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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.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

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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.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

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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.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

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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.

• Concat video/audio files downloaded from mpd dash manifest

  15 mai 2022, par Bloworlf Mathurin

  I have this manifest I fetched from an url :

  


  &lt;?xml version="1.0"?>&#xA;<mpd type="dynamic" xmlns="urn:mpeg:dash:schema:mpd:2011" profiles="urn:mpeg:dash:profile:isoff-live:2011" availabilitystarttime="2022-05-14T21:18:50-07:00" availabilityendtime="2022-05-14T22:35:36-07:00" timeshiftbufferdepth="PT20S" suggestedpresentationdelay="PT2S" minbuffertime="PT1S" publishtime="2022-05-14T21:18:50-07:00" minimumupdateperiod="PT1S" validationerrors="" currentservertimems="0" firstavtimems="1652588331877" lastvideoframets="0" loapstreamid="17944405669984029" publishframetime="939">&#xA;    <period start="PT0S">&#xA;        <adaptationset segmentalignment="true" maxwidth="432" maxheight="766" maxframerate="30">&#xA;            <representation mimetype="video/mp4" codecs="avc1.4d401e" width="432" height="766" framerate="30" startwithsap="1" bandwidth="38894" maxbandwidth="46772" playbackresolutionmos="432:82.84,720:65.43,216:70.39" qualityclass="sd" qualitylabel="432p">&#xA;                <segmenttemplate presentationtimeoffset="0" timescale="1000" initialization="some/url/some_id-init.m4v?ms=m_C&amp;amp;ccb=2-4" media="some/url/some_id-$Time$.m4v?ms=m_C&amp;amp;ccb=2-4">&#xA;                    <segmenttimeline>&#xA;                        <s t="4092613" d="2000"></s>&#xA;                        <s t="4094613" d="2000"></s>&#xA;                        <s t="4096613" d="2000"></s>&#xA;                        <s t="4098613" d="2000"></s>&#xA;                        <s t="4100613" d="2000"></s>&#xA;                        <s t="4102613" d="2000"></s>&#xA;                        <s t="4104613" d="2000"></s>&#xA;                        <s t="4106613" d="2000"></s>&#xA;                        <s t="4108613" d="2000"></s>&#xA;                        <s t="4110613" d="2000"></s>&#xA;                    </segmenttimeline>&#xA;                </segmenttemplate>&#xA;            </representation>&#xA;        </adaptationset>&#xA;        <adaptationset segmentalignment="true">&#xA;            <representation mimetype="audio/mp4" codecs="mp4a.40.2" audiosamplingrate="44100" startwithsap="1" bandwidth="48979" maxbandwidth="57732">&#xA;                <segmenttemplate presentationtimeoffset="0" timescale="1000" initialization="some/url/some_id-init.m4a?ms=m_C&amp;amp;ccb=2-4" media="some/url/some_id-$Time$.m4a?ms=m_C&amp;amp;ccb=2-4">&#xA;                    <segmenttimeline>&#xA;                        <s t="4092613" d="2000"></s>&#xA;                        <s t="4094613" d="2000"></s>&#xA;                        <s t="4096613" d="2000"></s>&#xA;                        <s t="4098613" d="2000"></s>&#xA;                        <s t="4100613" d="2000"></s>&#xA;                        <s t="4102613" d="2000"></s>&#xA;                        <s t="4104613" d="2000"></s>&#xA;                        <s t="4106613" d="2000"></s>&#xA;                        <s t="4108613" d="2000"></s>&#xA;                        <s t="4110613" d="2000"></s>&#xA;                    </segmenttimeline>&#xA;                </segmenttemplate>&#xA;            </representation>&#xA;        </adaptationset>&#xA;    </period>&#xA;</mpd>&#xA;

  


  I manage to download all the files (init file + 10 segment files) and put them in an array

  


  File[] files = downloadSegments();

  


  So I have :
[0] -> file-0.m4v (which is the init file)
[1] -> file-1.m4v (1st segment)
... and so on.

  


  My question is how can I concat/append all these files into another file (final_segment.m4v) ?

  


  I looked around a lot and am now using 'com.arthenica:ffmpeg-kit-video:4.5.1-1'
I've last tried :

  


  FFmpegSession session = FFmpegKit.execute("-i file-0.m4v -i file-1.m4v ... -c copy final_segment.m4v");


  


  Is there something I'm missing ?

  


  Also I assume that I'll have to do the same for the audio segments. So I will have 2 files (final_segment.m4v and final_segment.m4a) that I will have to merge/mix together.

  


  If you could help me with some piece of code, that would be great.

  


• 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.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

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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.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  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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