Seminar paper from the year 2016 in the subject Business economics – Offline Marketing and Online Marketing, grade: 65, , course: Digital Marketing, language: English, abstract: The rise of digital technologies has allowed customers to take a better-informed purchasing decision, by comparing prices, quality, and reading product reviews on the web. Power, today, is in the consumers’ hands. Having gone through a shift from the age of identity, the age of value, and the age of experiences, brands are now looking towards making business a personal experience. Bearing this in mind, Bank365’s website shouldn’t just act as ‘a contact card’ or a centralised collection of information about its product/s or service/s, but rather, should play a central role in a seamless, digital, user-brand experience.
Having a cycle in place of knowing what customers are looking for when they land on Bank365.com.mt and giving that to them; measuring user behaviour and aligning business KPIs; turning passive browsers into valuable conversions and defending against limited visitor patience are all activities which the Bank should focus on if it expects any improved results from the digital environment.
Bank365 undergoes the cycle of reaching, acting, converting, and engaging online with customers on a daily basis. When done right this has produced results, and as a matter of fact the company has been generating an average of 165 online leads per month (around 2000 online requests forms filled per year) since January 2015. Nevertheless, the aspiration to have a better-integrated digital marketing strategy can no longer be put aside.
Conversion rate optimisation (CRO) is a free approach to digital marketing focusing on inbound traffic, which, if adopted, will allow for lower acquisition costs and maximisation of profits; therefore more money to spend on additional acquisitions. Through CRO, Bank365 will get more of the right kind of customers, add value to affiliations and business partners, combat the limited attention span of the average website visitor, and generate momentum by having an edge on its competitors. The Bank’s website is a constant ‘work in progress’, hence there will always be room for improvement.
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