Web sites

Digital Fracture: Implications for the Web Site

Posted by Mike McLaughlin on Mar 21, 2013, in Thoughts , tagged with , , , , , , ,

In a post last week we introduced the concept of Digital Fracture, our term describing the proliferation of technology-driven marketing efforts that are increasingly specialized and disposable. Whereas the proprietary .com was once the overwhelming focus of digital efforts, firms now look at the Web, mobile, and social media as flexible platforms that require multiple, targeted presences.

Putnam provides a simple illustration of this trend. Digitally, Putnam not only has Putnam.com but distinct Web sites for thought leadership and advisor technology, numerous social media initiatives, and several distinct mobile applications.

For Putnam, digital means multiplying presences across multiplying platforms.

For Putnam, digital means multiplying presences across multiplying platforms.

This extension of traditional digital platforms into more targeted marketing is a shift that continues to gain acceptance.

What is driving this trend? Let’s start with the Web site. A central problem with firms’ Web sites is a lack of visibility, meaning that:

  • Not enough prospects and clients visit, and
  • Valuable content is often lost in the shuffle or hard for find for the people who do visit

So what can firms do? Three options stand out to us as particularly important:

  1. Broaden Content Distribution: many Web sites rely on their ability to attract an audience and promote content. Some accept material for free (M*, Advisor Perspectives), some are pay-to-play, and some require a PR and relationship-building effort to gain access. Purposefully moving beyond the proprietary site is an important opportunity.
    Via Google, third-party sites provide higher visibility to Janus's content than Janus.com

    Via Google, third-party sites provide higher visibility to Janus’s content than Janus.com

  2. Embrace Tactical Microsites: differentiated product stories typically do not function within the confines of a banner or online fund profile. As a result, we’re starting to see a renewed uptick in the tried-and-true microsite as a way to give timely visibility and depth to firms’ most compelling product/concept marketing. Two good examples: RidgeWorth on midcap equities, Pioneer on its strategic income fund.
  3. Improve Search: the vast majority of our clients remain dissatisfied with their sites’ search capabilities. Meanwhile, outside the industry there is continued innovation with tools like Facebook Graph Search and Google Knowledge Search. As these natural language and logical search tools continue to improve, there will be more reason than ever for firms to their own search offerings to make it easier for people to find what they want.

The common thread across these opportunities is that they go beyond “let’s just improve our content, functionality, and design” and reflect the diversity of leveraging the Web beyond the proprietary .com. This combination of breadth and focus is a reflection of Digital Fracture.

Next up: Digital Fracture for mobile and social.

The Rise of Digital Fracture

Posted by Mike McLaughlin on Mar 05, 2013, in Thoughts , tagged with , , , ,

Florida in February, 100+ attendees, and a series of truly interesting sessions – needless to say, we were fortunate to be part of the MFEA’s Distribution Technology Summit last week.

Our opening presentation introduced the concept of Digital Fracture. What is that? We’ll go into more detail in posts over the course of March, but for now we’ll let this quick synopsis we delivered after our session set the table:

DTS – Mike McLaughlin from FundchatS.

For a complete summary of the day’s events and perspectives on everything from predictive analytics to mobile-supported wholesaling, check out the MFEA site.

 

Why Don’t More Firms Care About Mobile Sites?

Posted by Mike McLaughlin on Nov 03, 2011, in Thoughts , tagged with , ,

Last week we presented at the MFEA Council meetings in Chicago. The topic: mobile strategies.

We covered a lot of ground in our presentation – device and mobile Web usage trends, sites vs. apps, client-facing tools, mobile efforts to support field personnel – which we’re more than happy to share if you drop us a line.

The subsequent roundtable conversation covered a lot of ground as well. To my surprise, though, one topic got very little airtime as firms shared strategies with one another: mobile Web sites.

A fund profile on American Century's mobile site.

Back in 2010, Dalbar noted that 24% of asset managers have a mobile Web site. Current estimates lie in the 25-35% range, so there hasn’t been a big move. Why the lack of interest? I see three themes:

  • Mobile Sites are Boring: iPads and apps are sexy. A mobile site, on the other hand is purposefully designed to be a simplified, streamlined experience (single column, limited graphics/multimedia) that delivers the basics (product info, commentary, etc.). There’s not as much room to innovate, so firms see the sites as a snoozer.
  • There are Bigger Fish to Fry: Right now mobile-generated Web usage comprises 7% of all Web traffic. Some firms see that as a big number, some see it as small (especially intermediary/institutional managers). So, when it comes to budgeting, a mobile-optimized site simply misses the cut.
  • There’s Hope for Convergence: 6,500 different mobile devices exist. The Android, Apple, and BlackBerry operating systems all maintain significant market share (20%+). The marketplace is fragmented. But as more people get smartphones and tablets with ever-faster connections, some firms hope that, eventually, most bases will be covered with a single site.

But each of these lines of thinking is flawed. While less sexy than apps, mobile sites currently have the greater potential to reach clients and prospects (no buying a tablet and then searching the app store). The mobile share of Web traffic is only going to increase. And the hoped-for convergence of operating systems and devices is not going to come nearly fast enough.

Bottom line: more firms are simply going to have to bite the bullet here and implement an effective mobile site.

Learning About Recordkeepers Online

Posted by Anu Heda on Nov 02, 2011, in Thoughts , tagged with , , , , ,

In the previous post, we examined the experience of searching for a recordkeeper. In this post, we’ll consider another common experience – the referral. Many people will look for a referral from anyone they deem qualified to provide a starting point.  With a referral mindset, I asked a few DCIO wholesalers to recommend recordkeepers for small and new plans.  I heard three firms repeatedly (and reasons why):

  1. Ascensus – Low-cost, open architecture
  2. Principal – Big, hands-on, and helpful sales force
  3. John Hancock – Good, easy-to-use technology

From reviewing the firms’ Web sites, online marketing has not been a major focus to-date.  None of the top firms’ sites provides a comprehensive pre-sale experience.

 … [read more]

Making Passwords Easier to Remember

Posted by Mike McLaughlin on Jun 27, 2011, in Thoughts , tagged with , , , ,

A few months back, a Yahoo user posed a simple question:

How many online passwords do you have? How often do you forget the damn things?

The best answer, as selected by the asker: Too many and all the time.

This reality remains one of the consistently frustrating parts of Web strategy. In trying to deliver better online experiences for advisors and institutions, asset managers face a logic puzzle that can be summed up by three statements:

  • Clients want more personalized Web sites.
  • Firms can increasingly deliver more tailored experiences IF clients register and login.
  • Clients resist registering and logging in.

Over the years firms have tried hard to overcome clients’ resistance. Registration processes have been streamlined. Sites like Oppenheimer’s sell reasons why the user should sign up. But the password challenge lingers – the average person has more than 20 passwords to remember.

The industry hasn’t dug deep to find better solutions. Right now a forgotten password typically kicks off a multi-step process requiring:

  • A phone call, OR
  • The issuance of a temporary password via e-mail, followed by specification of a permanent password, OR
  • Both

It seems very few firms are actively exploring opportunities to make the tracking/recall of passwords easier. Embedding “hint” questions in the registration process and using those to facilitate direct recall of passwords is one option. Enabling users to utilize the login credentials they know best – via OpenID-based services from Google and Yahoo, for example – is another.

The point is – for all the work done to make it easier and more attractive to sign up for sites, less work is being done to make it easier to repeatedly log in time and time again. With all that firms have done to create excellent sites, this is a challenge that warrants more attention.