health of your website’s sales funnels and overall marketing strategy.

  With that knowledge, you can optimise your marketing strategy to patch those leaks, improve conversions and grow your business.

  Why funnel analysis is important

  Funnel analysis is critical because your funnel is your business.

  When you analyse your funnel, you’re analysing your business.

  You’re looking at what’s working and what’s not so you can grow revenue and profit margins.

  Funnel analysis lets you monitor user behaviour to show you the motivation and intention behind their decisions.

  Here are five reasons you need to incorporate funnel analysis into your workflow.

  

  1. Gives insights into your funnel problems

  The core purpose of funnel analysis is to look at what’s going on on your website.

  What are the most effective steps to conversion ?

  Where do users drop off in the conversion process ?

  And which pages contribute the most to conversion or drop-offs ?

  Funnel analysis helps you understand what’s going on with your site visitors. Plus, it helps you see what’s wrong with your funnel.

  If you aren’t sure what’s happening with your funnel, you won’t know what to improve to grow your revenue.

  2. Improves conversions

  When you know what’s going on with your funnel, you’ll know how to improve it.

  To improve your conversion funnel, you need to close the leaks. These are areas where website visitors are falling off.

  It’s the moment the conversion is lost.

  You need to use funnel analysis to give insight into these problem areas. Once you can see where the issue is, you can patch that leak and improve the percentage of visitors who convert.

  For example, if your conversion rate on your flagship product page has plateaued and you can’t figure out how to increase conversions, implementing a funnel analysis tactic like heatmaps will show you that visitors are spending time reading your product description. Still, they’re not spending much time near your call to action.

  

  This might tell you that you need to update your description copy or adjust your button (i.e. colour, size, copy). You can increase conversions by making those changes in your funnel analysis insights.

  3. Improves the customer experience

  Funnel analysis helps you see where visitors spend their time, what elements they interact with and where they fall off.

  One of the key benefits of analysing your funnel is you’ll be able to help improve the experience your visitors have on your website.

  For example, if you have informational videos on a specific web page to educate your visitors, you might use the Media Analytics feature in your web analytics solution to find out that they’re not spending much time watching them.

  This could lead you to believe that the content itself isn’t good or relevant to them.

  But, after implementing session recordings within your funnel analysis, you see people clicking a ton near the play button. This might tell you that they’re having trouble clicking the actual button on the video player due to poor UX.

  In this scenario, you could update the UX on your web page so the videos are easy to click and watch, no matter what device someone uses.

  With more video viewers, you can provide value to your visitors instead of leaving them frustrated trying to watch your videos.

  4. Grows revenue

  This is what you’re likely after : more revenue.

  More often than not, this means you need to focus on improving your conversion rate.

  Funnel analysis helps you find those areas where visitors are exiting so you can patch those leaks up and turn more visitors into customers.

  Let’s say you have a conversion rate of 1.7%.

  You get 50,000 visitors per month.

  Your average order is $82.

  Even if you increase your conversion rate by 10% (to 1.87%) through funnel analysis, here’s the monthly difference in revenue :

  Before : $69,700
  After : $76,670

  In one year, you’ll make nearly $80,000 in additional revenue from funnel analysis alone.

  Different types of funnel analysis

  There are a few different types of funnel analysis.

  How you define success in your funnel all comes down to one of these four pillars.

  Depending on your goals, business and industry, you may want to assess the different funnel analyses at different times.

  1. Pageview funnel analysis

  Pageview funnel analysis is about understanding how well your website content is performing. 

  It helps you enhance user experience, making visitors stay longer on your site. By identifying poor performing pages (pages with high exit rates), you can pinpoint areas that need optimisation for better engagement.

  2. Conversion funnel analysis

  Next up, we’re looking at conversion funnel analysis.

  This type of funnel analysis is crucial for marketers aiming to turn website visitors into action-takers. This involves tracking and optimising conversion goals, such as signing up for newsletters, downloading ebooks, submitting forms or signing up for free trials. 

  The primary goal of conversion funnel analysis is to boost your website’s overall conversion rates.

  3. E-commerce funnel analysis

  For businesses selling products online, e-commerce funnel analysis is essential. 

  It involves measuring whether your products are being purchased and finding drop-off points in the purchasing process. 

  By optimising the e-commerce funnel, you can enhance revenue and improve the overall efficiency of your sales process.

  How to conduct funnel analysis

  Now that you understand what funnel analysis is, why it’s important, and the different types of analysis, it’s time to show you how to do it yourself.

  To get started with funnel analysis, you need to have the right web analytics solution.

  Here are the most common funnel analysis tools and methods you can use :

  1. Funnel analytics

  If you want to choose a single tool to conduct funnel analysis, it’s an all-in-one web analytics tool, like Matomo.

  

  With Matomo’s Funnel Analytics, you can dive into your whole funnel and analyse each step (and each step’s conversion rate).

  

  For instance, if you look at the example above, you can see the proceed rate at each funnel step before the conversion page.

  This means you can improve each proceed rate, to drive more traffic to your conversion page in order to increase conversion rates.

  In the above snapshot from Matomo, it shows visitors starting on the job board overview page, moving on to view specific job listings. The goal is to convert these visitors into job applicants.

  However, a significant issue arises at the job view stage, where 95% of visitors don’t proceed to job application. To increase conversions, we need to first concentrate on improving the job view page.

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  2. Heatmaps

  Heatmaps is a behaviour analytics tool that lets you see different visitor activities, including :

  • Mouse movement
  • How far down visitors scroll
  • Clicks

  You can see which elements were clicked on and which weren’t and how far people scroll down your page.

  

  A heatmap lets you see which parts of a page are getting the most attention and which parts go unnoticed by your users.

  For example, if, during your funnel analysis, you see that a lot of visitors are falling off after they land on the checkout page, then you might want to add a heatmap on your checkout page to see where and why people are exiting.

  3. Session recordings

  Want to see what individual users are doing and how they’re interacting with your site ?

  Then, you’ll want to check out session recordings.

  A session recording is a video playback of a visitor’s time on your website.

  

  It’s the most effective method to observe your visitors’ interactions with your site, eliminating uncertainty when identifying areas for funnel improvement.

  Session recordings instill confidence in your optimisation efforts by providing insights into why and where visitors may be dropping off in the funnel.

  4. A/B testing

  If you want to take the guesswork out of optimising your funnel and increasing your conversions, you need to start A/B testing.

  An A/B test is where you create two versions of a web page to determine which one converts better.

  

  For example, if your heatmaps and session recordings show that your users are dropping off near your call to action, it may be time to test a new version.

  You may find that by simply testing a different colour button, you may increase conversions by 20% or more.

  5. Form analytics

  Are you trying to get more leads to fill out forms on your site ?

  Well, Form Analytics can help you understand how your website visitors interact with your signup forms.

  You can view metrics such as starter rate, conversion rate, average hesitation time and average time spent.

  This information allows you to optimise your forms effectively, ultimately maximising your success.

  Let’s look at the performance of a form using Matomo’s Form Analytics feature below.

  

  In the Matomo example, our starter rate stands at a solid 60.1%, but there’s a significant drop to a submitter rate of 29.3%, resulting in a conversion rate of 16.3%.

  Looking closer, people are hesitating for about 16.2 seconds and taking nearly 1 minute 39 seconds on average to complete our form.

  This could indicate our form is confusing and requesting too much. Simplifying it could help increase sign-ups.

  See first-hand how Concrete CMS tripled their leads using Form Analytics in Matomo.

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  Start optimising your funnels with Matomo today

  If you want to optimise your business, you must optimise your funnels.

  Without information on what’s working and what’s not, you’ll never know if your website changes are making a difference.

  Worse yet, you could have underperforming stages in your funnel, but you won’t know unless you start looking.

  Funnel analysis changes that.

  By analysing your funnels regularly, you’ll be able to see where visitors are leaking out of your funnel. That way, you can get more visitors to convert without generating more traffic.

  If you want to improve conversions and grow revenue today, try Matomo’s Funnel Analytics feature.

  You’ll be able to see conversion rates, drop-offs, and fine-tuned details on each step of your funnel so you can turn more potential customers into paying customers.

  Additionally, Matomo comes equipped with features like heatmaps, session recordings, A/B testing, and form analytics to optimise your funnels with confidence.

  Try Matomo free for 21-days. No credit card required.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

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