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• Conversion Rate Optimisation Statistics for 2024 and Beyond

  21 novembre 2023, par Erin — Analytics Tips

  Driving traffic to your website is only half the battle. The real challenge — once you’ve used a web analytics solution to understand how users behave — is turning more of those visitors into customers.

  That doesn’t happen by accident. You need to employ conversion rate optimisation strategies and tools to see even a small lift in conversion rates. The good news is that it doesn’t take much to see massive results. Raising your conversion rate from 1% to 3% can triple your revenue. 

  In even better news, you don’t have to guess at the best ways to improve your conversion rate. We’ve done the hard work and collected the most recent and relevant conversion rate optimisation statistics to help you. 

  General conversion rate optimisation statistics

  It appears the popularity of conversion rate optimisation is soaring. According to data collected by Google Trends, there were more people searching for the term “conversion rate optimization” in September 2023 than ever before. 

  As you can see from the chart below, the term’s popularity is on a clear upward trajectory, meaning even more people could be searching for it in the near future. (Source)

  

  Do you want to know what the average landing page conversion rate is ? According to research by WordStream, the average website conversion rate across all industries is 2.35%. 

  That doesn’t paint the whole picture, however. Better-performing websites have significantly higher conversion rates. The top 25% of websites across all industries convert at a rate of 5.31% or higher. (Source)

  Let’s break things down by industry now. The Unbounce Conversion Benchmark Report offers a detailed analysis of how landing pages convert across various industries.

  First, we have the Finance and Insurance industry, which boasts a conversion rate of 15.6%. 

  On the other end, agencies appears to be one of the worst-performing. Agencies’ landing pages convert at a rate of 8.8%. (Source)

  

  What about the size of the conversion rate optimisation industry ? Given the growth in popularity of the term in Google, surely the industry is experiencing growth, right ?

  You’d be correct in that assumption. The conversion rate optimisation software market was valued at $771.2 million in 2018 and is projected to reach $1.932 billion by 2026 — a compound annual growth rate (CAGR) of 9.6%.

  Statistics on the importance of conversion rate optimisation

  If you’re reading this article, you probably think conversion rate optimisation is pretty important. But do you know its importance and where it ranks in your competitors’ priorities ? Read on to find out. 

  Bounce rate — the number of people who leave your website without visiting another page or taking action — is the scourge of conversion rate optimisation efforts. Every time someone bounces from your site, you lose the chance to convert them.

  The questions, then, are : how often do people bounce on average and how does your bounce rate compare ? 

  Siege Media analysed over 1.3 billion sessions from a range of traffic sources, including 700 million bounces, to calculate an average bounce rate of 50.9%. (Source)

  

  Bounce rates vary massively from website to website and industry to industry, however. Siege Media’s study unveils an array of average bounce rates across industries :

  • Travel – 82.58%
  • B2B – 65.17%
  • Lifestyle – 64.26%
  • Business and Finance – 63.51%
  • Healthcare – 59.50%
  • eCommerce – 54.54%
  • Insurance – 45.96%
  • Real Estate – 40.78%

  It won’t come as much of a surprise to learn that marketers are determined to reduce bounce rates and improve lead conversion. Today’s marketers are highly performance-based. When asked about their priorities for the coming year, 79% of marketers said their priority was generating quality qualified leads — the most popular answer in the survey. (Source)

  Just because it is a priority for marketers doesn’t mean that everyone has their stuff together. If you have a conversion rate optimisation process in place, you’re in the minority. According to research by HubSpot, less than one in five marketers (17%) use landing page A/B tests to improve their conversion rates. (Source)

  When it comes to personalisation strategies – a common and effective tool to increase conversion rates — the picture isn’t any rosier. Research by Salesforce found just over one-quarter of markets are confident their organisation has a successful strategy for personalisation. (Source)

  Conversion rate optimisation tactics statistics

  There are hundreds of ways to improve your website’s conversion rates. From changing the color of buttons to the structure of your landing page to your entire conversion funnel, in this section, we’ll look at the most important statistics you need to know when choosing tactics and building your own CRO experiments. 

  If you are looking for the best method to convert visitors, then email lead generation forms are the way to go, according to HubSpot. This inoffensive and low-barrier data collection method boasts a 15% conversion rate, according to the marketing automation company’s research. (Source)

  Where possible, make your call-to-actions personalised. Marketing personalisation, whether through behavioral segmentation or another strategy, is an incredibly powerful way of showing users that you care about their specific needs. It’s no great surprise, then, that HubSpot found personalised calls-to-actions perform a whopping 202% better than basic CTAs. (Source)

  If you want to boost conversion rates, then it’s just as important to focus on quantity as well as quality. Yes, a great-looking, well-written landing page will go a long way to improving your conversion rate, but having a dozen of these pages will do even more. 

  Research by HubSpot found companies see a 55% increase in leads when they increase the number of landing pages from 10 to 15. What’s more, companies with over 40 landing pages increase conversion by more than 500%. (Source)

  

  User-generated content (UGC) should also be high on your priority list to boost conversion rates. Several statistics show how powerful, impactful and persuasive social proof like user reviews can be. 

  Research shows that visitors who scroll to the point where they encounter user-generated content increase the likelihood they convert by a staggering 102.4%. (Source)

  Other trust signs can be just as impactful. Research by Trustpilot found that the following four trust signals make consumers more likely to make a purchase when shown on a product page :

  • Positive star rating and reviews (85% more likely to make a purchase)
  • Positive star rating (78%)
  • Positive customer testimonials (82%)
  • Approved or authorised seller badge (76%)

  (Source)

  Showing ratings and reviews has also increased conversion rates by 38% on home appliances and electronics stores. (Source)

  And no wonder, given that consumers are more likely to buy from brands they trust than brands they love, according to the 2021 Edelman Trust Barometer Special Report. (Source) 

  A lack of trust is also one of the top four reasons consumers abandon their shopping cart at checkout. (Source) 

  Traffic source conversion rate statistics

  What type of traffic works the best when it comes to conversions, or how often you should be signing up users to your mailing list ? Let’s look at the stats to find out. 

  Email opt-ins are one of the most popular methods for collecting customer information — and an area where digital marketers spend a lot of time and effort when it comes to conversion rate optimisation. So, what is the average conversion rate of an email opt-in box ?

  According to research by Sumo — based on 3.2 billion users who have seen their opt-in boxes — the average email opt-in rate is 1.95%. (Source)

  Search advertising is an effective way of driving website traffic, but how often do those users click on these ads ?

  WordStream’s research puts the average conversion of search advertising for all industries at 6.11%. (Source)

  The arts and entertainment industry enjoys the highest clickthrough rates (11.78%), followed by sports and recreation (10.53%) and travel (10.03%). Legal services and the home improvement industry have the lowest clickthrough rates at 4.76% and 4.8%, respectively.

  

  If you’re spending money on Google ads, then you’d better hope a significant amount of users convert after clicking them. 

  Unfortunately, conversion rates from Google ads decreased year-on-year for most industries in 2023, according to research by WordStream — in some cases, those decreases were significant. The only two industries that didn’t see a decrease in conversion rates were beauty and personal care and education and instruction. (Source)

  The average conversion rate for search ads across all industries is 7.04%. The animal and pet niche has the highest conversion rate (13.41%), while apparel, fashion and jewelry have the lowest conversion rate (1.57%). (Source)

  What about other forms of traffic ? Well, there’s good reason to try running interstitial ads on smartphone apps if you aren’t already. Ads on the iOS app see a 14.3 percent conversion rate on average. (Source)

  E-commerce conversion rate optimisation statistics (400 words)

  Conversion rate optimisation can be the difference between a store that sets new annual sales records and one struggling to get by. 

  The good news is that the conversion rate among US shoppers was the highest it’s ever been in 2021, with users converting at 2.6%. (Source)

  If you have a Shopify store, then you may find conversion rates a little lower. A survey by Littledata found the average conversion rate for Shopify was 1.4% in September 2022. (Source)

  What about specific e-commerce categories ? According to data provided by Dynamic Yield, the consumer goods category converted at the highest rate in September 2023 (4.22%), a spike of 0.34% from August. 

  Generally, the food and beverage niche boasts the highest conversion rate (4.87%), and the home and furniture niche has the lowest conversion rate (1.44%). (Source)

  If you’re serious about driving sales, don’t focus on mobile devices at the expense of consumers who shop on desktop devices. The conversion rate among US shoppers tends to be higher for desktop users than for mobile users. 

  

  In the second quarter of 2022, for instance, desktop shoppers converted at a rate of 3% on average compared to smartphone users who converted at an average rate of 2%. (Source)

  Increase your conversions with Matomo

  Conversion rate optimisation can help you grow your subscriber list, build your customer base and increase your revenue. Now, it’s time to put what you’ve learned into practice.

  Use the advice above to guide your experiments and track everything with Matomo. Achieve unparalleled data accuracy while harnessing an all-in-one solution packed with essential conversion optimisation features, including Heatmaps, Session Recordings and A/B Testing. Matomo makes it easier than ever to analyse conversion-focused experiments.

  Get more from your conversion rate optimisations by trying Matomo free for 21 days. No credit card required.

• 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. 

• Join us at MatomoCamp 2024 world tour edition

  13 novembre 2024, par Daniel Crough — Uncategorized

  Join us at MatomoCamp 2024 world tour edition, our online conference dedicated to Matomo Analytics—the leading open-source web analytics platform that prioritises data privacy.

  • 🗓️ Date : 14 November 2024
  • 🌐 Format : 24-hour virtual conference accessible worldwide
  • 💰 Cost : Free and no need to register

  Event highlights

  Opening ceremony

  Begin the day with a welcome from Ronan Chardonneau, co-organiser of MatomoCamp and customer success manager at Matomo.

  View session | iCal link

  Keynote : “Matomo by its creator”

  Attend a special session with Matthieu Aubry, the founder of Matomo Analytics. Learn about the platform’s evolution and future developments.

  View session | iCal link

  Explore MatomoCamp 2024’s diverse tracks and topics

  MatomoCamp 2024 offers a wide range of topics across several tracks, including using Matomo, integration, digital analytics, privacy, plugin development, system administration, business, other free analytics, use cases, and workshops and panel talks.

  Featured sessions

  1. Using AI to fetch raw data with Python

  Speaker : Ralph Conti
  Time : 14 November, 12:00 PM UTC

  Discover how to combine AI and Matomo’s API to create unique reporting solutions. Leverage Python for advanced data analysis and unlock new possibilities in your analytics workflow.

  View session | iCal link

  2. Supercharge Matomo event tracking with custom reports

  Speaker : Thomas Steur
  Time : 14 November, 2:00 PM UTC

  Learn how to enhance event tracking and simplify data analysis using Matomo’s custom reports feature. This session will help you unlock the full potential of your event data.

  View session | iCal link

  3. GDPR with AI and AI Act

  Speaker : Stefanie Bauer
  Time : 14 November, 4:00 PM UTC

  Navigate the complexities of data protection requirements for AI systems under GDPR. Explore the implications of the new AI Act and receive practical tips for compliance.

  View session | iCal link

  4. A new data mesh era !

  Speaker : Jorge Powers
  Time : 14 November, 4:00 PM UTC

  Explore how Matomo supports the data mesh approach, enabling decentralised data ownership and privacy-focused analytics. Learn how to empower teams to manage and analyse data without third-party reliance.

  View session | iCal link

  5. Why Matomo has to create a MTM server side : The future of data privacy and user tracking

  Panel discussion
  Time : 14 November, 6:00 PM UTC

  Join experts in a discussion on the necessity of server-side tag management for enhanced privacy and compliance. Delve into the future of data privacy and user tracking.

  View session | iCal link

  6. Visualisation of Matomo data using external tools

  Speaker : Leticia Rodríguez Morado
  Time : 14 November, 8:00 PM UTC

  Learn how to create compelling dashboards using Grafana and Matomo data. Enhance your data visualisation skills and gain better insights.

  View session | iCal link

  7. Keep it simple : Tracking what matters with Matomo

  Speaker : Scott Fillman
  Time : 14 November, 9:00 PM UTC

  Discover how to focus on essential metrics and simplify your analytics setup for more effective insights. Learn tactics for a powerful, streamlined Matomo configuration.

  View session | iCal link

  Stay connected

  Stay updated with the latest news and announcements :

  • Twitter : @MatomoCamp
  • YouTube : @MatomoCamp
  • Official website : matomocamp.org

  Don’t miss out

  MatomoCamp 2024 world tour edition is more than a conference ; it’s a global gathering shaping the future of ethical analytics. Whether you aim to enhance your skills, stay informed about industry trends, or network with professionals worldwide, this event offers valuable opportunities.