CONVERTING CUSTOMERS: HOW TO KEEP YOUR PIPELINE FROM LEAKING IAN KLEIN Vice President, Digital Strategy
Strategic Margins Conference Maximizing Income Opportunities for Banks & Credit Unions through Digital Marketing
Agenda • Introduction to inSegment • The State of Digital Marketing • Digital Marketing Tactics for Profitability • Your Website is Your Most Important Branch • Online Account Opening (OAO) Challenges • Making Human Connections for ROI
Introduction to inSegment
inSegment: Who We Are Since 2006, 7-year-old full-service 25 15 Digital Marketing firm 12 Headcount – 52 Newton, MA (HQ) – 25 Russia – 15 Ukraine – 12 Clients include regional and global leaders in financial services, higher education, insurance, legal, and software Digital Marketing campaigns in 9 languages across 17 nations
inSegment Wheelhouse
The State Of Digital Marketing
The Shift Away from Traditional Media (Source: Source: Nielsen Media Research, Pew Research Center, Audit Bureau of Circulations)
Digital Advertising is $30 Billion Industry (Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
TV’s Leadership Position is at Risk (Pew Research Center: 2012) (Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
CPM’s Vary Dramatically Cross -Channel CPM = Cost Per Thousand Impressions
Mobile to be Lead Internet Access Point 66% of smartphone owners access the Internet every day from their device (ThinkWithGoogle.com May 2012) The majority (55.5%) of mobile users have a smartphone. (eMarketer April 9,2012 ) (Source: Microsoft Tag)
Mobile Demographics are Diverse Smart Phone Smartphone ownership in the 45 -54 age range increased 16%, from 2011 to 2012 (28% to 44%) (Pew Research Center March 2012)
Social Networks are the New “Portal” (Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Social Demo is Older than You Think • As of February 2012, 66% of online adults (18+) use social networking • Popular in all age groups o 18 – 29 86% o 30 – 49 72% o 50 – 64 50% o 65+ 34% Source: Pew Research Center Feb. 2012
Over 1/3 of Users Access FB on Mobile • Men : More likely to access social networking on Internet-enabled TV & Gaming Console • Women : More likely to access social networking on mobile phones and eReader (Source: July 2012 – Bevelwise)
Pay TV Subscriptions are Diving (Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Online Video Alternatives are being Adopted (Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Online Video Demo is Older Than You Think “Video over the Internet has become an established part of viewing habits for most consumers, in most countries and across all age groups. Once seen as the preserve of the younger, forward looking and technologically savvy, we’re now seeing the platform mature as a mass media channel.” (Nielsen: 2012) (Accenture Video-Over-Internet Consumer Survey 2012) YouTube: May 2012
Internet Radio Listening is Exploding
Internet Radio is Listened to ~10 Hours/Week
Pandora Internet Radio is #2 in Boston • With significant market penetration in Boston , Pandora provides advertisers with access to millions of consumers every month – 672K weekly unduplicated listeners – 7hrs:01mins average time spent listening per usage week – 47/53 Male/Female – 32 average age Rank Media Cume Persons Cume Ratings 1 WXKS-FM 864,684 20.7 2 PANDORA 697,710 16.7 3 WJMN-FM 578,867 13.8 4 WBZ-AM 540,505 12.9 5 WBUR-FM 508,643 12.2 6 WEEI-FM/WEEI-AM 447,661 10.7 7 WKLB-FM 390,695 9.3 8 WMJX-FM 383,440 9.2 9 IHEARTRADIO 297,252 7.1 10 WBZ-FM 293,600 7.0
Digital Marketing Tactics for Profitability
Elements of Digital Marketing Website and “Satellite” Microsites SEO (including Online P.R. & Reputation Management) Paid Search – Pay Per Click (PPC) PPC Display (a.k.a. Banner Ads) & Recapture Marketing E-Mail Marketing & Lead Nurturing Mobile Marketing Social Media Content Development & Distribution (Ex. Whitepapers & Infographics) Online Video Internet Radio
Website Vs. Microsite A company’s website is like a brochure, describing all products and services offered It encourages users to explore and browse the company, its history, products, etc.
Website Vs. Microsite (BankHumanAgain.com) A microsite hones- in on a single product, focusing the user’s attention and path Microsites enjoy greater Conversion Rates and ROI
Website Vs. Microsite (HarvardCard.com for HUECU) A microsite hones- in on a single product, focusing the user’s attention and path Microsites enjoy greater Conversion Rates and ROI
SEO (Organic Search) and Paid Search Up to 10 Paid and 10 Organic Search Positions on Paid Search Ads Page 1 of SERP’s Paid Search Ads run on top and to the right of Organic Search Results Strive to have both Paid and Organic positions (2X) Organic Search to increase overall traffic and push competitors off of Page 1
SEO & Digital Reputation Management How you are viewed online is how your brand is viewed – Page 1 of Google is like front page news Although Paid Search ads allow you to “control the message”, Organic Search drives greater Consumer trust and higher brand perception
Pay Per Click (PPC) Display (Banners) Banner ad is contextually-targeting content of news article Purchased opportunistically (via ad exchanges) and with PPC pricing
Recapture Marketing Protects & Grows 60+% of visitors abandon your site without taking a desired action (Coremetrics/IBM, 2012) Without Recapture, these users are either lost forever or are cost-prohibitive to recover An end-to-end Recapture strategy delivers “warm leads” at a fraction of the cost of initial visit Align “point of abandonment” with “customized ad creative” and appropriate “landing page” Leverage Recapture to cross-sell products (ex. serve Mortgage ads to Checking customers)
Mobile Media & Mobile Microsites The Mobile universe offers similar Paid Search and PPC Display ad opportunities as on Desktop Design ads that display clearly on smaller screens Make sure your landing environment displays appropriately on the devices you target and Calls To Action (CTA) are Mobile-friendly (i.e. form and video functionality)
Social Media Facebook ads target geo, user demographics, and self-identified interests LinkedIn ads target user-identified skills, titles, companies, and industry organizations to which they belong Target your audience granularly to invest media spend only on those users most likely to convert Facebook and LinkedIn ads are both PPC priced The requested call-to-action must be sensitive to a social environment
Online Video: Targeted Branding Associate your TV spots with local sport teams, national events, “how to” content, news, etc. Measure every video view, completion rate, site visits and actions on site to quantify the ROI
Internet Radio: Listen & Take Action Combine visual branding and interactivity to what has traditionally been audio-only Ads live in single- spot “pods”, encouraging users to wait just :15 -:30 until the music resumes Measure every audio and banner ad impression, site visits, and actions on your site to justify ROI
Your Website is Your Most Important Branch
Main Website, Satellite Targeting Conversion Architecture Usability Objective Standards “Continue the Conversation”
Conversion Architecture Design focuses on 7 Conversion Points to maximize ROI
Objective Standards: F-Pattern Browsing Design websites in an F-shaped pattern. Eye- tracking studies clearly show that users consistently view sites in an F-shaped pattern.
This is “F -shaped browsing.
Microsite Best Practices • Emphasize desired “actions” • Optimize for conversion • Show consumers your value • Target segmented audiences • Continue the conversation
“Continue the Conversation”
“Continue the Conversation”
Microsite Optimization: Ongoing A/B
Online Account Opening (OAO) Challenges
OAO Will Continue to Grow Source: Online Banking Report “Improving Online Account Opening” June 2012
But Branches Remain Key • Channel Convergence is an “And” Proposition - Online is additive • Branches remain a key interaction point for customers, no matter how popular Online/Mobile channels become
The OAO Process is Too Cumbersome • Metrics Marketing Group compared the account opening process amongst 13 top financial institutions: • According to Forrester Research, 58% of visitors who experience usability problems on a website never return. • In addition, the average website can double its conversion rate by designing for increased usability. (Source: IBM)
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