JULY 19, 2017 BY SRINIVAS PENUMAKA

Web Personalization for Financial Services

Web Personalization for Financial Services

A Different Kind of Sale – Getting Up Close and Personal

At Qwardo, we have been talking to customers from several industries, with financial services being one of them. Since, financial services don’t jump out as a candidate for web personalization like an e-commerce site would do, we thought of sharing the gist of the conversations via this blog post.

Financial services are unique, especially when they serve both B2B and B2C customers, across a large number of product/services categories and subcategories. Many financial services organizations are beefing up their web presence. While they are very good in employing latest technology when it comes to backend databases and data warehouses, they typically lag behind when it comes  to the online interaction with consumers. Marketers in such companies need more insights and tools to engage and convert website visitors. Web personalization offers a unique opportunity to learn more about the customer on the website and present the right content and calls to action to increase the chances of conversion.

If you are a marketer in the financial industry, here are some reasons why you should consider employing web personalization as a strategy.

Information Overload

Most websites dealing with finance present special offers on credit cards and loans to various customer segments on their home pages and other pages, while not distinguishing between customers. Whether you are a consumer or a corporate customer, you would have to sift through the offers to find what you need. The harder it is for the visitor to find the information,  higher is the bounce rate. Since a lot of traffic comes from paid campaigns, acquisition rates go through the roof.

How web personalization can help to reduce information overload

With web personalization, you can deliver relevant content to customers based on who they are and which segment they belong to. Whether you offer specific content or use automation to come up with content recommendations, the key is to deliver personalized content so that you are able to guide them to the right pages that are typically a couple of clicks away from your home page.

Long Sales Cycles and no comprehension of Customer journey

In a conversation with a major insurance provider who primarily sell insurance online to consumers, it became apparent that the lead to transaction cycle is more than four to six weeks. Once the lead came in, there is no understanding of what the prospect has done on their website, though the inside sales may be trying to talk to the prospect on multiple occasions. Such lack of insight on what’s going on in the prospect’s mind can lead to increased sales cycles and potential misunderstanding on where the prospect is coming from.

How web personalization can help understand customer journey and shorten the sales cycles

A key facet of web personalization is to understand the behavior of the prospect online and figuring out what to do next. With the help of such behavioral tracking capabilities, the marketer can identify the customer journey to a large extent that may include the content that the lead consumes on their website, websites he goes to, the advertisements he interacts with, and finally any offers / calls to action she responds to.

Distilling the customer journey across a large number of prospects can give critical insights on the critical content being sought after by the lead during the consideration phase.

Once you determine that critical content, you can potentially shorten the sales cycle by pushing that content via available channels including email, web, and ads on social/search engines.

No Insights on which content is working well and not having a way to  measure the ROI

B2C marketers have started experimenting with content marketing to attract and engage consumers, and nudge them towards making a purchase. In this scenario, it is crucial to know which content is working well and for whom, so that more such content is created. Web analytics software such as Google Analytics will provide a great understanding of macro-level trends such as visits, views, sessions, and repeat visits, while leaving out the micro-level statistics that can give more information on various segments of the target audience.

How web personalization can help measure Content Marketing ROI

With web personalization software, you can detect the interests of the consumers and match the content that can continue the engagement and ultimately lead to a transaction. Content can be scored to figure out the contribution towards various stages of the funnel – awareness, engagement, and conversion. Such scoring requires additional signals such as completion rates, attention rates, scrolling of the content. To be effective in determining the content ROI, the personalization software should be able to stack rank both web pages and premium assets such as PDFs and videos.

The Need to Speak the Language of Business with Corporate Customers

For corporate and business banking services, it’s important to identify the corporate customers who visit their website, and also understand their buying journey through various content types. Often, banks have special tie ups with corporates and provide special offers. Ideally, when an employee from a company visits the bank’s website, a personalized offer should be offered. Lack of understanding that a corporate customer visited your website can lead to lost opportunity of value higher than a generic consumer.

How web personalization can help better serve corporate customers

Just like you would have a relationship banker or a private banker for high net worth individuals, the personal attention to corporate customers would lead to higher conversions. With company detection capabilities offered by the personalization software, you can detect the corporate customers coming to your site and then offer relevant CTAs and special offers that make sense to them.  In addition, you can restrict your offers to clients from specific companies or companies from a specific location, which will reduce the inconvenience to others while maximizing engagement opportunities with corporate customers.

In Summary …

With personalization, banks and insurance companies could reduce sales cycles, get more feedback from customers on the products and services being offered, and improve customer relationships.

Our PoV

In our view, financial institutions no longer need to be laggards in digital marketing capabilities with the right marketer-friendly platform. Sales teams should be able to run campaigns using such a platform as easily as the most savvy marketer. With alerts on key customers being sent to sales reps, they could always stay connected to the pulse of their leads.

A quick plug about Qwardo’s platform: Qwardo enables marketers to deliver personalized buyer journeys to your website visitors. It provides intelligent tools to engage, nurture and convert your website visitors to increase quality and quantity of your leads. In addition, you can learn about the interests of your visitors and insights on their content consumption. To give a try, sign-up for to Qwardo.

 

 

Let us know what you think

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Srinivas Penumaka on EmailSrinivas Penumaka on LinkedinSrinivas Penumaka on Twitter
Srinivas Penumaka
Founder and CEO, Qwardo
Srinivas is the founder of Qwardo. A serial entrepreneur, passionate about solving complex marketer problems, Srinivas is a seasoned marketing and product executive with over 20+ years of experience in the High-tech industry. He writes about lead generation, content marketing, and marketing analytics.

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