UTM (Urchin Tracking Module) parameters help track the effectiveness of marketing campaigns by tagging URLs with specific identifiers. These parameters enable Web3 marketers to identify which traffic sources drive the most engagement and conversions, making them an ideal feature for Web3 analytics. By leveraging UTM codes, Web3 projects can bridge the gap between different marketing channels and onchain interactions to make data-driven decisions and effectively measure marketing campaign ROI and performance.
Key Takeaways:
UTM codes tag URLs to track traffic sources and campaign performance.
Five main UTMs: campaign, source, medium, content, and term.
Best practices: don’t tag internal links, keep lowercase, use a UTM builder, avoid spaces, and audit regularly.
Formo Analytics links UTM data to onchain actions for better marketing insights and ROI.
Analyzing UTM data with onchain metrics to optimize Web3 marketing ROI
Even though adding UTM parameters to a URL seems simple, the process can be error-prone when managing multiple URLs and campaigns. In the following sections, we'll explore how UTM parameters fit into URLs and why they matter for Web3 marketing.
What is a UTM Code?
UTM codes (or UTM parameters) are small text snippets added to URLs to help marketers track where website traffic comes from, down to specific posts or pages.
For example:
http://formo.so/actionable-insights-for-onchain-apps?utm_campaign=blog_post&utm_medium=social&utm_source=twitter
Breakdown:
Base URL: http://formo.so/actionable-insights-for-onchain-apps
utm_campaign=blog_post: The campaign name
utm_medium=social: The channel (social media)
utm_source=facebook: The specific source (Twitter)
While tools like Formo Analytics show traffic by channel, UTM codes let you see exactly which post or ad drove the click. They don’t affect the page itself but give your analytics tool deeper tracking insights.
What is UTM Tracking?
UTM tracking involves appending a code to a URL to monitor marketing campaign performance and traffic sources. These parameters allow analytics tools to categorize and measure the success of marketing campaigns.
What Are the 5 UTM Parameters?
UTM codes help you track where your traffic is coming from and how it's getting to you. Here are the five key parameters:
1. UTM Campaign (utm_campaign)
Group all traffic related to a specific marketing campaign. This helps you see how a specific campaign (e.g., NFT_drop, Airdrop2024) performs across multiple channels.
Example: utm_campaign=nft_drop
2. UTM Source (utm_source)
Tells you where the traffic is coming from, such as Twitter, Discord, Email, Farcaster,.... Helps you evaluate the performance of different platforms.
Example: utm_source=twitter
3. UTM Medium (utm_medium)
Identifies the general channel used, such as social media, email, referral, or paid search. This is useful for understanding which types of channels are most effective.
Example: utm_medium=social_media
4. UTM Content (utm_content)
Differentiates between variations of content or links pointing to the same page. Often used in A/B testing or to track different placements (e.g., sidebar vs. header link).
Example: utm_content=sidebar_link
5. UTM Term (utm_term)
Captures the specific keyword used in paid search campaigns, so you can track performance down to the search query level.
Example: utm_term=web3+marketing
Example of Anatomy of a URL
Why UTM Matters for Web3 Product Analytics
UTM parameters are critical for Web3 analytics because they help link offchain marketing efforts with onchain acitivity to provide a complete view of web3 user journey.
1. Tracking Onchain & Offchain Traffic
Web3 marketing spans multiple channels, including social media, email newsletters, paid ads, and community platforms. Unlike Web2, where Google Analytics suffices, Web3 analytics must link offchain traffic (Twitter, Telegram, Discord) with onchain interactions (dApp usage). UTM parameters bridge this gap, making it easier to analyze traffic from different sources as long as you put the UTM link there.
2. Measuring Marketing Performance
UTMs help Web3 projects track marketing effectiveness, identifying high-performing sources and conversions. For example, a DeFi platform running ads on Twitter and Discord can determine which drives more engaged users, helping identify better resource allocation and improving campaign ROI.
3. Optimizing Growth & User Acquisition
Web3 growth teams rely on data-driven decisions to optimize user acquisition. By analyzing UTM-tracked traffic, teams can:
Identify which channels bring the most active users.
Optimize marketing targets by focusing on high-converting sources.
Improve retargeting strategies based on user behavior.
Best Practices for Setting Up UTMs
A well-structured UTM strategy prevents inconsistencies, ensures reliable analytics, and improves decision-making. Here are the key factors:
Formo’s UTM Generator
1. Never Add UTM Tags to Internal Links
Avoid using UTM parameters on internal links within your website or dApp. This can distort analytics by treating internal navigation as new external traffic, leading to inaccurate attribution. Instead, use event tracking or other internal analytics tools to measure internal user flow.
2. Maintain Case Consistency
UTM parameters are case-sensitive, meaning "Twitter", "twitter", and "TWITTER" will be treated as separate sources. Always use lowercase to avoid confusion and data fragmentation (e.g., utm_source=twitter).
3. Utilize a Campaign URL Builder
Manually adding UTM parameters increases the risk of errors and inconsistencies. A Campaign URL Builder (such as Google’s UTM Builder or Formo's UTM Generator) ensures correct formatting, reducing mistakes and improving tracking accuracy.
4. Avoid Spaces in UTM Parameters
UTM parameters cannot contain spaces, as they can break URLs. Instead:
Use dashes (-) to separate words (nft-drop-campaign).
Use underscores (_) for multi-layered data points (weekly_2024_01_15).
Avoid special characters that might cause encoding issues.
5. Use UTM Conventions for Complex Data Tracking
If your campaigns require multiple levels of tracking (e.g., tracking influencers, regions, or content formats), define a structured UTM convention. Example:
utm_source=twitter&utm_medium=social&utm_campaign=nftdrop-2024&utm_content=video-review
utm_source=telegram&utm_medium=community&utm_campaign=token-launch&utm_content=announcement
6. Regularly Audit and Clean Up UTM Data
Over time, inconsistencies or redundant UTM tags may appear in your analytics. Regularly review your UTM structure to:
Merge duplicate tracking values.
Identify and correct errors.
Align your team with proper UTM usage.
How to create a UTM link in Google Analytics
Here are the steps involved in building UTM codes in Google Analytics
Step 1: Use Google’s Campaign URL Builder
Go to Google’s Campaign URL Builder
Step 2: Fill in these fields:
Website URL – The destination link
Campaign Source (utm_source) – e.g., Twitter, newsletter
Campaign Medium (utm_medium) – e.g., social, email, cpc
Campaign Name (utm_campaign) – e.g. nft_drop
(Optional)
Campaign Term (utm_term) – for paid keywords
Campaign Content (utm_content) – for A/B testing
Step 3: Copy the generated URL
The tool will create a URL with UTM parameters added. Example:
https://yourwebsite.com/?utm_source=twitter&utm_medium=social&utm_campaign=nft-drop
How to create a UTM link in Formo Analytics
Here are the steps involved in building UTM codes in Formo Analytics
Step 1: Use Formo’s Free UTM Builder
Go to Formo’s Free UTM Builder
Step 2: Fill in UTM fields (same as GA):
Source – e.g., farcaster, email
Medium – e.g., social, community
Campaign – e.g., dev_airdrop
Content (optional) – e.g., sidebar_link
Term (optional) – e.g., crypto+grants
Step 3: Copy the generated URL
The tool will create a URL with UTM parameters added. Example:
https://yourwebsite.com/?utm_source=twitter&utm_medium=social&utm_campaign=nft-drop
How to track UTM parameters in Formo Analytics
Formo Analytics provides a seamless way to track onchain and offchain traffic using UTM parameters. By integrating UTM tracking, Web3 projects can monitor marketing channel performance and correlate user interactions with onchain data for deeper behavioral insights.
With Formo, automated reports can break down user engagement by UTM parameters, helping teams make data-driven marketing decisions. It also enables tracking of specific active users who interact with marketing campaigns, allowing better segmentation and retargeting.
Formo’s UTM tracking I Formo Interface
To integrate UTM in Formo Analytics:
Generate UTM-tagged links for your Web3 campaigns and direct users to your Dapps.
Analyze traffic sources in Formo’s Analytics dashboard to see which campaigns generate the highest engagement.
Compare UTM data with onchain interactions, ensuring accurate attribution for conversions and transactions.
Use insights to optimize marketing strategy by identifying which platforms deliver high-value users.
UTM parameters are critical for Web3 marketers, enabling precise traffic tracking and campaign performance measurement. Using a UTM Builder simplifies URL management and reduces errors. By implementing UTM tracking, Web3 projects gain a data-driven marketing advantage, optimizing resource allocation, enhancing user acquisition strategies, and driving sustainable growth.
If you're building a Web3 product, use UTM tracking to optimize your growth strategies and gain deeper insights into your audience. Formo Analytics supports UTM tracking and more, giving you full onchain attribution by linking offchain engagement with onchain activity.
Further source:
Web3 Funnel Analytics: Optimize Your User Journeys for Growth
Mastering Web3 Marketing Attribution Analytics: A Complete Guide
Follow us on LinkedIn and Twitter, and join our Slack community to learn how Formo turbocharges growth for leading teams across web3!
Additional FAQs
1. Can UTM parameters be used on decentralized platforms like Farcaster or Lens?
Yes. As long as the platform allows clickable URLs, you can add UTM parameters to links shared on decentralized platforms to track traffic sources.
2. Do shortened URLs keep UTM data?
Yes, URL shorteners like bit.ly or t.co retain UTM parameters unless stripped or altered. Always test to ensure full UTM data is preserved.
3. Is it safe to share UTM links publicly?
Yes, but avoid including sensitive data in the parameters. UTM codes are visible in the URL and can be accessed by anyone clicking the link.
4. Do UTM parameters impact SEO or search rankings?
No, UTM parameters don’t affect SEO. They're used for tracking purposes only and don’t influence how pages are ranked by search engines.
5. Can I use UTM tracking for influencer campaigns?
Absolutely. Assign unique UTM codes to each influencer’s link to track traffic, engagement, and conversions from their specific audience.
