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• Top Conversion Metrics to Track in 2024

  22 janvier 2024, par Erin

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

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

  What are conversion metrics ?

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

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

  

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

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

  Conversion rate vs. conversion value 

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

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

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

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

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

  

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

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

  9 important conversion metrics to track in 2024

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

  

  1. Conversion rate 

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

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

  

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

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

  2. Average visit duration

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

  Average Visit Duration = Total Time Spent / Number of Visits

  

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

  3. Starter rate

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

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

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

  4. Bounce rate

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

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

  

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

  5. Cost-per-conversion

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

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

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

  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.

• 10 Matomo Features You Possibly Didn’t Know About

  28 octobre 2022, par Erin

  Most users know Matomo as the privacy-focussed web analytics tool with data accuracy, superior to Google Analytics. 

  And we’re thrilled to be that — and more ! 

  At Matomo, our underlying product vision is to provide a full stack of accurate, user-friendly and privacy-mindful online marketing tools. 

  Over the years, we’ve expanded beyond baseline website statistics. Matomo Cloud users also get to benefit from additional powerful tools for audience segmentation, conversion optimisation, advanced event tracking and more. 

  Here are the top 10 advanced Matomo features you wish you knew about earlier (but won’t stop using now !). 

  Funnels

  At first glance, most customer journeys look sporadic. But every marketer will tell you that there is a method to almost every users’ madness. Or more precisely — there’s a method you can use to guide users towards conversions. 

  That’s called a customer journey — a schematic set of steps and actions people complete from developing awareness and interest in your solution to consideration and finally conversion.

  On average, 8 touchpoints are required to turn a prospect into a customer. Though the number can be significantly bigger in B2B sales and smaller for B2C Ecommerce websites. 

  With the Funnels feature, you can first map all the on-site touchpoints (desired actions) for different types of customers. Then examine the results you’re getting as prospects move through these checkbox steps.

  Funnel reports provide :

  • High-level metrics such as “Funnel conversion rate”, “Number of funnel conversions”, “Number of funnel entries”. 
  • Drilled-down reports for each funnel and each tracked action within it. This way you can track the success rates of each step and estimate their contribution to the cumulative effect.

  Segmented funnel reports for specific user cohorts (with Matomo Segmentation enabled).

  

  What makes funnels so fun (pun intended) ? The variety of use cases and configurations ! 

  You can build funnels to track conversion rates for :

  • Newsletter subscriptions
  • Job board applications 
  • Checkout or payment 
  • Product landing pages
  • Seasonal promo campaigns

  …. And pretty much any other page where users must complete a meaningful action. So go test this out. 

  Form Analytics

  On-site forms are a 101 tactic for lead generation. For most service businesses, a “contact request” or a “booking inquiry” submission means a new lead in your pipeline. 

  That said : the average on-site form conversion rates across industries stand at below 50% : 

  • Property – 37% 
  • Telecoms – 40%
  • Software — 46.83%

  That’s not bad, but it could be better. If only you could figure out why people abandon your forms….

  Oh wait, Matomo Form Analytics can supply you with answers. Form Analytics provide real-time information on key form metrics — total views, starter rate, submitter rate, conversions and more.

  

  Separately the average form hesitation time is also provided (in other words, the time a user contemplates if filling in a form is worth the effort). Plus, Matomo also tracks the time spent on form submission.

  You can review : 

  • Top drop-off fields – to understand where you are losing prospects. These fields should either be removed or simplified (e.g., with a dropdown menu) to increase conversions.
  • Most corrected-field – this will provide a clear indication of where your prospects are struggling with a form. Providing help text can simplify the process and increase conversions. 
  • Unesserary fields – with this metric, you’ll know which optional fields your leads aren’t interested in filling in and can remove them to help drive conversions. 

  With Form Analytics, you’ll be able to boost conversions and create a better on-site experience with accurate user data. 

  A/B testing

  Marketing is both an art and a science. A/B testing (or split testing) helps you statistically verify which creative ideas perform better. 

  A good conversion rate optimisation (CRO) practice is to test different elements and to do so often to find your top contenders.

  What can you split test ? Loads of things :

  • Page slogans and call-to-actions 
  • Button or submission form placements
  • Different landing page designs and layouts
  • Seasonal promo offers and banners
  • Pricing information 
  • Customer testimonial placements 

  More times than not, those small changes in page design or copy can lead to a double-digit lift in conversion rates. Accounting software Sage saw a 30% traffic boost after changing the homepage layout, copy and CTAs based on split test data. Depositphotos, in turn, got a 9.32% increase in account registration rate (CR) after testing a timed pop-up registration form. 

  The wrinkle ? A/B testing software isn’t exactly affordable, with tools averaging $119 – $1,995 per month. Plus, you then have to integrate a third-party tool with your website analytics for proper attribution — and this can get messy.

  Matomo saves you the hassle in both cases. An A/B testing tool is part of your Cloud subscription and plays nicely with other features — goal tracking, heatmaps, historic visitor profiles and more. 

  You can run split tests with Matomo on your websites or mobile apps — and find out if version A, B, C or D is the top performer. 

  

  Advertising Conversion Exports

  A well-executed search marketing or banner remarketing campaign can drive heaps of traffic to your website. But the big question is : How much of it will convert ?

  The AdTech industry has a major problem with proper attribution and, because of it, with ad fraud. 

  Globally, digital ad fraud will cost advertisers a hefty $8 billion by the end of 2022. That’s when another $74 million in ad budgets get wasted per quarter. 

  The reasons for ad budget waste may vary, but they often have a common denominator : lack of reliable conversion tracking data.

  Matomo helps you get a better sense of how you spend your cents with Advertising Conversion Reports. Unlike other MarTech analytics tools, you don’t need to embed any third-party advertising network trackers into your website or compromise user privacy.

  Instead, you can easily export accurate conversion data from Matomo (either manually via a CSV file or automated with an HTTPS link) into your Google Ads, Microsoft Advertising or Yandex Ads for cross-validation. This way you can get an objective view of the performance of different campaigns and optimise your budget allocations accordingly. 

  Find out more about tracking ad campaigns with Matomo.

  Matomo Tag Manager

  The marketing technology landscape is close to crossing 10,000 different solutions. Cross-platform advertising trackers and all sorts of customer data management tools comprise the bulk of that growing stack. 

  Remember : Each new tool embed adds extra “weight” to your web page. More tracking scripts equal slower page loading speed — and more frustration for your users. Likewise, extra embeds often means dialling up the developer (which takes time). Or tinkering with the site code yourself (which can result in errors and still raise the need to call a developer). 

  With Tag Manager, you can easily generate tags for :

  • Custom analytics reports 
  • Newsletter signups
  • Affiliates 
  • Form submission tracking 
  • Exit popups and surveys
  • Ads and more

  With Matomo Tag Manager, you can monitor, update or delete everything from one convenient interface. Finally, you can programme custom triggers — conditions when the tag gets activated — and specify data points (variables) it should collect. The latter is a great choice for staying privacy-focused and excluding any sensitive user information from processing. 

  With our tag management system (TMS), no rogue tags will mess up your analytics or conversion tracking. 

  Session recordings

  User experience (UX) plays a pivotal role in your conversion rates. 

  A five-year McKinsey study of 300 publicly listed companies found that companies with strong design practices have 32 percentage points higher revenue growth than their peers. 

  But what makes up a great website design and browsing experience ? Veteran UX designers name seven qualities :

  

  To figure out if your website meets all these criteria, you can use Session Recording — a tool for recording how users interact with your website. 

  By observing clicks, mouse moves, scrolls and form interactions you can determine problematic website design areas such as poor header navigation, subpar button placements or “boring” blocks of text. 

  Such observational studies are a huge part of the UX research process because they provide unbiased data on interaction. Or as Nielsen Norman Group puts it :

  “The way to get user data boils down to the basic rules of usability :

  • Watch what people actually do.
  • Do not believe what people say they do.
  • Definitely don’t believe what people predict they may do in the future.” 

  Most user behaviour analytics tools sell such functionality for a fee. With Matomo Cloud, this feature is included in your subscription. 

  Heatmaps

  While Session Replays provide qualitative insights, Heatmaps supply you with first-hand qualitative insights. Instead of individual user browsing sessions, you get consolidated data on where they click and how they scroll through your website. 

  

  Heatmaps are another favourite among UX designers and their CRO peers because you can :

  • Validate earlier design decisions around information architecture, page layout, button placements and so on. 
  • Develop new design hypotheses based on stats and then translate them into website design improvements. 
  • Identify distractive no-click elements that confuse users and remove them to improve conversions. 
  • Locate problematic user interface (UI) areas on specific devices or operating systems and improve them for a seamless experience.

  To get even more granular results, you can apply up to 100 Matomo segments to drill down on specific user groups, geographies or devices. 

  This way you can make data-based decisions for A/B testing, updating or redesigning your website pages. 

  Custom Alerts

  When it comes to your website, you don’t want to miss anything big — be it your biggest sales day or a sudden nosedive in traffic. 

  That’s when Custom Alerts come in handy. 

  

  With a few clicks, you can set up email or text-based alerts about important website metrics. Once you hit that metric, Matomo will send a ping. 

  You can also set different types of Custom Alerts for your teams. For example, your website administrator can get alerted about critical technical performance issues such as a sudden spike in traffic. It can indicate a DDoS attack (in the worst case) — and timely resolution is crucial here. Or suggest that your website is going viral and you might need to provision extra computing resources to ensure optimal site performance.

  Your sales team, in turn, can get alerted about new form submissions, so that they can quickly move on to lead scoring and subsequent follow-ups. 

  Use cases are plentiful with this feature. 

  Custom Dashboards and Reports

  Did you know you can get a personalised view of the main Matomo dashboards ? 

  By design, we made different website stats available as separate widgets. Hence, you can cherry-pick which stats get a prominent spot. Moreover, you can create and embed custom widgets into your Matomo dashboard to display third-party insights (e.g., POS data).

  Set up custom dashboard views for different teams, business stakeholders or clients to keep them in the loop on relevant website metrics. 

  

  Custom Reports feature, in turn, lets you slice and dice your traffic analytics the way you please. You can combine up to three different data dimensions per report and then add any number of supported metrics to get a personalised analytics report.

  For example, to zoom in on your website performance in a specific target market you can apply “location” (e.g., Germany) and “action type” (e.g., app downloads) dimensions and then get segmented data on metrics such as total visits, conversion rates, revenue and more. 

  Get to know even more ways to customise Matomo deployment.

  Roll Up Report

  Need to get aggregated traffic analytics from multiple web properties, but not ready to pay $150K per year for Google Analytics 360 for that ?

  We’ve got you with Roll-Up Reporting. You can get a 360-degree view into important KPIs like global revenue, conversion rates or form performance across multiple websites, online stores, mobile apps and even Intranet properties.

  

  Setting up this feature takes minutes, but saves you hours on manually exporting and cross-mapping data from different web analytics tools. 

  Channel all those saved hours into more productive things like increasing your conversion rates or boosting user engagement. 

  Avoid Marketing Tool Sprawl with Matomo 

  With Matomo as your website analytics and conversion optimisation app, you don’t need to switch between different systems, interfaces or have multiple tracking codes embedded on your site.

  And you don’t need to cultivate a disparate (and expensive !) MarTech tool stack — and then figure out if each of your tools is compliant with global privacy laws.

  All the tools you need are conveniently housed under one roof. 

  Want to learn more about Matomo features ? Check out product training videos next ! 

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• Revision 30118 : protéger des erreurs si pas configuré

  23 juillet 2009, par kent1@… — Log

  protéger des erreurs si pas configuré