06 industryguide finance

8/12/2019 06 IndustryGuide Finance

1/17

KEY TRENDS

ESSENTIAL KPIs

CASE STUDY

RESOURCES

THE LEADER IN WEB ANALYTICS AND ONLINE BUSINESS OPTIMIZATION

INDUSTRY GUIDE

Financial Services & Self-Service Sites


2/17

PAGE 1.877.722.7088 [email protected]

KEY TRENDS


3/17


KEY TRENDS: FINANCIAL SERVICES & SELF-SERVICE SITESRON SHEVLIN, VP/PRINCIPAL ANALYSTFORRESTER RESEARCH

Forrester Research recently talked todecision makers at 60 large financialfirms about their challenges and priori-ties. Financial services execs believe thatthe following drivers will shape the retailfinancial services landscape:

The quest for growth. Ninety-five percent ofrespondents say that retaining customers is veryimportant or critical and 88% of firms feel thatsame way about acquiring new customers. Inaddition, 53% said that cutting costs will be a top

priority this year.

Demographic changes.Aging baby boomers whoare, nearing retirement age, have created a largesegment of mass affluent consumersa group thatneeds financial advice, but arent economically servedby todays full-service brokers or private bankers.

Shifting channel behaviors.Eighty-four percent ofrespondents expect an increase in online volumeand 72% expect to see an increase in cross-chan-nel interactions in the next two years. Over half ofthe respondents also expect to see an increase inbranch and email interactions.

KEY TRENDS TO WATCH IN FINANCIAL SERVICES

How will firms respond to these industry drivers? Wesee three trends: 1) demonstrating customer advocacy,;2) redesigning cross-channel sales processes,; and 3)right-channeling service interactions.

CUSTOMER ADVOCACY IS THE BEST PREDICTOR OF

FUTURE PURCHASE INTENTION

Financial firms want to retain and cross-sell their cus-tomers, but do consumers want to buy a wide range ofproducts from their banks? The results of Forrestersconsumer research arent encouraging. Few consumers:1) have a broad relationship with their bank -- just 7% ofconsumers own three or more types of products with theirbank;, or 2) will consider their bank for future purchases-- only 30% of the average banks customers will considerit for future deposit or credit product purchases;, and just12% will consider it for investment products. What influ-ences consumers future purchase intentions?

Customer advocacy.We asked consumers to ratetheir banks on the extent to which they saw themitacting in their best interest, versus the firms bot-tom line at their expense. This rating carries thehighest strength of association and the highestpredictive power for cross-sell potential, surpassingall other factors.

Branch satisfaction.Consumers were asked about their satisfaction withservice interactions across customer touchpoints. Satisfaction with branchinteractions was the second strongest predictor of future purchase intention.Satisfaction with the phone, Web, and ATM didnt make the cut of statisti-cally valid factors.

Cross-channel satisfaction.Banks can further increase cross-sell potential withseamless cross-channel experiences. Consumers who are satisfied with cross-channel interactions are nearly four times more likely to consider their bank forfour or more products than those who arent satisfied with those experiences.

But consumers dont define advocacy the same waythey have different views onwhat firms must do to demonstrate customer advocacy. Consumers values are either

Human-focused.These consumers want to do business with banks whoseemployees exhibit honesty and integrity, are friendly and helpful, are knowl-edgeable about competitors products, and take the time to listen to theirproblems and concerns.

Advice-oriented.Another set of consumers cite product-related factors morefrequently when defining what customer advocacy is. To them, its importantthat a firm clearly explains its products and services, tells them when its abad idea to buy its products, acknowledges its competitors rates, and livesup to the image it portrays in its advertising.

Convenience-driven.The third segment of consumers feels that advocacy isbest exhibited when firms respond quickly to inquiries, alert them to changesor issues with their accounts, rarely or never make mistakes, and empower

representatives to resolve problems on their own.

FIRMS WILL REDESIGN SALES PROCESSES TO ENSURE CROSS-SELL SUCCESS

Financial firms have spent the past few years improving branch and call centerservice interactions, but havent changed the way they sell their products andservices. Why is now the time?

Consumers increasingly research online.The percentage of consumersresearching banking products online increased in 2004 over 2003. Creditcards led the way with 40% of applicants researching their decision online.Mortgages followed, although Gen Yers were more likely to research theirchecking account online than their mortgage decision.

The decision process spans channels.Among consumers who applied

online for a credit card during the past two years, nearly half researched theirdecision online, looking for rate, fee, and product information. But few cardsite visitors got there from banner ads or from generic search engine links.Instead, much of the traffic on card Web sites is from prospects who areresponding to a direct mail offer.

The sales experience impacts future retention and loyalty. Banks experi-ence high attrition six to nine months after an account is opened in partbecause expectations that are established during the saleabout servicequality or fees, for exampledont live up to reality. Banks can start buildingloyalty by redesigning sales experiences. Auditing sales scripts and deploy-ing secret shoppers can help identify sales practices that dont demonstratecustomer advocacy.


4/17


FIRMS WILL RIGHT-CHANNEL SERVICE INTERACTIONS

Its the mantra of banks all over: Well do business withour customers in the channels they want to do businesswith us in. But do consumers really want to interact andtransact in multiple channels? Not necessarily. Consumers:

Tend to use one channel.At first blush, it appears

that consumers use a multitude of channels to in-teract with their banks. But this masks the fact thatmost consumers tend to use just one channel for atype of transaction. In fact, for a range of accountinteractions, more than seven of ten consumersused only one channel.

Still prefer human channels.Overall, consum-ers prefer electronic channels like the Web, IVR,and ATM for account transactions like checkingaccount balances and transferring funds betweenaccounts. But overwhelmingly, they still prefer thehuman channels for service transactions like prob-lem resolution, fee disputes, and address changes.

But a 10% increase in online banking adoption couldreduce support costs by more than $3.3 million. Why?Because online bankers have different channel behav-iors and preferences. Compared to other consumer withonline access, active online bankers are:

Less branch-centric.Not surprisingly, online bank-ers are more likely to turn to the Web for the rangeof account activitiesregardless of age. And al-though they still prefer human channels for serviceinteractions, theyre more likely to use the phonefor help, rather than going into a branch.

More multi-channel.Online bankers are morelikely to use multiple channels, particularly forchecking balances, funds transfer, and getting helpwith account problems.

THE CHALLENGES FACING FINANCIAL FIRMS

Based on these trends, financial firms must address a number of questions abouthow to effectively:

Segment customers.Divergent attitudes about advocacy and different chan-nel behaviors make targeting consumers with relevant offersat the rightplace and right timea difficult proposition. Effective customer segmenta-

tion approaches will be critical for firms to do this well.

Capture leads.Consumers researching products online look for validationthat theyre making a smart decision and have questions about products be-fore theyre ready to buy. Interpreting consumers readiness to buy based ontheir online activityand transitioning their experience across channelswillbe a critical success factor.

Determine self-service ROI.Build it and they will come doesnt apply toonline banking. Determining the real economics of driving transactions outof high- cost channels to the Weband the business practices that will suc-cessfully change consumers behaviorwill be paramount to banks success.


5/17


ESSENTIAL KPIs


6/17


FINANCIAL SERVICES &SELF-SERVICEKEY PERFORMANCE INDICATORS

OVERVIEW

Among the many reasons financial services institutionsinvest in creating and optimizing an online presenceinclude: reducing customer support costs, improvingoverall customer experience, measuring campaigneffectiveness, optimizing lead-generation efforts, andup-selling and cross-selling new products and servicesto existing customers. Proper use of Web analytics iscrucial to maximize online ROI, retain existing custom-ers and acquire new and profitable customers.

There are a few leading indicators to help guide invest-ment decisions for your online strategies. These leadingindicators are called KPIs or Key Performance Indica-tors. For example, in mortgage lending, debt-to-incomeratio and credit score are arguably two of the most im-portant criteria, whereas when buying and selling equi-ties, investors typically look at EPS, PE ratio and MarketCap as leading indicators. While there are many othermetrics and ratios that are considered before investing,the use of leading indicators or KPIs allows investors toquickly identify the best opportunities.

Similarly, there are numerous metrics and ratios thatyou can track online that are important to your business.However, only a handful of these should be used to guideyour business on a daily basis. Knowing which KPIs arethe most important to your business, as well as knowinghow and when to take action on them, can be a strategicdifferentiator in todays hyper-competitive marketplace.

The following examples will show how Omnitures suiteof products can be used to address strategic KPIs in theareas of Online Applications and Self-Service capabilitiesfor financial services sites. While this document will onlytouch upon a few KPIs, there are others that your organi-zation can use to help drive profitability for your business.

KEY PERFORMANCE INDICATORS (KPIS)

In todays digital economy, often the challenge is notgathering the data, but knowing how to interpret andtake action on data already gathered. Executives,directors, and analysts are too busy to look at all theinformation on a daily basis. Instead, they must focus

on the top four or five indicators so that, at a glance,they can gauge the overall health of their organizationand take appropriate action. Although KPIs vary widelyfrom industry to industry, the core set of KPIs withineach industry are relatively well known.

KEY PERFORMANCE INDICATOR

1. Completed (Online) Applications2. Application Conversion Rate3. Self-Service Transactions4. Self-Service Failure Rate5. Self-Service Penetration Rate

COMPLETED (ONLINE) APPLICATIONSHaving visitors complete the various types of online applications (loans, creditcards, etc.), is a central objective for many financial services Web sites. The Inter-net allows financial services firms to maximize their reach and offer a cost-effec-tive way for the general public to apply for their products and servicestherebyreserving other resources to focus on qualified opportunities. For most, the Webis the preferred response medium for both online and offline direct marketing

efforts, including direct mail, organic search, and paid search initiatives. Applica-tions can range from simple landing pages, to complex multiple page applica-tions, to dedicated micro-sites. Despite the complexity of the actual application,the metrics to track and optimize these processes are relatively straightforward.

BUSINESS QUESTIONS

1. How many new successful applications were completed online?2. What content tools on my site lead to completed applications?3. How much are new completed applications worth to my organization?4. What is my cost-per-completed application?

HOW TO MEASURE

Calculation:Completed (Online) Applications

Sample Reports:

It is suggested that once you configure the date range and reporting style toyour liking, that you create a dashboard view of this report and save it under thecategory of Strategic KPI for easy viewing and scheduled deliver y. You may alsoconsider creating an alert to notify you, or key stakeholders, of any significantchanges in this metric.


7/17


QUICK WINS

The following are some quick ways that financial ser-vices companies can increase their Completed Applica-tions KPI:

Monitor Page/Tool Participation Before visi-tors will complete an Application, they have to

be properly motivated. To do this, most financialservices Web sites create content and tools toengage visitors and entice them to complete Ap-plications. Therefore, it is only logical that Website owners would want to know which tools arethe most effective in motivating visitors to apply. Todo this, we recommend implementing CompletedApplication Participation. Participation is a featureof SiteCatalyst that gives credit (in the form ofinstances or dollars) to each page that partici-pated in the process of a successful eventin thiscase, a Completed Application. For example, if aparticular news story or tool on the site was oftenviewed in the same visit in which a visitor success-

fully completed an Application, it would have ahigh participation value. By looking at pages ortools using the Completed Application Participationmetric, you can view how each has contributed toCompleted Applications. With this information, youknow exactly which pages and tools you should behighlighting on your site, and using in your onlinecampaigns, to increase your Completed Applica-tions KPI.

Assign Values to Each Application In additionto capturing the number of Completed Applica-tions, you can track the actual value each formrepresents to your company. If your site has severalapplications, each may have a different potentialvalue associated with it. The values assigned toeach application can be broken down by campaign,products or other forms.

Calculate Cost-per-Completed Application

Another way to enhance the Completed Applica-tions KPI is to use it in conjunction with marketingcampaign costs. By uploading marketing campaigncosts (via SAINT), you can create a Cost-per-Completed Application calculated metric for eachcampaign which divides the number of CompletedApplications by the campaign cost.

APPLICATION CONVERSION RATEApplication Conversion Rate is the measure of theeffectiveness of your ability to get those who begin theApplication process to successfully complete it. Ap-plication Conversion Rate is calculated by dividing thenumber of Completed Applications by the number ofApplications Started. This KPI builds upon the Complet-ed Application KPI referenced earlier, but in many waysis superior. While the Completed Applications KPI isuseful to determine overall success, it does not show theentire picture. For example, viewing a search keywordsreport, with Completed Applications as the metric, willcertainly show you which paid search keywords led to

Completed Applications. But what if you want to see which paid search keywordsare associated with attracting visitors who begin applications, but fail to completethem? Having this information would allow you to see the keywords which youare paying for, but receiving less value from. What might be the effect of movingmoney from these paid search keywords to those with higher Application Conver-sion Rates?

BUSINESS QUESTIONS1. How successful is my site at turning interested visitors into successful applicants?2. How often are visitors encountering errors on forms?3. What fields on application forms are causing visitors to abandon?

HOW TO MEASURE

Calculation:Applications Started/Applications CompletedSample Reports:

QUICK WINS

The following are some quick ways that you can use and/or enhance the use ofthe Application Conversion Rate KPI:

Breakdown Application Conversion Rate by Marketing Campaigns and

Other Segmentation Variables The value of the Application ConversionRate KPI rises exponentially when it is combined with your companys mar-

keting campaign and market segmentation data. While it is valuable to trackthe overall Application Conversion Rate, it is more valuable to view this ratebroken down by marketing campaign, search engine, product, age, income,etc. Depending upon the type of segmentation you have in your SiteCatalystimplementation, the Application Conversion KPI can be broken down andanalyzed for each of these elements. Insights gleaned from these break-downs can be used to tailor marketing/advertising spending so that yourorganization can improve its Application Conversion Rate and bottom line.

Capture Form Field Errors and Abandonment One factor that has a majoimpact of Completed Application Conversion is the form itself. It has beenwell-documented that the less information you request, the more CompletedApplications you will receive. One way to determine if you are requesting toomuch information is to use the SiteCatalyst Form Abandonment plug-in tool.This tool allows you to track which fields on your forms are producing errorsfor users, and also shows you the last field that users completed if they aban-don the form. Armed with this data, your organization can make informeddecisions and conduct well-defined A/B tests to see how form changes canpositively impact Completed Applications.


8/17


SELF-SERVICE TRANSACTIONSOnce you get customers to visit your site and register,the next step is to get them to conduct more of theirbusiness online. In todays competitive financial serviceslandscape, it is often necessary for companies to reducetheir operational costs by moving low-value transactionsto more cost-effective channels. Since the advent of the

ATM machine, this trend has continued to grow andnow includes such things as online statements, policyrenewals, balance transfers and customer service. Look-ing at the number of completed Self-Service Transac-tions (depending upon business model, Transactionscan also include tool uses or views to specific content)provides good insight into how successful your businessis at leveraging its online channel.

BUSINESS QUESTIONS

1. How well am I doing at getting customers to en-gage in Self-Service Transactions (Tools)?

2. How much money is my organization saving as aresult of Self-Service Transactions or Tool usage?

3. How can I better cross-sell my Self-Service tools?

HOW TO MEASURE

Calculation:Self-Service Transactions (Tools)

Sample Reports:

QUICK WINS

The following are some quick ways that financialinstitutions can enhance the Self-Service Transactions

(Tools) KPI:

Quantify Self-Service Cost Savings The Self-Service Transactions (Tools) KPI is a great way tosee how much progress you are making, but morevaluable than this, is knowing how many dollarseach Self-Service tool is saving your company. Tocalculate this Self-Service Cost Savings metric,use a SiteCatalyst Incrementer event to assigna dollar savings for each Self-Service tool instance

(if tools have differing associated values, these canbe assigned programmatically). You will also wantto pass the type of the Self-Service Transaction toa user-defined commerce variable (eVar). Whenthis is completed, you can view the Self-ServiceTransaction report using the Self-Service Cost Sav-ings metric to compare which tools save you themost money, and break this report down by othersegment variables.

Use Pathing to Cross-Sell Self-Service Transactions (Tools) While manyOmniture customers are familiar with Pathing (reports that show the paththrough which users navigate) for site pages or sections, many are unawarethat this capability can be applied to other areas. Self-Service is a great areato apply Pathing. To do this, as each different Self-Service Transaction isused, pass its name to a user-defined traffic variable (sProp). Then, work withyour Omniture account manager to enable Pathing for this variable and you

will be able to view the order in which visitors use Self-Service Transactions(Tools). These reports can be used to isolate particular Transactions and viewother transactions being used concurrently. By using Discover or AdvancedSegment Insight (ASI), you can even view how this Pathing differs by market-ing segment. Once you have this information, use it to your advantage toincrease your odds of cross-selling Self-Service Transactions (Tools).

Promote Self-Service Tools via Internal Promotions/Search Oneof the best ways to get current customers to engage with Self-Service tools isto promote the tools via internal (on-site) promotions and search. By creatinginternal promotions for various Self-Service tools, and capturing their usewith promotion codes (similar to external campaigns), you can view howsuccessful each promotion is at motivating customers to use Self-ServiceTransactions (Tools). Using A/B testing, you can experiment with different

placements throughout your site or on key pages. Using the Participationconcept mentioned previously, you can target specific pages that have ahigher likelihood of influencing your customers. Finally, internal search canbe used to determine which search terms most often lead visitors to engagewith Self-Service tools. This information can be very useful in promotingthese tools internally as well as serving as a primer for potential paid searchkeyword buys.

SELF-SERVICE FAILURE RATEMinimizing the calls generated to your support center in regard to your Web sitefor basic self-service events is one of the major goals of many financial servicesWeb sites. Monitoring the self-service failure rate is one way SiteCatalyst canhelp financial institutions minimize the call center support costs and increase the

usability of your site. Also, measuring which areas of your site are generating thehighest number of failures will give you immediate insight into where your great-est opportunities for improvement exist.

BUSINESS QUESTIONS

1. How many self-service transactions are being generated on my site?2. What areas of my site are generating the greatest number of failed transactions?3. How do I prioritize which areas of my self-service site need the most work?4. How do I motivate my design team to focus on the greatest self-service failures?

HOW TO MEASURE

Calculation: (1 - (Self Service Complete/Self Service Start))

Sample Reports:


9/17


QUICK WINS

There are many possible reasons why a client is unableto complete a transaction online, including lack of trust,poor site design, too many steps, process flow, and userpreference. The trick is to isolate where transactionfailures are happening and prioritize each opportunity.Once you have isolated the biggest opportunities for

improvement, you can start attacking each opportu-nity one at a time. Look for clues such as where thetransaction failure is being initiated on your site and usequantifiable ROI justifications to properly motivate yourorganization to aggressively resolve each issue.

Isolate the Problem Break down transactionfailure rate by previous page to identify where theproblem is occurring. Be careful not to jump toconclusions. Put yourself in the clients view pointand try to understand what the client is tryingto accomplish. Where did they just come from?Where were they going? What would the user mostlikely want to do next? Look for what is not on

the page as well as what is on the page. Test andmeasure your hypothesis. Keep a log of changesand transfer ideas to other areas of the site as youmake improvements.

Identify the Audience Which audience is havingthe biggest failure rate on a proportional basis? Isit baby boomers, Gen Xers, Gen Yers or perhapspremium customers, business customers, or retailcustomers? More importantly, look at the transac-tion failure rate by first-time customers vs. repeatcustomers. Remember, not all transaction failuresare created equal. If a first-time customer is fail-ing he/she is much more likely to abandon your

online channel and revert back to more expensivechannels. Repeat customers will likely continue touse your online channel for the processes that theyhave learned to accomplish online and use youroffline channel for the processes that they cannotfind, or consider too difficult.

Motivate and Challenge Your Design Team

Sometimes, simply quantifying the impact of apositive or negative event on your Web site canhave a tremendous motivational difference. Mon-etizing the impact transaction failures have had onyour Web site can be a very compelling motivatorfor your design team. They will also take greatownership and pride in having saved the companyX dollars over time. To monetize the transactionfailure rate, use a special 800 number to trackcustomer support calls coming from your Web siteand divide by the total number of failed transac-tions to get an average cost-per-transaction failure.Then multiply the number of failed transactions bythe average cost-per-transaction failure.

SELF-SERVICE PENETRATION RATEAs discussed previously, reducing support costs by moving customers to a morecost effective channel is often critical to financial sites. The Self-Service Penetra-tion Rate measures the percentage of transactions currently being completed,online vs. offline. This KPI indicates how well you are doing in your efforts totransition customers to your Self-Service Transactions (Tools).

BUSINESS QUESTIONS1. What percentage of all transactions is conducted online verses offline?2. What percentage of all households/business are online customers?

HOW TO MEASURE

Calculation:Self-Service Transactions (Tools)/Number of Offline Transactions

Sample Reports :

QUICK WINS

The following are some quick ways that financial institutions can enhance theSelf-Service Penetration Rate KPI:

Breakdown Self-Service Penetration Rate by Transaction Type Whilehaving an overall Self-Service Penetration Rate is valuable, being able toview this metric for each type of transaction available on your site provideseven more valuable analysis opportunities. To do this, simply pass the type ofSelf-Service Transaction (Tool) into a user-defined commerce variable (eVar).Please note, that you must also include this data when uploading offline

transactions in order for your reports to be accurate. After this is complete,you will be able to run a Transaction Type report and use the Self-ServicePenetration Rate as the metric.

Breakdown Self-Service Penetration Rate by Marketing Segment Ina similar manner, you can view the Self-Service Penetration Rate by anysegmentation you capture in SiteCatalyst. Depending upon your businessmodel, this could be age, loan amount, policy amount, income, gender, etc.As long as these items are captured during Self-Service transaction usage (ouploaded as Classifications via SAINT), they can be used to break down Self-Service Penetration. Again, note that if uploading offline transactions, thissegment data must be uploaded concurrently for reports to be accurate.

Target Potential Self-Service Customers A customer is not truly con-

verted to the online channel until he/she has successfully completed atransaction online and logged-in a second t ime. Tracking and measuringthe number of visitors who log-in for the second time, verses the number ofnew registrations, is an important indicator of how well your site is trans-forming new customers into repeat online customers. Using SiteCatalyst orDiscover, you can quickly identify those customers who have not used yourSelf-Service Transactions (Tools), or have used them infrequently. Thesecustomers are great candidates for re-marketing efforts to bolster your Self-Service Penetration Rate.


10/17


CONCLUSION

Key Performance Indicators are comparable to thegauges on the dashboard of an automobile. Theydo not provide all the answers, but do offer enoughinformation to strategically manage operations. Basedon indications from these metrics, you can quickly

understand the direction of your online business, and ifadjustments are needed you can look to more diag-nostic metrics. Use KPIs to drive action. Your businesswill be successful if you use this information to youradvantage. KPIs give an early indication of success andfailure. Take advantage of this information to make themove before your competition does.

This document only scratches the surface of what ispossible. In addition to leveraging the preceding KPIexamples, you may want to consider services fromOmnitures Best Practices consulting team. This team ismade up of industry experts from all fields. In additionto helping you with strategic KPIs, they can customize

actions around diagnostic metrics according to yourunique business needs. For more information, pleasecontact your Omniture account manager.

CALL

1.877.722.7088www.omniture.com

[email protected]


11/17


CASE STUDY


12/171.877.722.7088 [email protected]

CASE STUDY

OVERVIEW

Bayview Financial Exchange Services, LLC (Bayview) is a wholly owned subsidiary of one

of the largest commercial real estate loan companies in the U.S., Bayview Financial, LP.

Based in Coral Gables, Florida, the exchange services division was established in 2004 to

handle special 1031 exchange transactions for clients who buy and sell business andinvestment real estate. Internal Revenue Code Section 1031 allows individuals who own

business or investment property to defer capital gains taxes by purchasing a replacement

business or investment property. To successfully exchange properties and defer taxes, a

qualified intermediary must be used to facilitate the exchange and hold sale proceeds in

between the sale and purchase. Bayview emerged as a new player in this niche market

in early 2004.

FINANCIAL SERVICES

Bayview Financial Exchange ServicesInvests Wisely in Omniture

20%SAVED 20 PERCENT OF ONLINE

MARKETING SPEND WITH SITECATALYST


13/171.877.722.7088 [email protected]

CHALLENGE

Gain competitive advantage

through technology leadership

Capture insight to better

understand customers

Maximize return on online

marketing spend

RESULT

20 percent quarterly cost

savings in online ad spend

15 hours saved per month

in online campaign

administration

Precise measurement of

online programs

Improved marketing

effectiveness

SOLUTION

Omniture selected for its

industry-leading Web analytics

solution

LOCATION: Coral Gables, Florida

URL: www.bayview1031.comINDUSTRY: Financial Services

PRODUCTS:Omniture SiteCatalyst

CHALLENGEWith a seasoned executive team in

place, the company set out to build abusiness that would lead the industryby utilizing advanced technology andoffering top notch security for its cli-ents. Lead by Adam Mishcon, First VicePresident, and Stephen Wayner, FirstVice President, Bayview had a visionfor utilizing the Internet and develop-ing an online channel. As a brandnew business, we knew we needed topromote ourselves and get noticed asa new player in the field quicklyandthe Internet was the way to do it, saysStephen Hill, E-Marketing manager. As

the company mapped out plans, theyrecognized a need for a scalable, com-prehensive Web analytics solution thatwould help meet the needs of the com-pany and their customers in the future.Bayview wanted a world-class analyticssolution in placeready to track mar-keting campaigns, optimize keywordbuys, and get the best return on onlinemarketing dollars. They needed a solu-tion that would provide in-depth insightto better understand their customersand improve decision-making.

SOLUTIONBayview executives had the foresight

to invest in a top-notch Web analyt-ics solution, investing their future inOmniture SiteCatalyst. We intendedto do a lot of online business andwanted world class Web analytics.The company wanted to be ready tobuild an online channel, says Hill.Omnitures proven SiteCatalyst solu-tion fit our corporate strategy of usingworld-class technology to differentiateourselves, adds Adam Mishcon.

RESULTSThe company has ramped up online

efforts, recently rolling out a series ofmarketing initiatives that are easilytracked and measuredthanks toOmniture. Hill has deployed bannerads and cube ads to top commercialreal estate publishing sites suchas CityFeet and LoopNet. ThroughSiteCatalyst, Bayview can also determinethe effectivenessin real timeoftheir keyword purchases from Googleand Yahoo!.

The company has also placed linksand ads in industry email newsletters

sent out to thousands of prospects.A recent newsletter incorporatedlinks to six different Bayview offeringsincluding an FAQ, a link to theirhomepage, an advertisement, and aninvitation to attend a Bayview Webseminar. With SiteCatalysts campaignmanager, we were able track everyclick to the site and code every singlecreative element to precisely measureperformance, says Hill.


14/171.877.722.7088 [email protected]

SiteCatalyst enables us to maximize our online investments.Without the data provided by Omniture, we would have blindlycontinued another quarter of ineffective advertising. Thats 20percent in online ad savings.

SiteCatalyst is delivering insight that

is impacting Bayviews bottom line.Using Omniture analytics, Hill wasable to spotand ultimately dropapoor-performing cube ad placementon a popular real estate publishingsite, saving the company 20 percent inquarterly online marketing spend. Withads placed on three key real estatelisting sites, SiteCatalyst revealed oneof the three placements receiving asmall portion of clickthroughs. Theresults were significantly below theother two sites, says Hill. SiteCatalystenables us to maximize our online

investments. Without the dataprovided by Omniture, we would haveblindly continued another quarterof ineffective advertising. Thats 20percent in online ad savings. Hill tookthe newfound funds and used them tobeef up spending on the more effectiveEmail newsletter campaigns thataccording to SiteCatalyst reportsaredriving lots of traffic to Bayviews site.

Bayview is using functionality unique toSiteCatalyst to streamline processes

and increase marketing effectiveness.

For example, Hill uses SiteCatalystsSAINT (SiteCatalyst Attribute Importand Naming Tool) feature to quicklyand easily export data into Excel forfurther analysis and manipulation.With a lesser analytics package Idlikely be spending around 15 hours amonth on campaign administrationand reporting work, says Hill, whosworked with various analytics systemsthroughout his career. Hill alsoimpressed the Bayview executive teamwith the Geosegmentation report, aunique feature in SiteCatalyst, which

graphically displays the exact locationof site visitors across the country, bystate or city, on an interactive map.

For Hill, one of the most dazzlingfeatures in SiteCatalyst is PathFinderanalysis, a graphical drag and droptool that allows users to select a Webpage and report on what page or pathvisitors used to navigate to and fromthe page. This is far more powerfulthan the typical most popular pathreporting offered in lesser packages,

says Hill. PathFinder analysis enables

Bayview to understand exactly howvisitors move through the content ontheir site. For example, Bayview canidentify the most common path userstake before completing a registrationform. With this information, Hill is ableto determine which Web content hasbeen most effective in generating alead, and can use that knowledge tocontinually improve online initiatives.With a major Web site redesign inthe works, Hill feels strongly thatwell be able to use functionalitylike PathFinder to build a better

site in terms of making informationmore accessible, and improving leadgeneration rates.

Another unique feature Bayviewuses is SiteCatalysts funnel analysis.Omniture has this beautiful, graphicafunnel tool to evaluate any given cam-paign, which visually displays the pro-gression of visitors through the cam-paign to our site, Hill explains. SinceBayview does not have a traditionale-commerce site, the metric theyre

PATHFINDER REPORTS:Show what paths visitors used

to navigate to and from a page

PathFinder analysis enablesBayview to understand exactly

how visitors move through thecontent on their site.


15/171.877.722.7088 [email protected]

most interested in is the number ofpeople who click through and signup by filling out a registration form,or request a call from an exchangecoordinator. The funnel is a wonder-ful tool for tracking and comparing

marketing programs, and identifyingwhich ones are actually generatingthe most leads, adds Hill. With thisinformation clearly displayed throughSiteCatalyst, Bayview has the informa-tion to properly evaluate programsand improve decision-making.

With the Internet becoming amainstream service channel for todaysfinancial services institutionsasopposed to call centers or retailstorescompanies are feeling thepressure to maximize the effectiveness

of their online initiatives. Thanks toOmniture and Bayviews forward-thinking approach to Web analytics,Bayview is becoming a pioneer in theindustry and is already reaping thebenefits of their investment.

= Effective Campaigns

= Poor Performing Ad

With SiteCatalyst data, Bayview identified and subsequently eliminated a poor performing ad placement,freeing up resources to invest in more effective campaigns.

Ineffective Ad Placement Effective Ad Placements

$$$

$$$


16/17


RESOURCES


17/17

FINANCIAL SERVICES &SELF-SERVICE RESOURCES

INDUSTRY GROUPS

AMERICAN BANKERS ASSOCIATION

www.aba.com

BAIwww.bai.org

FINANCIAL SERVICES ROUNDTABLE

www.fsround.org

FINANCIAL SERVICES

TECHNOLOGY COUNCIL

www.fstc.org

MAGAZINES

BANKING STRATEGIES

www.bai.org/bankingstrategies/about.asp

BANK TECHNOLOGY NEWS

www.banktechnews.com

AMERICAN BANKER

www.americanbanker.com

US BANKER

www.us-banker.com

BLOGS

BANKSTOCKS.COM

www.bankstocks.com

DISCUSSION GROUPS

MOTLEY FOOL

www.motleyfool.com

ONLINE MARKETING

MARKETING SHERPA

www.marketingshera.com

CLICKZ

www.clickz.com

DIRECT MARKETING ASSOCIATION

www.the-dma.org

AMERICAN MARKETING ASSOCIAT

www.marketingpower.com

ANALYST FIRMS

FORRESTER RESEARCH

www.forrester.com

GARTNER RESEARCH

www.gartner.com

IDC

www.idc.com

JUPITERRESEARCH

www.jupiterresearch.com

06 industryguide finance

Documents