Hey Web3 teams! As we gear up for the Spotlight campaign, here’s a reminder for every marketer: don’t launch your campaign without tracking and understanding your full conversion funnel. Every broken step in the chain = lost users.
This is part of proper business analysis (or data analytics, as it’s trendy to say today). It’s what powers the success behind many high-performing funnels — the real stuff under the hood.
What is a conversion, really?
It’s not just the final action. A conversion is any key action you want your user to take — but more importantly, it’s the entire journey they go through to get there.
So what’s a funnel?
A funnel is the sequence of user interactions — from their first touchpoint with your project to the final conversion step (e.g. a swap or purchase). Every step along the way matters because a user can drop off at any point.
You should track two types of conversions:
Full (or base) conversion — the complete path from first exposure to final action (e.g. Twitter ad → website → wallet connection → swap).
Step-by-step (or chain) conversions — the micro-conversions between each stage.
For example:
- ad view → website visit (
ads2website) - website → wallet connect (
website2wallet) - wallet → on-chain action (
wallet2act)
Your main metric is ads2act (from ad to action), but it doesn’t give you the full picture. If this number drops, you need to dig into each step to find out why.
How should you measure this?
Let’s say your funnel looks like this:
Twitter Ad → Website → Wallet → Swap
That gives you three key steps:
ads2websitewebsite2walletwallet2act
And one major combined metric:ads2act
Here’s a simple tracking sheet example:
Google Sheet Example
Real example:
When I once analyzed a Web3 marketplace funnel, we had what looked like a standard drop-off:
1,000 users came from ads
Only 100 completed the journey
But the breakdown told a different story:
Step 1: only 10% reached the second step
Step 2: 80% of those converted
The product wasn’t the issue — it was the landing page. It wasn’t compelling enough. Fixing that step improved the entire funnel.
Key Takeaway:
Every step matters. You can’t optimize what you don’t measure.
So before your campaign launches, make sure you:
Track both full and step conversions
Identify weak points immediately
Fix the bottlenecks before adding more traffic
Have you ever found a surprising gap in your funnel? Let’s discuss, just share your stories in the comments about your interesting cases!