I've been involved in Marketing for over 25 years and the past 13 have focused on Banking Analytics. In February of 2011 I started a new position as Marketing Manager at an Internet Bank. Yes this is a 100% virtual bank that was the first if its kind. People at that time thought it was cool but they didn't understand it nor did the regulators. Interesting enough, I can honestly say I have learned more about a specific type of analytics I knew nothing about. Web Analytics.
Every day I go to work its like I'm learning a new career every second. I know tons about the brick and mortar world, but when it came to the web I didn't have a clue about the depth of understand this whole new world has brought to me.
If you are a college student reading this and are interested in marketing analytics I highly recommend you find classes on the subject and take them. If you are like me, read... a lot! Read anything and everything on the subject. Google Analytics is one of the best free resources I've found. The group wants to teach a better understanding of the web to both increase their own revenue, but more importantly improve content, optimize the users experience, and your own revenue.
Google offers video tutorials, as well as the opportunity to become certified in the discipline through Google IQ.
I just highly recommend you take the time to learn. Most companies have what they believe is a web strategy and for most it is just a web presents. I'm speaking more from a financial institution standpoint. You have a website that customers can see, read information, and perform online transactions through a third party bill pay company or other such services. You may even have a the ability to open an account; however what is your strategy to drive your current or even new clients to your site?
Give it 5 to 10 years and the dynamics of transitions that evolved from in branch to drive up and then ATM traffic to all traffic being virtual.
Just think of your own bank transactions, when was the last time you went into a branch? And even at that why did you go? I've not conducted any studies; however I could easily break it down to a number of choices for you. 1. You had a check to either cash or deposit. 2. You had cash to deposit, or 3. You applied for a loan. I could add a number 4 here and say an issue or a problem, however most find it easier and quicker to do that over the phone.
Virtual institutions can become one of your biggest enemies. Why travel to a bank anywhere to deposit a check when with remote capture you can either scan or take a picture and make the deposit any where. Need cash? through networking these virtual institutions can either provide rebates on ATM fees or like credit unions belonging to ATM networks allowing over 65,000 free locations globally.
So for the computer, smart phone, savvy or un-savvy going to a financial institution for any reason is and will be archaic.
So how do you produce analytics from the web and what information can you gleam from it?
As I have said earlier Google Analytics can provide some of the best tools to track how customers are getting to you and what are they doing once they get to you. All for Free!
Some of the best statistics are; how many page views, bounce rate, or the rate at which an individual hits a page and then jumps away, and conversions. All of these have importance and unless you set your site up correctly to track you will never obtain the information you are looking for.
Although Google Analytics is free, sometimes it is best to hire an experienced individual that can set the code correctly on all of your web pages, build a nice dashboard for you to quickly review data, and even set up alerts when traffic either increases or decreases for some reason.
I'm currently reviewing cross domain traffic. This is where I have multiple sites that cross pollinates other divisions. I'm hoping it will tell me if the site makes it easy to jump from one location to the next.
One piece of insight I can share is that everything on the web comes down to user experience. How easy is it for someone to navigate and find what they want, purchase, or what ever then go on about their day.
Google Analytics can tell you what you need to know. How many pages does the average person have to get through just to get what they need? Stand back and look at your own site. Be a customer. Is it what you want them to see or do?
Sometimes web designers get conflicted because to increase your quality score on Google, content becomes the king. If this becomes the driver, you'll see too much content. When Google sends out agents or spiders to review your pages content helps as long as it is relative content on what you are offering. But if you look at most sites there is so much there one has no clue what the offer is. Simpler is better by far!
There are companies that you can hire, some under $30 a test, to have real people look at your website and perform a series of tasks. It could be open a new account. Sign up for a news letter, anything. Then to user goes through the process seeing if it can be done. Both audio and video is recorded. Find one, have your own focus groups, test and continue to test and learn.
Never stop optimizing to create a better user experience. It will result in higher customer satisfaction and in turn revenue.
If you have additional questions please email me or make a comment.
