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• 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. 

• Multilingual SEO : A Marketer’s Guide to Measuring and Optimising Multilingual Websites

  26 juin, par Joe

  The web—and search engines in particular—make it easier than ever for businesses of any size to reach an international audience. 

   
  A multilingual website makes sense, especially when the majority of websites are in English. After all, you want to stand out to customers by speaking their local language. But it’s no good having a multilingual site if people can’t find it. 

  That’s where multilingual SEO comes in. 

  In this article, we’ll show you how to build a multilingual website that ranks in Google and other local search engines. You’ll learn why multilingual SEO is about more than translating your content and specific tasks you need to tick off to make your multilingual site as visible as possible. 

  ¡Vamos !

  What is multilingual SEO ? 

  Multilingual SEO is the process of optimising your website to improve search visibility in more than one language. It involves creating high-quality translations (including SEO metadata), targeting language-specific keywords and building links in the target language. 

  

  The goal is to make your site as discoverable and accessible as possible for users searching Google and other search engines in their local language. 

  It’s worth pointing out that multilingual SEO differs slightly from international SEO, even if the terms are used interchangeably. With multilingual SEO, you are optimising for a language (so Spanish targets every Spanish-speaking country, not just Spain). In international SEO, you target specific countries, so you might have a different strategy for targeting Argentinian customers vs. Mexican customers. 

  Why adopt a multilingual SEO strategy ?

  There are two major reasons to adopt a multilingual SEO strategy : to reach more customers and to deliver the best experience possible. 

  

  Reach a wider audience

  Not everyone searches the web in English. Even if non-native speakers eventually resort to English, many will try Googling in their own language first. That means if you target customers in multiple non-English-speaking countries, then creating a multilingual SEO is a must to reach as many of them as possible. 

  A multilingual SEO strategy also boosts your website’s chances of appearing in country-specific search engines like Baidu and Yandex — and in localised versions of Google like Google.fr and Google.de.

  Deliver a better user experience

  Multilingual SEO gives your customers what they want : the ability to search, browse and shop in their native language. This is a big deal, with 89% of consumers saying it’s important to deal with a brand in their own language.

  Improving the user experience also increases the likelihood of non-English-speaking customers converting. As many as 82% of people won’t make a purchase in major consumer categories without local language support. 

  How to prepare for multilingual SEO success

  Before you start creating multilingual SEO content, you need to take care of a couple of things. 

  Identify target markets

  The first step is to identify the languages you want to target. You know your customers better than anyone, so it’s likely you have one or two languages in mind already. 

  But if you don’t, why not analyse your existing website traffic to discover which languages to target first ? The Locations report in Matomo (found in the Visitors section of Matomo’s navigation) shows you which countries your visitors hail from. 

  

  In the example above, targeting German and Indonesian searchers would be a sensible strategy. 

  Target local keywords

  Once you’ve decided on your target markets, it’s time to find localised keywords. Keywords are the backbone of any SEO campaign, so take your time to find ones that are specific to your local markets.

  Yes, that means you shouldn’t just translate your English keywords into French or Spanish ! French or Spanish searchers may use completely different terms to find your products or services. 

  That’s why it’s vital to use a tool like Ahrefs or Semrush to do multilingual keyword research. 

  

  This may be a bit tricky if you aren’t a native speaker of your target language, but you can translate your English keywords using Google Translate to get started. 

  Remember, search volumes won’t be as high as English keywords since fewer people are searching for them. So don’t be scared off by small keyword volumes. Besides, even in the U.S. around 95% of keywords get 10 searches per month or fewer. 

  Choose your URL structure

  The final step in preparing your multilingual SEO strategy is deciding on your URL structure, whether that’s using separate domains, subdomains or subfolders. 

  This is important for SEO as it will avoid duplicate content issues. Using language indicators within these URLs will also help both users and search engines differentiate versions of your site. 

  The first option is to have a separate domain for each target language. 

  • yoursite.com
  • yoursite.fr
  • yoursite.es

  Using subdomains would mean you keep one domain but have completely separate sites :

  • fr.yoursite.com
  • es.yoursite.com
  • de.yoursite.com

  Using subfolders keeps everything clean but can result in long URLs :

  • yoursite.com/en
  • yoursite.com/de
  • yoursite.com/es

  As you can see in the image below, we use subdomains to separate multilingual versions of you site :

  

  While separate domains provide more precise targeting, it’s a lot of work to manage them. So, unless you have a keyword-rich, unbranded domain name that needs translating, we’d recommend using either subdomains or subdirectories. It’s slightly easier to manage subfolders, but subdomains offer users a clearer divide between different versions of your site. 

  If you want to make your site even easier to navigate, then you can incorporate language indicators into your page’s design to make it easy for consumers to switch languages. These are the little dropdown menus you see containing various flags that let users browse in different languages.

  5 multilingual SEO strategies to use in 2024

  Now you’ve got the basics in order, use the following SEO strategies to improve your multilingual rankings. 

  Use hreflang tags

  There’s another way that Google and other search engines use to determine the language and region your website is targeting : hreflang..

  Hreflang is an HTML attribute that Google and other search engines use to ensure they serve users the right version of the page.

  You can insert it into the header section of the page like this example for a German subdomain :

  <link rel=”alternate” href=”https://yourwebsite.com/de” hreflang=”de” />

  Or you can add the relevant markup to your website’s sitemap. Here’s what the same German markup would look like :

  <xhtml:link rel=”alternate” hreflang=”de” href=”https://yourwebsite.com/de/” /> 

  Whichever method you include one language code in ISO 639-1 format. You can also include a region code in ISO 3166-1 Alpha 2 format. Note that you can include multiple region codes. A web page in German, for example, could target German and Austrian consumers. 

  Hreflang tags also avoid duplicate content issues. 

  With a multilingual site, you could have a dozen different versions of the same page, showing the same content but in a different language. Without an hreflang tag specifying that these are different versions of the same page, Google may penalise your site.

  Invest in high-quality translations

  Google rewards good content. And, while you’d hope Google Translate would be good enough, it usually isn’t.

  Instead, make sure you are using professional linguists to translate your content. They won’t only be able to produce accurate and contextually relevant translations — the kind that Google may reward with higher rankings — but they’ll also be able to account for cultural differences between languages. 

  Imagine you are translating a web page from U.S. English into Italian, for example. You’ve not only got to translate the words themselves but also the measurements (from inches to cm), dates (from mm/dd/yy to dd/mm/yy), currencies, idioms and more. 

  Translate your metadata, too

  You need to translate more than just the content of your website. You should translate its metadata — the descriptive information search engines use to understand your page — to help you rank better in Google and localised search engines. 

  As you can see in the image below, we’ve translated the French version of our homepage’s title and meta description :

  

  Page titles and meta descriptions aren’t the only pieces of metadata you need to pay attention to. Make sure you translate the following :

  • URLs
  • Image alt tags
  • Canonical tags
  • Structured data markup

  While you’re at it, make sure you have translated all of your website’s content, too. It’s easy to miss error messages, contact forms and checkout pages that would otherwise ruin the user experience. 

  Build multilingual backlinks

  Building backlinks is an important step in any SEO strategy. But it’s doubly important in multilingual SEO, where your links in your target language also help Google to understand that you have a translated website. 

  While you want to prioritise links from websites in your target language, make sure that websites are relevant to your niche. It’s no good having a link from a Spanish recipe blog if you have a marketing SaaS tool. 

  A great place to start is by mining the links of competitors in your target market. Your competitors have already done the hard work acquiring these links, and there’s every chance these websites will link to your translated content, too.

  

  Don’t forget about internal linking pages in the same language, either. This will obviously help users stay in the same language while navigating your site, but it will also show Google the depth of your multilingual content.

  Monitor the SEO health of your multilingual site

  The technical performance of your multilingual pages has a significant impact on your ability to rank and convert. 

  We know for a fact that Google uses page performance metrics in the form of Core Web Vitals as a search ranking factor. What’s more, research by WP Rocker finds that a side loading in one second has a three times better conversion rate than a site loading in five seconds. 

  With that in mind, make sure your site is performing at optimal levels using Matomo’s SEO Web Vitals report. Our SEO Web Vitals feature tracks all of Google’s Core Web Vitals, including :

  • Page Speed Score
  • First Contentful Paint (FCP)
  • Final Input Delay (FID)
  • Last Contentful Paint (LCP)
  • Cumulative Layout Shift (CLS)

  The report displays each metric in a different colour depending on your site’s performance, with green meaning good, orange meaning average, and red meaning poor.

  

  Check in on these metrics regularly or set up custom alerts to automatically notify you when a specific metric drops below or exceeds a certain threshold — like if your Page Speed score falls below 50, for example. 

  How to track your multilingual SEO efforts with Matomo

  Matomo isn’t just a great tool to track your site’s SEO health ; you can also use our privacy-focused analytics platform to track your multilingual SEO success.

  For example, you could use the report to focus your multilingual SEO efforts on a single language if searches are starting to rival English. Or you decide to translate your most trafficked English keywords into your target languages, regardless if a tool like Ahrefs or Semrush tells you whether these keywords get searches or not.

  If you want to analyse the performance of your new language, for example, you can segment traffic by URL. In our case, we use the segment “Page URL contains fr.matomo.org” to measure the impact of our French website. 

  We can also track the performance of every language except French by using the segment “Page URL does not contain fr.matomo.org”.

  You can use Matomo to track your Keyword performance, too. Unlike search engine-owned platforms like Google Analytics and Google Search Console that no longer share keyword data, Matomo lets users see exactly which keywords users search to find your site in the Combined keywords report :

  

  This is valuable information you can use to identify new keyword opportunities and improve your multilingual content strategy. 

  For example, you could use the report to focus your multilingual SEO efforts on a single language if searches are starting to rival English. Or you decide to translate your most trafficked English keywords into your target languages, regardless if a tool like Ahrefs or Semrush tells you whether these keywords get searches or not.

  For international brands that have separate websites and apps for each target language or region, Matomo’s Roll-Up Reporting lets you keep track of aggregate data in one place. 

  

  Roll-Up Reporting lets you view data from multiple websites and apps as if they were a single site. This lets you quickly answer questions like :

  • How many visits happened across all of my multilingual websites ?
  • Which languages contributed the most conversions ?
  • How does the performance of my Spanish app compare to my Spanish website ?

  Is it any wonder, then, that Matomo is used by over one million sites in 190 countries to track their web and SEO performance in a privacy-friendly way ?

  Join them today by trying Matomo free for 21 days, no credit card required. Alternatively, request a demo to see how Matomo can help you track your multilingual SEO efforts. 

• Make better marketing decisions with attribution modeling

  19 décembre 2017, par InnoCraft — Community, Plugins

  Do you suspect some traffic sources are not getting the rewards they deserve ? Do you want to know how much credit each of your marketing channel actually gets ?

  When you look at which referrers contribute the most to your goal conversions or purchases, Piwik shows you only the referrer of the last visit. However, in reality, a visitor often visits a website multiple times from different referrers before they convert a goal. Giving all credit to the referrer of the last visit ignores all other referrers that contributed to a conversion as well.

  You can now push your marketing analysis to the next level with attribution modeling and finally discover the true value of all your marketing channels. As a result, you will be able to shift your marketing efforts and spending accordingly to maximize your success and stop wasting resources. In marketing, studying this data is called attribution modeling.

  Get the true value of your referrers

  Attribution is a premium feature that you can easily purchase from the Piwik marketplace.

  Once installed, you will be able to :

  • identify valuable referrers that you did not see before
  • invest in potential new partners
  • attribute a new level of conversion
  • make this work very easily by filling just a couple of form information

  Identify valuable referrers that you did not see before

  You probably have hundreds or even thousands of different sources listed within the referrer reports. We also guess that you have the feeling that it is always the same referrers which are credited of conversions.
  Guess what, those data are probably biased or at least are not telling you the whole story.
  Why ? Because by default, Piwik only attributes all credit to the last referrer.

  

  It is likely that many non credited sources played a role in the conversion process as well as people often visit your website several times before converting and they may come from different referrers.

  This is exactly where attribution modeling comes into play. With attribution modeling, you can decide which touchpoint you want to study. For example, you can choose to give credit to all the referrers a single visitor came from each time the user visits your website, and not only look at the last one. Without this feature, chances are, that you have spent too much money and / or efforts on the wrong referrer channels in the past because many referrers that contributed to conversions were ignored. Based on the insights you get by applying different attribution models, you can make better decisions on where to shift your marketing spending and efforts.

  Invest in potential new partners

  Once you apply different attribution models, you will find out that you need to consider a new list of referrers which you before either over- or under-estimated in terms of how much they contributed to your conversions. You probably did not identify those sources before because Piwik shows only the last referrer before a conversion. But you can now also look at what these newly discovered referrers are saying about your company, looking for any advertising programs they may offer, getting in contact with the owner of the website, and more.

  Apply up to 6 different attribution models

  By default, Piwik is attributing the conversion to the last referrer only. With attribution modeling you can analyze 6 different models :

  • Last Interaction : the conversion is attributed to the last referrer, even if it is a direct access.
  • Last Non-Direct : the conversion is attributed to the last referrer, but not in the case of a direct access.
  • First Interaction : the conversion is attributed to the first referrer which brought you the visit.
  • Linear : whatever the number of referrers which brought you the conversion, they will all get the same value.
  • Position Based : first and last referrer will be attributed 40% each the conversion value, the remaining 60% is divided between the rest of the referrers.
  • Time Decay : this attribution model means that the closer to the date of the conversion is, the more your last referrers will get credit.

  Those attribution models will enable you to analyze all your referrers deeply and increase your conversions.

  Let’s look at an example where we are comparing two models : “last interaction” and “first interaction”. Our goal is to identify whether some referrers that we are currently considering as less important, are finally playing a serious role in the total amount of conversions :

  

  Comparing Last Interaction model to First Interaction model

  Here it is interesting to observe that the website www.hongkiat.com is bringing almost 90% conversion more with the first interaction model rather than the last one.

  As a result we can look at this website and take the following actions :

  • have a look at the message on this website
  • look at opportunities to change the message
  • look at opportunities to display extra marketing messages
  • get in contact with the owner to identify any other communication opportunities

  The Multi Channel Attribution report

  Attribution modeling in Piwik does not require you to add any tracking code. The only thing you need is to install the plugin and let the magic happen.
  Simple as pie is the word you should keep in mind for this feature. Once installed, you will find the report within the goal section, just above the goals you created :

  

  The Multi Attribution menu

  There you can select the attribution model you would like to apply or compare.

  Attribution modeling is not just about playing with a new report. It is above all an opportunity to increase the number of conversions by identifying referrers that you may have not recognized as valuable in the past. To grow your business, it is crucial to identify the most (and least) successful channels correctly so you can spend your time and money wisely.

  Learn more about Multi Channel Conversion Attribution