In the mid 2000â€™s we worked with Microsoft out of Seattle. A key conversation was â€˜traffic is like a currency. If you can generate traffic, donâ€™t worry about if you can make any money. It will followâ€™.
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 â€˜traffic onlyâ€™ sites now sell advertising or have revenue models.
I see banks holding onto this mantra about traffic. Â A rise in traffic each month from our effort is greats. A drop is a disaster!
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 donâ€™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. Â 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 youâ€™d like some evidence on lead generators weâ€™ve found work for banks.
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.