InsightIQ Blog

How Financial Services should use web analytics

Sep 8 2009

Financial services firms are shifting to a more sales-centric mode. With this shift, companies should invest in tools to help them understand how Website visitors engage with and use content. Web analytics tools can be used to measure site effectiveness, determine site priorities, and develop the optimum sales purchase path. Unlike e-tailers, where conversion equates to a purchase, financial services firms traditionally struggle to co-relate web activity; true success events or "conversion" are often less clearly defined.

Given the constraints, here are some basic best practices that will allow financial services firms to utilize their web analytics capability in a more optimal manner.

Tie visitor behavior to conversion or success events.
- This requires an evolution from getting basic page views and operational metrics to tie user behavior to defined conversion events like online application enrollment or transactions.
Explore behavioral differences between different customer segments.
- Use segment level analysis for deeper insight into how each customer segment is leveraging the online channel. This type of analysis offers the ability to better optimize content based on segment.
Connect behavior data across channels.
- This allows deeper insight into how customers are leveraging the online channel and effectiveness of the online channel from sales and service perspective.

In my next blog, I will focus on best practices from a technical standpoint to achieve the afore-mentioned objectives.

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Ram Krishnamurthy
Senior Manager, Professional Services

Ram brings over 10 years of consulting experience to Quaero's Marketing Services Group. His expertise includes database marketing, campaign management, marketing solutions technology, marketing analytics and data…