Get Personal: Measure Bank Website Personalization Effectiveness with the Right KPIs
Calling all financial services marketers! We’ve teamed up with digital marketing agency, Boston Interactive for a three-part blog series discussing website personalization and the impact of providing your customers with targeted, one-to-one content. In the first two posts we learned about the benefits, techniques and tools for developing a digital presence that builds deeper connections with key audiences and supports the overall success of your financial institution. Now it’s time to dive into Key Performance Indicators to hold your personalization efforts accountable.
Part 3: Results You Can Bank On
With a solid personalization strategy in place, it’s now time to measure, analyze and optimize your one-to-one messaging for maximum results. Don’t be fooled by generic indicators of digital victory. Measuring the outcome of personalization requires a much more precise approach than simply logging into your Google Analytics account and examining the default set of statistics such as page views and bounce rate.
To determine the success of your website personalization efforts, you need a strategy comparatively tailored for your bank or credit union. Key performance indicators (KPIs) are quantifiable measurements that evaluate the achievement of specific, targeted activities. By mapping KPIs to specific business goals, you will have the feedback you need to modify your strategy as necessary and to ensure you’re delivering an optimized digital experience for your users.
However, tracking KPIs is not a one-and-done endeavor. This adaptive measurement technique allows and encourages you to go back at regular intervals to make sure your site is successful in the areas you’re targeting, such as:
- Online Enrollment: Your website is the digital branch of your financial institution, so you should make the experience of things like online enrollment comparable to an in-person engagement. The number of new online enrollments, logins for current customers and transactions will indicate the extent to which your one-to-one messaging is increasing trust, loyalty and ultimately a desire to do business with you.
- Lower Call Volume: If your website can provide visitors with quality information that’s easy to find, you will reduce the need for users to pick up the phone and call your customer service center. For example, geolocation data that provides users with bank hours and contact information for their nearest or preferred branch will answer the simple questions your call center would otherwise have to answer.
- Pipeline Acceleration: Customize your Google Analytics dashboard to determine where users are coming from, what behavior they’re engaging in, the amount of time between visits and more. By regularly analyzing customer acquisition patterns you can track how your website personalization strategy and one-to-one content is helping to bolster these conversions, or whether certain areas need improvement.
It is important to remember that a website’s purpose is to serve your business goals. Implementing personalization techniques is the first step to showing visitors that you’re a customer-focused financial institution. Following through with Key Performance Indicators will help you assess the effectiveness of your efforts and adapt as you see fit to help your business reach its full potential in customer service, acquisition and retention.
As Account Director at Boston Interactive, Jeff works with clients to manage and execute digital properties from strategy through all phases of design, development and deployment. He has worked on interactive projects for credit unions and banks and has extensive experience working on the client side for financial institutions as well. Outside the office, Jeff can be found on the golf course, or running after his two kids on a South Shore beach.