Friday, 28 April 2017

Information and commentary for the small business banking industry

Measuring traffic to determine the success of your website is dead

02 Feb

In the mid 2000’s we worked with Microsoft out of Seattle. A key conversation was ‘traffic is like a currency. If you can generate traffic, don’t worry about if you can make any money. It will follow’.

Cue Facebook, You Tube and all the others that proved this right.

But traffic is no longer a digital currency. Having millions of visitors, clicks, hits or whatever you want to use is great, sure.

But is it making you a profit? All of these ‘traffic only’ sites now sell advertising or have revenue models.

I see banks holding onto this mantra about traffic.  A rise in traffic each month from our effort is greats. A drop is a disaster!

Really?

This is no longer the case in my view. Having 100,000 unique visitors to the small business section of your website (or a resource center) who either don’t buy, or go straight to internet banking, IS NOT as effective as 1,000 unique visitors who all make contact/sign up /ring their bank manager.  And from them, 100 customers who buy something.

Leads are the new digital currency.

People that want to make contact, and have identified a need that you can fill.

Not the people who signed up for a prize either. Or a special discount or promo (these ones are not loyal and will be off to the next shiny promotion from another bank).

But qualified people that want to start a business and know what they need, or an existing customer adding new products to their share of wallet.

So take time to review your digital strategies; how much are you spending on building traffic with no way of collecting leads?

True lead generation is the only yardstick you should be using.

Email me if you’d like some evidence on lead generators we’ve found work for banks.


GSCirc

Glen Senior
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.

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