A Metric Driven “Visitor Experience Optimization” that also improved CTR and ITL
A subsidiary of one of the world’s largest banks has had a long stint in India for over a 100 years. With 44 full-service branches in 31 cities and over 700 ATMs across the country, it is an important player in the Foreign Direct Investor segment in India.
The company offers a wide range of cash, trade, and securities solutions with several portals dedicated to its various lines of businesses. But there was a lack of real-time-based context-relevant insights across these portals. Our client wasn’t able to gauge the performance of its individual sites and as result was facing challenges in syncing its portal experience to its visitors’ expectations.
Xerago was brought on board to help overcome this challenge. Xerago first analysed goals and expectations, explored the gaps in its current portal management processes and identified a new approach to maximizing yield from its existing portals. At the end of the day, it is all about usability, conversion and how you can track these metrics. Commercially available web analytics solutions worked at page levels offering high level metrics but these can rarely be transformed into actions. They can spot that something had occurred but cannot explain why it happened in the first place.
Xerago advised that a metrics-driven “visitor experience optimization” approach was required when it came to portal management functions. A solution that understood performance at a fundamental unit level was needed – one that takes into account, customer actions on the one side and the business’s intent on the other. To this end Xerago proposed the implementation of the Portal Yield Maximization framework.
To begin with, all portal elements were inventoried and categorized. Xerago then identified specific metrics that would accurately measure the performance of each unit. Using past traffic data, benchmark numbers for each of the metrics were calculated to gauge current performance levels. Each unit was then tracked and monitored in real time, and based on the unit’s performance, changes were recommended to enhance visitor interaction.
This Portal Yield Management framework led to the business adopting a more strategic approach to the management of its portal inventory as opposed to the intuition-led optimization and complete portal revamp which used to be the norm. This in turn, went on to reduce turnaround times.
Some key results included –
- The Featured visual on the Personal Banking page recorded a 6.7% increase in Click-Through Rates (CTR) and Impressions to Lead (ITL)
- A product swap accompanied by revised creatives and copy contributed to an almost doubling of the CTR and ITL of the homepage’s featured visual unit.
- A simplification of the dropdown options under the cards section of the homepage increased ITL values from a mere 1.82% to a staggering 10.35%
- A reduction in the number of steps in the form page and instant data validation reduced drop off rates and increased ITL values from 3.89% to 5.04%