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• What is a Cohort Report ? A Beginner’s Guide to Cohort Analysis

  3 janvier 2024, par Erin

  Handling your user data as a single mass of numbers is rarely conducive to figuring out meaningful patterns you can use to improve your marketing campaigns.

  A cohort report (or cohort analysis) can help you quickly break down that larger audience into sequential segments and contrast and compare based on various metrics. As such, it is a great tool for unlocking more granular trends and insights — for example, identifying patterns in engagement and conversions based on the date users first interacted with your site.

  In this guide, we explain the basics of the cohort report and the best way to set one up to get the most out of it.

  What is a cohort report ?

  In a cohort report, you divide a data set into groups based on certain criteria — typically a time-based cohort metric like first purchase date — and then analyse the data across those segments, looking for patterns.

  Date-based cohort analysis is the most common approach, often creating cohorts based on the day a user completed a particular action — signed up, purchased something or visited your website. Depending on the metric you choose to measure (like return visits), the cohort report might look something like this :

  

  Note that this is not a universal benchmark or anything of the sort. The above is a theoretical cohort analysis based on app users who downloaded the app, tracking and comparing the retention rates as the days go by. 

  The benchmarks will be drastically different depending on the metric you’re measuring and the basis for your cohorts. For example, if you’re measuring returning visitor rates among first-time visitors to your website, expect single-digit percentages even on the second day.

  Your industry will also greatly affect what you consider positive in a cohort report. For example, if you’re a subscription SaaS, you’d expect high continued usage rates over the first week. If you sell office supplies to companies, much less so.

  What is an example of a cohort ?

  As we just mentioned, a typical cohort analysis separates users or customers by the date they first interacted with your business — in this case, they downloaded your app. Within that larger analysis, the users who downloaded it on May 3 represent a single cohort.

  

  In this case, we’ve chosen behaviour and time — the app download day — to separate the user base into cohorts. That means every specific day denotes a specific cohort within the analysis.

  Diving deeper into an individual cohort may be a good idea for important holidays or promotional events like Black Friday.

  Of course, cohorts don’t have to be based on specific behaviour within certain periods. You can also create cohorts based on other dimensions :

  • Transactional data — revenue per user
  • Churn data — date of churn
  • Behavioural cohort — based on actions taken on your website, app or e-commerce store, like the number of sessions per user or specific product pages visited
  • Acquisition cohort — which channel referred the user or customer

  For more information on different cohort types, read our in-depth guide on cohort analysis.

  How to create a cohort report (and make sense of it)

  Matomo makes it easy to view and analyse different cohorts (without the privacy and legal implications of using Google Analytics).

  Here are a few different ways to set up a cohort report in Matomo, starting with our built-in cohorts report.

  Cohort reports

  With Matomo, cohort reports are automatically compiled based on the first visit date. The default metric is the percentage of returning visitors.

  

  Changing the settings allows you to create multiple variations of cohort analysis reports.

  Break down cohorts by different metrics

  The percentage of returning visits can be valuable if you’re trying to improve early engagement in a SaaS app onboarding process. But it’s far from your only option.

  You can also compare performance by conversion, revenue, bounce rate, actions per visit, average session duration or other metrics.

  

  Change the time and scope of your cohort analysis

  Splitting up cohorts by single days may be useless if you don’t have a high volume of users or visitors. If the average cohort size is only a few users, you won’t be able to identify reliable patterns. 

  Matomo lets you set any time period to create your cohort analysis report. Instead of the most recent days, you can create cohorts by week, month, year or custom date ranges. 

  

  Cohort sizes will depend on your customer base. Make sure each cohort is large enough to encapsulate all the customers in that cohort and not so small that you have insignificant cohorts of only a few customers. Choose a date range that gives you that without scaling it too far so you can’t identify any seasonal trends.

  Cohort analysis can be a great tool if you’ve recently changed your marketing, product offering or onboarding. Set the data range to weekly and look for any impact in conversions and revenue after the changes.

  Using the “compare to” feature, you can also do month-over-month, quarter-over-quarter or any custom date range comparisons. This approach can help you get a rough overview of your campaign’s long-term progress without doing any in-depth analysis.

  You can also use the same approach to compare different holiday seasons against each other.

  If you want to combine time cohorts with segmentation, you can run cohort reports for different subsets of visitors instead of all visitors. This can lead to actionable insights like adjusting weekend or specific seasonal promotions to improve conversion rates.

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  Easily create custom cohort reports beyond the time dimension

  If you want to split your audience into cohorts by focusing on something other than time, you will need to create a custom report and choose another dimension. In Matomo, you can choose from a wide range of cohort metrics, including referrers, e-commerce signals like viewed product or product category, form submissions and more.

  

  Then, you can create a simple table-based report with all the insights you need by choosing the metrics you want to see. For example, you could choose average visit duration, bounce rate and other usage metrics.

  

  If you want more revenue-focused insights, add metrics like conversions, add-to-cart and other e-commerce events.

  Custom reports make it easy to create cohort reports for almost any dimension. You can use any metric within demographic and behavioural analytics to create a cohort. (You can explore the complete list of our possible segmentation metrics.)

  We cover different types of custom reports (and ideas for specific marketing campaigns) in our guide on custom segmentation.

  Create your first cohort report and gain better insights into your visitors

  Cohort reports can help you identify trends and the impact of short-term marketing efforts like events and promotions.

  With Matomo cohort reports you have the power to create complex custom reports for various cohorts and segments. 

  If you’re looking for a powerful, easy-to-use web analytics solution that gives you 100% accurate data without compromising your users’ privacy, Matomo is a great fit. Get started with a 21-day free trial today. No credit card required. 

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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.

• What is Audience Segmentation ? The 5 Main Types & Examples

  16 novembre 2023, par Erin — Analytics Tips

  The days of mass marketing with the same message for millions are long gone. Today, savvy marketers instead focus on delivering the most relevant message to the right person at the right time.

  They do this at scale by segmenting their audiences based on various data points. This isn’t an easy process because there are many types of audience segmentation. If you take the wrong approach, you risk delivering irrelevant messages to your audience — or breaking their trust with poor data management.

  In this article, we’ll break down the most common types of audience segmentation, share examples highlighting their usefulness and cover how you can segment campaigns without breaking data regulations.

  What is audience segmentation ?

  Audience segmentation is when you divide your audience into multiple smaller specific audiences based on various factors. The goal is to deliver a more targeted marketing message or to glean unique insights from analytics.

  It can be as broad as dividing a marketing campaign by location or as specific as separating audiences by their interests, hobbies and behaviour.

  

  Audience segmentation inherently makes a lot of sense. Consider this : an urban office worker and a rural farmer have vastly different needs. By targeting your marketing efforts towards agriculture workers in rural areas, you’re honing in on a group more likely to be interested in farm equipment. 

  Audience segmentation has existed since the beginning of marketing. Advertisers used to select magazines and placements based on who typically read them. They would run a golf club ad in a golf magazine, not in the national newspaper.

  How narrow you can make your audience segments by leveraging multiple data points has changed.

  Why audience segmentation matters

  In a survey by McKinsey, 71% of consumers said they expected personalisation, and 76% get frustrated when a vendor doesn’t deliver.

  

  These numbers reflect expectations from consumers who have actively engaged with a brand — created an account, signed up for an email list or purchased a product.

  They expect you to take that data and give them relevant product recommendations — like a shoe polishing kit if you bought nice leather loafers.

  If you don’t do any sort of audience segmentation, you’re likely to frustrate your customers with post-sale campaigns. If, for example, you just send the same follow-up email to all customers, you’d damage many relationships. Some might ask : “What ? Why would you think I need that ?” Then they’d promptly opt out of your email marketing campaigns.

  To avoid that, you need to segment your audience so you can deliver relevant content at all stages of the customer journey.

  5 key types of audience segmentation

  To help you deliver the right content to the right person or identify crucial insights in analytics, you can use five types of audience segmentation : demographic, behavioural, psychographic, technographic and transactional.

  

  Demographic segmentation 

  Demographic segmentation is when you segment a larger audience based on demographic data points like location, age or other factors.

  The most basic demographic segmentation factor is location, which is easy to leverage in marketing efforts. For example, geographic segmentation can use IP addresses and separate marketing efforts by country. 

  But more advanced demographic data points are becoming increasingly sensitive to handle. Especially in Europe, GDPR makes advanced demographics a more tentative subject. Using age, education level and employment to target marketing campaigns is possible. But you need to navigate this terrain thoughtfully and responsibly, ensuring meticulous adherence to privacy regulations.

  Potential data points :

  • Location
  • Age
  • Marital status
  • Income
  • Employment 
  • Education

  Example of effective demographic segmentation :

  A clothing brand targeting diverse locations needs to account for the varying weather conditions. In colder regions, showcasing winter collections or insulated clothing might resonate more with the audience. Conversely, in warmer climates, promoting lightweight or summer attire could be more effective. 

  Here are two ads run by North Face on Facebook and Instagram to different audiences to highlight different collections :

  

  Each collection is featured differently and uses a different approach with its copy and even the media. With social media ads, targeting people based on advanced demographics is simple enough — you can just single out the factors when making your campaign. But if you don’t want to rely on these data-mining companies, that doesn’t mean you have no options for segmentation.

  Consider allowing people to self-select their interests or preferences by incorporating a short survey within your email sign-up form. This simple addition can enhance engagement, decrease bounce rates, and ultimately improve conversion rates, offering valuable insights into audience preferences.

  This is a great way to segment ethically and without the need of data-mining companies.

  Behavioural segmentation

  Behavioural segmentation segments audiences based on their interaction with your website or app.

  You use various data points to segment your target audience based on their actions.

  Potential data points :

  • Page visits
  • Referral source
  • Clicks
  • Downloads
  • Video plays
  • Goal completion (e.g., signing up for a newsletter or purchasing a product)

  Example of using behavioural segmentation to improve campaign efficiency :

  One effective method involves using a web analytics tool such as Matomo to uncover patterns. By segmenting actions like specific clicks and downloads, pinpoint valuable trends—identifying actions that significantly enhance visitor conversions. 

  

  For instance, if a case study video substantially boosts conversion rates, elevate its prominence to capitalise on this success.

  Then, you can set up a conditional CTA within the video player. Make it pop up after the user has watched the entire video. Use a specific form and sign them up to a specific segment for each case study. This way, you know the prospect’s ideal use case without surveying them.

  This is an example of behavioural segmentation that doesn’t rely on third-party cookies.

  Psychographic segmentation

  Psychographic segmentation is when you segment audiences based on your interpretation of their personality or preferences.

  Potential data points :

  • Social media patterns
  • Follows
  • Hobbies
  • Interests

  Example of effective psychographic segmentation :

  Here, Adidas segments its audience based on whether they like cycling or rugby. It makes no sense to show a rugby ad to someone who’s into cycling and vice versa. But to rugby athletes, the ad is very relevant.

  

  If you want to avoid social platforms, you can use surveys about hobbies and interests to segment your target audience in an ethical way.

  Technographic segmentation

  Technographic segmentation is when you single out specific parts of your audience based on which hardware or software they use.

  Potential data points :

  • Type of device used
  • Device model or brand
  • Browser used

  Example of segmenting by device type to improve user experience :

  Upon noticing a considerable influx of tablet users accessing their platform, a leading news outlet decided to optimise their tablet browsing experience. They overhauled the website interface, focusing on smoother navigation and better readability for tablet users. These changes offered tablet users a seamless and enjoyable reading experience tailored precisely to their device.

  Transactional segmentation

  Transactional segmentation is when you use your customers’ purchase history to better target your marketing message to their needs.

  When consumers prefer personalisation, they typically mean based on their actual transactions, not their social media profiles.

  Potential data points :

  • Average order value
  • Product categories purchased within X months
  • X days since the last purchase of a consumable product

  Example of effective transactional segmentation :

  A pet supply store identifies a segment of customers consistently purchasing cat food but not other pet products. They create targeted email campaigns offering discounts or loyalty rewards specifically for cat-related items to encourage repeat purchases within this segment.

  If you want to improve customer loyalty and increase revenue, the last thing you should do is send generic marketing emails. Relevant product recommendations or coupons are the best way to use transactional segmentation.

  B2B-specific : Firmographic segmentation

  Beyond the five main segmentation types, B2B marketers often use “firmographic” factors when segmenting their campaigns. It’s a way to segment campaigns that go beyond the considerations of the individual.

  Potential data points :

  • Company size
  • Number of employees
  • Company industry
  • Geographic location (office)

  Example of effective firmographic segmentation :

  Companies of different sizes won’t need the same solution — so segmenting leads by company size is one of the most common and effective examples of B2B audience segmentation.

  The difference here is that B2B campaigns are often segmented through manual research. With an account-based marketing approach, you start by researching your potential customers. You then separate the target audience into smaller segments (or even a one-to-one campaign).

  Start segmenting and analysing your audience more deeply with Matomo

  Segmentation is a great place to start if you want to level up your marketing efforts. Modern consumers expect to get relevant content, and you must give it to them.

  But doing so in a privacy-sensitive way is not always easy. You need the right approach to segment your customer base without alienating them or breaking regulations.

  That’s where Matomo comes in. Matomo champions privacy compliance while offering comprehensive insights and segmentation capabilities. With robust privacy controls and cookieless configuration, it ensures GDPR and other regulations are met, empowering data-driven decisions without compromising user privacy.

  Take advantage of our 21-day free trial to get insights that can help you improve your marketing strategy and better reach your target audience. No credit card required.