Our previous blogs discuss the importance of social media metrics and the top five important metrics for the top of the funnel. This week we will analyse the top ten important metrics to track for the middle and bottom of the funnel using Revolut as an example.
We will start by looking at the middle-of-the-funnel metrics. The goal is to encourage retention, convert visitors into leads and build social channels.
Social Media Followers - it is important to be able to reach customers offsite and social media is an excellent tool to do so. To nurture the business, social media followers should be constantly growing.
Social Media Shares - This indicates if your content is relevant and interesting.. If your content is not being shared, it signals it’s not worthy. It also limits the potential impression rate of your posts. Your customers are your best salespeople. New leads are more likely to generate from a personal referral.
New Leads Generated - this is self explanatory but in the Revolut context examples include app downloads or more specifically, completion of the account creation process which includes ordering a card, submitting ID and adding an external bank account to load funds. The conversion is not considered complete until the account is activated.
Visitor Recency -. It is important for visitors to engage with the app/website for retention and to remember the brand. If this is too long the visitor is less likely to be a conversion.
Returning Direct Visitors - So your customer has downloaded your app, do they proceed with account creation and actually use the product? Revolut is an expert at this with referral offers, ‘Rewards’ based on shopping habits, incentives to unlock features of the app and more.
The bottom of the funnel goals involve maximising the funnel conversion and converting leads into customers. Here are a few examples of how Revolut achieves this.
Email - Revolut maintains relationships with their customers outside their app, website and social channels by regularly communicating updates. This can range from new service offerings, sending personalised budget notifications or promotional offers such as their ‘Rewards’ with brands, or referral fees.
Days to Conversion - This is an important metric for Revolut as there are many competing banks in the fintech industry, such as N26, KBC as well as other traditional banks. Therefore, they need to capture customers quickly and ensure they proceed with the account set-up to reap the benefits of using Revolut by selling the in-app offers such as full control of budgeting, metrics on their spending etc.
Revenue per visit - Revolut users can earn money and unlock benefits in the app using referral links. Therefore there is huge potential revenue per user that signs up given the potential of their network signing up.
Conversion - Revolut uses remarketing techniques to achieve this. A conversion can be considered an app download. A number of metrics can feed into this analysis such as social media interactions, CTR, ad impressions and more.
Cumulative Conversion Rate - It is important to review if the current rate is financially viable. New users who may be incentivised to sign up solely for the referral money. Therefore it is important to capture these leads early to give them the best customer experience and showcase the benefits of Revolut over other banks to retain users from reverting back to a competitor bank.
These metrics were discussed in the context of Revolut’s business model. Of course the importance of metrics will vary depending on your business objective. Tell us below in the comments what you think. Do you use a funnel in your marketing strategy? Contact us today if you wish to discuss a funnel for your customer journey and how it can lead to happier customers and a more robust customer retention strategy.
#CustomerJourney #DigitalAnalytics #DigitalMarketing #CustomerFunnel #MarketingFunnel #SocialMediaMetrics #LeadGeneration #MarketingConsultancy
References:
Crabbe, A. (2020) ‘30 Ecommerce KPIs for Every Stage of the Funnel’. Inbound Human Marketing. Available at: https://inbound.human.marketing/ecommerce-kpis-for-every-stage-of-the-funnel (Accessed: 18 April 2021)
Pauwels, K. and Van Ewijk, B., 2013. Do online behavior tracking or attitude survey metrics drive brand sales? An integrative model of attitudes and actions on the consumer boulevard. Marketing Science Institute Working Paper Series, 13(118), pp.1-49.
Chen, J. (2021) ‘The most important social media metrics to track’. Sprout Social. Available at: https://sproutsocial.com/insights/social-media-metrics/ (Accessed: 19 April 2021)
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