Download What Web Analytics Can Do

Asian Banker Research
Digital Analytics
Best Practices for Financial Services Environments
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7.1.1. Channel Mgmt/Distribution
The Focus For Web Analytics
Web Analytics
on properties
you own
The
Sweet
Spot!
Tracking
Web Analytics
on external
properties
Surveying
Copyright The Asian Banker 2008. All rights reserved
7.1.2. Channel Mgmt/Distribution
What Web Analytics Can Do
• Track user-intent. What is your most popular content?
• Measure the effectiveness of your online marketing efforts
• Understand how various segments of your users behave on
your website
• Find out how effective your new web design is
Focus on trends. Knowing that 20% more visitors converted
following a marketing campaign is more powerful than
knowing that exactly 1,234 people visited your site today.
Copyright The Asian Banker 2008. All rights reserved
7.1.3. Channel Mgmt/Distribution
What Web Analytics Can’t Do
• Track users who block or delete cookies/Javascript
• Provide personal information of each visitor
• Find out if audience members have relevant backgrounds or
interests
• Accurately track unique visitors
No web analytics reporting tool is 100% accurate.
Copyright The Asian Banker 2008. All rights reserved
7.1.4. Channel Mgmt/Distribution
Best Practice 1: Define Effective Metrics
1. Is your model B2B Direct, B2B Engagement, B2C Direct or B2C Engagement?
2. What metrics can be used for basic measurement, correlation analysis, data linkage and
offline analysis?
3. Are there details you require on every page, or will they need to be passed in a cookie?
4. Are there any metrics generated externally and passed to the website such as interest
rates?
5. Are there “gaps” in your coverage, such as mobile web site tracking?
6. Useful, but not vital, metric collection is good, and may assist future analysis and
integration with future technologies – so do it.
Copyright The Asian Banker 2008. All rights reserved
7.1.5. Channel Mgmt/Distribution
Best Practice 2: Measure Direct Conversion
• You should identify visitor identification methods:
– Login ID, Account ID, Email ID, Conversion ID, Conversion Activity, Products
Converted, Conversion Value, Funnel Activity, IP-Organization, Source, Event
Date/Time Stamps, Existing Customer ID, Mobile device ID, Social Media ID
• You should identify your important metrics:
– Pages Viewed, Page Elements Viewed and Utilized, Onsite Offers Presented, Visit
Count, Products Browsed, Session Time, Geo Location, Non-Conversion
Registrations or Downloads, Segment ID, Mobile device use, Social medial activity,
Online Bill Pay and Scheduled Services
• You should understand your important business drivers:
–
–
–
–
Revenue Growth: Average conversion value and number of conversions
Market Growth: Number of new converters and products per conversion
Profitability: Return on ad spend and cost per conversion
Loyalty: Customers are more sticky when using multiple services
Copyright The Asian Banker 2008. All rights reserved
7.1.6. Channel Mgmt/Distribution
Best Practice 3: Interact With Your Customers
• If you leverage social media, who will respond to customers
when they ask a question?
 It is best to assign Facebook accounts and Twitter accounts to
your customer support group.
• Online banking, bill pay and mobile banking will require a
login. Use this to build a customer profile in your CRM.
 It is best to understand to whom you are speaking.
Copyright The Asian Banker 2008. All rights reserved
7.1.7. Channel Mgmt/Distribution
Best Practice 4: Deep Analysis
• The most complex data models include multiple conversion
channels, which creating complex analysis challenges.
• You should correlate Vital Visitor Level Metrics without limit:
–
Login ID, Conversion ID, Conversion Activity, Products Converted, Conversion Value, Funnel Activity, IP
Address and/or Organization, Source, Event Date/Time Stamps, Existing Customer ID, Pages Viewed, Page
Elements Viewed and Utilized, Onsite Offers Presented, Visit Count, Products Browsed, Session Time, Geo
Location, Registrations or Downloads, Segment ID
• You should collect and integrate your Digital KPIs with your
customer IDs:
–
–
–
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Revenue Growth: Who have below average conversion values and conversion numbers?
Market Growth: Who are your new converters, how many products per conversion, number of registrations,
and what is your cost per registration?
Profitability: What is your return on ad spend, cost per conversion, and cost per customer visit?
Engagement: What is each customer’s average visit length, average number of visits, average page views
per visit, and average element interactions per visit?
• You should use your BI tools, supplemented with
Webtrends data, to calculate true ROI analysis from
multiple conversion channels.
Copyright The Asian Banker 2008. All rights reserved
7.1.8. Channel Mgmt/Distribution