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DaBrian Marketing Blog: News, Insights, and Digital Marketing

Data Quality is Essential to Pharmaceutical Marketing Success

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Through my work with several financial services organization and pharmaceutical companies, one of the biggest issues I have noticed is with their data quality. These organizations typically have numerous data points such as web analytics, CRM solutions, email marketing platforms, sales information, etc. The challenge is that most of the business units don’t collaborate to integrate their data or to identify the best possible solution to integrate data. If you can’t agree to collaborate, it makes it even more challenging to manage data quality issues. At the same time, organizations have a tendency to use multiple data sources for the same information. Which source is providing the real picture?

Our team encountered data quality issues with a pharmaceutical client while developing monthly marketing metrics reports. We estimated that the data quality issues were costing them over $250,000 per year (if not more). The outdated web analytics solution wasn’t being maintained, so they had skewed SEO traffic, inaccurate referral sources, and limited functionality to integrate with their CRM solution, email marketing, or paid search campaigns.

Basically, they were blindly marketing to healthcare professionals and patients without any knowledge of what their target audiences were engaging with from a marketing perspective. Product managers were being held accountable for something that they had no visibility into, whether it increased new acquisitions or not.

Total Costs to the Organization:

  • Outdated Web Analytics Solutions: $250,000 per year (minimum)
  • Human Resources for Web Analytics Solution: $100,000 per year
  • Estimated Marketing Budget Total: $3,000,000 per year

Poor Data Quality + Poor Data Integration = Poor Decision-Making!

Data Quality isn’t just an issue for Fortune 500 companies. It is also an issue for smaller businesses where decisions can make or break them. Regardless of the size of the business, we still need to take into account the business requirements, technical requirements, reporting, and the impact that the data will have on the organization’s ability to create efficiencies and save time and money. There are significant costs associated with a lack of data and poor data quality.

Financial Services: Increase New Accounts & Acquisitions via Web Analytics

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Countless industries have made dramatic increases to their web-based marketing efforts as of late. In 2011 alone, budgets usually allocated to print-based efforts were diverted to online ad spending. The Internet Marketing space has proven to be an efficient means to market to specific clientele via various forms of targeting. However, as with almost every instance of change throughout history, there are still those who lag behind in adapting to the circumstances.

In the financial services industry in particular, we have noticed a sizable population of organizations that either lack in marketing in the digital space or are not monitoring their marketing channels effectively (if at all). Large portions of marketing budgets are still being alotted to traditional efforts like print or billboards, which is fine: But how accurately is return-on-investment for these channels being monitored?

If implemented properly with solid policies and procedures, Web Analytics can shine quite a bit of light on the performance of your web efforts as well as how much return traditional channels are really generating. Here’s 3 ways Web Analytics can help:

  • Optimization for Increasing Loan Applications & New Accounts: In many ways, your institution’s website is as important as your branch tellers and representatives. It is client-facing, has to serve up the information your customers are looking for, and get them to bite on additional products and services you offer. Web Analytics can help shine light on how well the site does at cross-selling and up-selling your clients and point out where improvements could be made.
  • Identification of Seasonal Trends: Different seasons yield different trends with consumers. This is old news to anyone in marketing. Monitoring what non-branded search phrases people are using to find the website on search engines can uncover gems to base marketing strategies on in the next month.
  • Monitoring Effectiveness of Traditional Channels: Web Analytical platforms’ visibility can extend beyond the website. Want to determine how much of a return that shiny new billboard your organization has on the interstate is really generating? Using a combination of vanity numbers, URLs, and unique landing pages, you can measure its effectiveness at creating new banking and investment customers right alongside your website’s data.

The list of benefits extends well beyond these alone. Not only can you optimize your institution’s website, but you can also measure return-on-investment on other channels of marketing as well. Gone are the days of remaining blind to performance and the inability to compare and contrast channels. Use Web Analytics to increase sales and new accounts.

Want an example of how Web Analytics actually helped a Financial Services Institution? Check out this Case Study. Also be sure to Follow Us on Google+ to receive the latest news & tips on Web Analytics, Internet Marketing, SEO, and more!

SEO Results for Regulated Industries in 2012

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There have been numerous predictions on what changes will be seen in 2012 for SEO. We are predicting that more companies in highly regulated industries such as Credit Unions, Banks, Pharmaceutical Companies, and Independent Insurance providers will start to proactively engage in SEO, Social Media Marketing and measurement of internet marketing tactics. Major factors determining marketers’ budget allocations to these initiatives will be the economic conditions and the marketing managers’ abilities to demonstrate the positive influences on ROI.

SEO & Social Media in 2012

As many have predicted in 2012, the days of implementing SEO campaigns without a thought or allocating resources to Social Media are over. This should be the catalyst needed to encourage Banks & Pharmaceutical companies to consider their presence online. Last year, SEOmoz and other industry internet marketing blogs displayed a correlation between high ranking companies and social media metrics. We assume the launch of Google + as well as the modifications to Facebook and Twitter promotions will be more relevant to the equation in the future. Metrics from these platforms have even been added to SEO software as a result.

Figure 1: SEOmoz Facebook Metrics Report

Internet Marketing Challenges for Regulated Industries

One of the biggest challenges for these industries is the interpretation of the financial services laws or the lack of a specific guide by organizations such as the FDA. There currently is a list a specific list of dos and don’t for online marketing provided by the governing organizations. In addition, privacy of customers’ or prospective customers’ information will continue to be a challenge. It is highly recommended that you have someone with marketing experience within the industry overseeing the marketing efforts who understands internet marketing tactics, and has a history of ethical practices. Otherwise, you will increase the probability of experiencing issues and public scrutiny.

Measurement & Privacy go Hand-in-Hand

The measurement of internet marketing is a cause of concern within these industries as well. All of the backlash from retargeting campaigns, the collection of personal information and the use of 3rd party cookies is understandable. But it is critical that all of the internet marketing tactics be measured and aligned to the organization’s goals and objectives. Otherwise budgets and personnel will be cut, because without measuring the marketing efforts there is no way to show how they impacted ROI.

In the case of Banks and Credit Unions, many of these organizations have websites with two different sections that included a secure domain for applications and an unsecure domain for product/service offerings. Many financial service companies do not track the secure domain due to privacy concerns. Generally speaking, as long as you are not collecting personal information within the analytical solution, you legally can measure if visitors completed a specific task (i.e. loan application submission). Since you can accomplish this, you will be able to measure the impact on ROI and demonstrate to senior leadership the value of your internet marketing tactics.

Figure 2: Even Google Analytics has the able to track secure pages.

Remember that SEO results go beyond keyword ranking. Consider the impact that SEO has on new visitors, on-site metrics, landing pages, and other marketing tactics such as PPC cost. Part of the process of SEO for regulated industries is to educate those that are less informed. As marketers, we do not just deliver reports; we must deliver the message and insights, as well as show ROI in a form that senior management can understand.

The Cost of a Low Quality Score

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Quality is important in advertising, but even more so in PPC advertising. Google AdWords gives the top Ad Position to the highest Ad Rank, and Ad Rank is Max CPC Bid multiplied by Quality Score. This means that there are two factors that decide what position your PPC ads are shown – 1) How much you Bid (CPC) and 2)What your Quality Score is. A Quality Score can range from 1 (terrible) – 10 (excellent), as shown below.


In order to clearly see the Value (or Cost) of Quality Score, let’s walk through an example. First, assume a competitor is Bidding $0.75 with a Quality Score of 7. This means their Ad Rank is 5.25. The Table below reveals the CPC Bid that is needed in order to achieve the same Ad Rank depending on your Quality Score.


As you can see, a Higher PPC Quality Score can actually save you money, while a lower Quality Score could cost you $1.00 or more of additional cost per click (CPC.) Let’s continue with this example and assume 100 Clicks in a month. The below Table shows the additional and total savings/cost due to Quality Score.


The Yellow Highlighted Row is your competitor. The Green Highlights show the possible savings per click, and how you could be paying less than your competitor, if you have a higher Quality Score. However, the Red Highlights reveal that a low Quality Score could cause you to pay more than double your competitors per click. Now you should be able to clearly see how a Low Quality Score will greatly increase your Cost per Click, which in turn increase overall Cost, but also how a high Quality Score could lower you Cost and increase your Bottom Line.

Selecting a Sensible Web Analytical Platform For Your Organization

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There’s countless blogs, articles, and studies out there that preach about how web analytics is the greatest thing since sliced bread and how it can tie together virtually any marketing effort for an organization and measure their effectiveness side-by-side and against each other. All the features, reports, visuals, metrics, and alerts are great…but only if your organization can dedicate the time, talent, and funds to properly implement and support the platforms.

There’s been more than one instance where we’ve seen a large organization invest in a big and flashy analytical platform like Omniture and WebTrends, and not dedicate the necessary resources to properly implement, support, maintain, or even use it properly. It almost seems like some organizations view these platforms as set-and-forget endeavors, when in reality they are no different than the machinery that is used to make their products or the buildings in which those products are sold. Just because it isn’t tangible does not mean it won’t need ongoing support.

One of the driving reasons these platforms and strategies are improperly executed is because of a lack of budget. Most of the larger analytical platforms use a pay-per-pageview approach to their billing, which for well-traveled websites can add up quickly. After figuring in servers and databases, the total cost for the year can easily stretch into the tens of millions, if not hundreds of millions of dollars a year. This usually swallows up the majority of an analytics budget and doesn’t leave much more room for bringing on talent for proper implementation and usage. So this brings us to the driving point of this blog: Choosing a web analytical platform that your organization can actually afford to support (via either internal talent or external agencies) is a critical step that should not be overlooked.

For some of the aforementioned organizations, selecting a cheaper (or even free) platform like Yahoo! Web Analytics or Google Analytics would have yielded much better insights. We even saw this with one client, as they had both WebTrends and Google Analytics, and the latter platform offered exponentially deeper and more insightful reports.

So whether you are the individual or an agency pitching to the higher-ups of an organization why they should go with analytics, make sure you ask the right questions: What do we really need, and what can we actually afford to support moving forward?

Keep your eye on DaBrian Marketing Group’s website for a more in-depth article on this. Also be sure to follow DaBrian Marketing Group’s new Google+ Page!

Event Tracking to Reduce Bounce Rate Due to Affiliate Sites

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One of the greatest challenges a web analyst faces in the field is gaining full visibility into all facets of an organization’s online presence. As analysts, we are curious creatures by nature with an unquenchable thirst for data and knowledge. We want to know where traffic is coming from, how these visitors are using the website, and where they are going. Discovering a missing piece to a data collection puzzle can be a double-edged sword: It means we aren’t getting the complete picture, but it also serves as motivation to always be on the lookout for new sources of analytical data.

In the past year, we were approached by a client in the financial services industry that wanted to track their website’s organic performance on search engines as well as receive monthly analytical reporting and recommendations. A few weeks after initial implementation, however, we noticed a consistently high bounce rate to the website. These bounces were primarily happening from the Home page of the website, which is a major red flag to even the most inexperienced of analysts. After some additional analysis and a look at the navigational summary of visitors, we were able to determine that most of these bounces weren’t leaving the website: They were proceeding to the separate secure Online Banking portion of the website. Due to internal security policies of this particular bank, we were unable to implement any direct tracking of this platform beyond the Home page of the website. A new solution to alleviate the high bounce rate needed to be identified.

That’s where event tracking came in. With Google Analytics, event tracking is a method traditionally used to track actions visitors can perform on a website that aren’t captured by the standard analytics script. This often takes the form of a PDF or document download. Since we could not place any sort of tracking code on the Online Banking platform itself, we decided to place the event tracking code on all links on the bank’s website that pointed towards it. The change in the skewed bounce rate for the website was noticeable almost immediately:

Not only did this help alleviate the high bounce rate, but it also provided more insight into how the bank’s customers used the site and where the entered the Online Banking platform from.

There are never perfect circumstances when it comes to web analytics. More often than not, internal policies, procedures and security will stand in the way of getting the complete picture of an organization’s web presence. Learning these policies from the start and identifying alternative solutions will help in overcoming these obstacles.

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