Microsites

It's not secret ... if you want to reach the "Google Generation" you'd better be a few steps ahead on technology. Text alerts and mobile banking are as expected as ATMs and online banking.

You'd also better spend more time analyzing and improving your website than you do writing newspaper ads!

Lately, we've had a lot of clients interested in microsites. And they can be VERY useful in the right situations.

What is a microsite? (or minisite, or weblet)

It's a page or cluster of pages that supplement your main website. They are usually used to highlight a particular product or aspect of your organization.

Let me give you 2 examples.

We are in the process of completing a Mortgage-specific microsite for a client. While in this supplemental portion of their website, a user can find only information important to someone who's interested in buying or refinancing a home.

We also completed a microsite for another institution who wanted to focus on their new lifestage-based sales process. Here the user is drawn into information important to their specific lifestage. They then have the option of clicking on relevant financial products that will take them back to the bank's main site.

In short, it's a way to get a reader interested and to draw them to you. A microsite can differentiate in a very targeted way and generate qualified leads. It's also a much better marketing message:

"Come to our site with information important to you."

vs

"Come to our site all about our products."

What Makes a Microsite Successful?

Content.

The number one objective of your site should be to add value - not, necessarily to sell your products.

Where your main website is traditionally an electronic brochure of your "stuff," a microsite is successful because it draws a user to it for value - entertainment, knowledge, etc.

Many retail microsites use games to bring people in. We prefer to position or clients as experts and use value-added content.

Our mortgage site includes more than a dozen articles that are important to first time home buyers, experienced home buyers, folks wanting to refinance and moving and packing information. It also includes dozens of helpful links to anyone moving or remodeling. The entire site is designed to be a one-stop resource for everything important to you before and after you complete a mortgage app.

Our Lifestage site provides links and information for anyone experiencing specific life events, like childbirth, retirement, etc.

Of course, there are countless ways to link from the informative microsite to the "salsey" main site.

In short, a microsite should be a resource that a customer or prospect will want to bookmark and come back to over and over again.

Merry Christmas,

Eric

Whack-A-Fee

OK Financial Marketers, this one's fun, creative AND on message.

Whack-A-Fee

The gauntlet has been thrown.

New Online Competition

If your institution provides small business loans, have you heard of Kiva yet?  If not, it's worth a look at kiva.org.  

This non-profit organization, founded in 2005 to help entrepreneurs over seas, launched today to help lend money to needy US small businesses.  To date, Kiva has half a million lenders from more than 185 countries who have lent more than $75 billion with a 98.35% rate of repayment - according to the company.

Any average Joe can lend the small business of their choosing as little as $25.

It's truly "people helping people" - sound familiar credit unions?

Sure, these are loans that the Wachovias, Wells Fargos and Bank of Americas won't touch.  But to community banks and credit unions who rely on local mom-and-pops, we should keep an eye on this.

Take care,

Eric

Online Account Opening

Thanks Al Gore ... this internet thing might just work out after all.

BAI Bank Strategies estimates that by 2015, 50% of new accounts will be opened online -- is your institution ready?

Consumers are getting more and more comfortable picking and clicking:

• Gen Y is the most likely demographic to look to online resources
• More than 60% of online shoppers are women
• People with children are more likely to conduct business online than those without
• People conducting online transactions are looking for immediate results

In short, they are your key target and they are motivated!

Reevaluate your website - With this target, your reputation and your website may have a greater impact than your physical branches or staff. Create a web advisory council or hire a third party to evaluate your site's look and flow.

Make it easy to open the account(s) - This takes teamwork from compliance, IT and marketing. The more a consumer can complete online (without having to print and mail applications) the more likely they are to complete the process. With government regs in mind, make every effort to allow customers who want to open an account online to actually open the account ONLINE.

Make it secure - It goes without saying...

Add value - These consumers are typically online savvy, however, a little extra education can't hurt. As they are trusting you with their money, help these customers protect it with regular tips on how to keep their online identity secure.

On-Board - Opening an account online is a convenience ... not an excuse to never have direct human contact with your staff. It may be more important than usual to implement a formal on-boarding process with online account openers. Assign a Services Representative to:

• Write a hand written thank you note the day the account is opened. This can follow an email notification that should be automatically, electronically delivered to the customer immediately after the account is opened.
• Place a follow-up phone call a week or two after account opening to assure the delivery of their debit card, checks, or any other relevant materials. Also inquire about the satisfaction of the account opening process.
• Place another personal phone call after the customer's first statement delivers to assure satisfaction. Invite the customer into the branch or schedule a call to discuss further financial needs.

This will be a vital target for us as our industry and consumer needs evolve. Those institutions who are early adopters will have a leg up.

If you're having success in this area today, or if you have questions for those who are, please post a comment in this blog.

Take care,

Eric