In past blogs, I have discussed how web analytics can help gain the support of the decision makers and even laid out some great ways to measure traditional marketing with Google Analytics. But how do you get to the point of being able to show the decision makers the right insights in the first place? Today’s blog is focused on some of the most common problems we’ve come across with banks and credit unions that stand between them and gaining greater insights into member behaviors and trends. More importantly, it sets out to show how you can get the most out of your marketing campaigns via analytics and open minds.
The Problem
Institutions often seem to lack visibility into the “big picture”. When I say “big picture”, I am referring to the complete analytical scene: The website, your institution’s social media assets, marketing campaigns (both online AND offline), affiliate sites, and of course conversions (leads & sales) and Return on Investment. There is little-to-no connection between their assets. Why is this?
This fragmented view seems to be caused by several things from internal politics to fears on data collection and security. What banks and credit unions often fail to realize is that tools like Google Analytics do not collect personally identifiable information! Monitoring beyond the main credit union/bank website is often viewed as a risk, when in reality the real risk is in the lack of visibility into the performance of marketing initiatives.
Are you from a bank or credit union that isn’t afraid to get the tools in place to uncover some insightful gems? Want to see how to tie everything together? Read on!
Getting the Pieces in Place
The key to putting this analytical puzzle together is to first establish links between the data points. This means that policies and procedures need to be created for every “fragment” of your institution’s initiatives:
- Cross-Domain Tracking – It’s imperative to remove any gaps in the clickstream of your website. Credit Unions and banks often use 3rd party loan application platforms. Luckily, web analytics solutions like Google Analytics feature advanced Cross-Domain tracking functionality to ensure the data is preserved all the way from the time the consumer lands on the site to the point that they submit an application.
- URL Tagging – URLs being used for Pay Per Click & banner ads or being posted to your social media assets should be tagged for easier identification within web analytics tools.
- Vanity Numbers & URLs – Vanity URLs and phone numbers set up for call tracking can help bridge the gap between web analytics and traditional marketing.
- Event Tracking – Event Tracking can be used to identify when visitors to your website complete a desired action (like downloading an informational PDF or paper application).
Conclusion
A seamless view of marketing initiatives not obstructed by the glaring gaps and disconnects in data is every financial marketer’s dream. Luckily a holistic view can be achieved through a combination of tagging, scripting, and good ol’ ingenuity. Connecting the dots using analytical tools can yield opportunities to optimize both traditional and digital campaigns and ultimately increase new memberships and loan & credit applications.