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Creating a Culture of Optimization Hugh Kimber, UK Sales Director
& Dan Rainford, eCommerce Optimisation, Lloyds Banking Group
Introductions
Lloyds Banking Group
General Insurance, eCommerce
Dan Rainford
12 years at the company
Working in three divisions of the Bank: IT
Retail (online banking, eCommerce) General Insurance (eCommerce )
Webtrends
Sales Director, UK & Optimize EMEA
Hugh Kimber
12 years at the company
Financial Services Sector
Optimize EMEA
Why should we optimize?
Why should we optimize?
Campaign Success
Web
site
Eng
agem
ent
Acquisition costs
Top Benefits
Challenges with Optimization
First things first
Where do I start?
Analytics
Identify and quantify opportunities thru insight
Optimization
Test, segment and target to improve performance
Build momentum
Creating the culture Campaign success? …..This means Stakeholders
PUTTING IT INTO PRACTICE Lloyds Banking Group – Dan Rainford
Who are we… and what do we do?
We have more than 25 million customers, employ c115k colleagues and have some of the UK’s best known financial brands, including Lloyds, Halifax and Bank of Scotland
Lloyds Banking Group (LBG) is the UK's largest retail bank providing a wide range of banking and financial services, primarily in the UK, to personal and corporate customers
Our main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision
LBG is quoted on both the London Stock Exchange and the New York Stock Exchange and is one of the largest companies within the FTSE 100
Our leading brand in England Our challenger brand in England Our leading brand in Scotland
History…. of the bank
14
1765 Foundation: Taylors & Lloyds founded
1852 Foundation: Halifax becomes the UK’s largest building society
1997 Became a bank: Demutualisation creating 7.5m shareholders
2001 Further growth: Merged with the Bank of Scotland to form HBOS
2009 Acquisition: HBOS becomes part of Lloyds Banking Group
1865 Expansion: Lloyds Banking Company formed
1995 Further growth: Lloyds acquires TSB forming LloydsTSB
1928 Further growth: Halifax and Halifax Equitable building society merge
1695 Foundation: Bank of Scotland founded
1810 Foundation Trustee Savings Bank or TSB founded
1776 - American Declaration of Independence
1859 - Darwin’s origin of the Species is published
1876 - Alexander Graham Bell patents the telephone
1969 - First Man on the moon
1996 – Dolly the sheep is cloned
1837 - Queen Victoria comes to the throne
Insurance… more specifically Home insurance! We offer life assurance, pensions, investment products and general insurance
The General Insurance business is one of the largest underwriters of personal insurance in the UK
We operate primarily under the Lloyds TSB, Halifax and Bank of Scotland brands
We’re located across the UK with sites in Leeds, Bournemouth, Bristol and South Wales
Challenges… Improving conversion
16
Agility
What’s the optimal?
Resource constraints
Its not always easy to make quick changes
Getting it right first time is not always possible and with finite budgets or availability it can be hard to make best use of that limited resource
Is the proposed change(s) really better than the current process. This is perhaps the most pertinent point, will the change do what you expect it will
How Optimize… has helped
Agility
Compare performance
Idea generation
The speed in which you can turn a concept or an idea in to a live test has impressed
What can we do and how should we approach a change. We’ve had some really useful discussions which have helped shaped change beyond our own ideas
Knowing you can compare performance of any change(s) with the existing process you have is quite powerful
Results Leave the winner live
Have helped me through many discussions with risk and compliance areas - ‘change supported with real customer performance statistics’
The ability to leave live a champion test has to be one of the most valuable elements. You get the benefits of an optimal test right up to being able to make the change
Real Examples… and the Results!
+ 11% to the next steps
Re-naming buttons
+ 20% increase to sale + 9.8% to sale
First visit Returning visit
- Reduction in ancillaries
Real Examples… and the Results!
+ 3% starting a quote Reduced noise
Optimal page structures Baseline current process
Marketing content
+ 28% monthly DD selection + 300% annual DD selection
Sustained conversion No increase in calls
Payment Options Re-building pages
+ 150% Minor ancillaries + 50 - 70% Major ancillaries + 6% Average ticket value
- Negative sales Once live 40% reduction in one off card payments
What’s Next?… what does the future hold
More page re-designs More step / journey alterations Smartphone and tablet testing Optimisation of the non-customer facing insurance systems (Call centre)
GROW YOUR OPTIMIZATION PROGRAMME
Building YOUR culture – Final thought
The magic combination
Business Process & Resources
Technology Successful optimisation programme
Grow YOUR programme
Everything was Tested
“We started with just one simple experiment back in December of 2007. This experiment taught us that every visitor to our website was an opportunity” Dan Siroker – Ad Director and Analytics for Obama Campaign
The Maturity Curve C
onve
rsio
ns
• Web Analytics • Measurement • No Testing
• Ad Network Targeting
• A/B/n Testing • Basic MVT -1-3 areas • 1 Element Targeting
• 1-Project at a Time
• More Advanced MVT • In-session Segmentation • Multi Element Targeting
• Frequent
• Personalization • Integrated Optimization • External Segment Use
• Social & Multi-Channel • On-going
Optimization Maturity Phases
“Crawl ” Phase
“Walk” Phase
“Run” Phase
Operational Reporting
Building YOUR culture needs:
1. Understanding
2. Resource
3. Momentum
4. Stakeholders
5. Business process
6. Technology
Your ROI