How a 200 year-old investment firm brought its personalised customer experience online.
increase in qualified leads
Convert the Pictet website into a platform for lead generation
Set clear metrics for digital channels to build closer customer relationships online
Streamlined the website down from 400 to 100 pages, reducing site drop-off rates
33% increase in qualified leads, boosted by the new website and email
Open rates of 70% to 80% for optimised emails
Digital Communications Manager at Banque Pictet & Cie SA
“In today’s virtual world, your website needs to be more than just a brochure or a branding exercise. It needs to be an integral piece of the lead generation puzzle,” says Stéphane Schorderet, Digital Communications Manager at Pictet.
His words ring especially true for financial firm like Pictet, which has distinguished itself for more than 200 years with extraordinary client servicing and is now bringing those experiences online.
Headquartered in Switzerland, Pictet has 4,500 employees in 17 countries and manages assets of CHF 550 billion. The Geneva-based company has been working with Adobe since 2010 to strengthen its digital presence. “Our business caters to exclusive clients who traditionally visited us in-person, but our digital platforms are transforming into valuable pieces of the customer journey that can inspire people to rely on us to manage their wealth,” Schorderet adds.
Pictet has always been in the business of getting close to its clients, but before 2010 the company had not tapped into the opportunity to optimise experiences on public digital channels. There were no tools or KPIs in place to measure performance, nor was there a clear strategy for how the website would feed into the rest of the business.
“The world of private banking is very personal,” says Schorderet, “When you step into Pictet’s headquarters in Geneva, all the people you interact with know your preferences and treat you like partners. Our goal is to one day be able to provide a digital experience that gets close to those we deliver in-person.”
The first step was to better understand how Pictet’s website was performing with the help of Adobe Analytics. Working with integration partner Valtech and Capgemini to implement the solution and take an agile approach to data management, Schorderet and the digital communications team gained a complete view of their data. This allowed them to set a clear benchmark and lay out their ambitions for the future. Since then, they have increasingly focused on results that drive value for Pictet’s clients, all while increasing qualified leads by 33%.
“For the first time, we began to show the business how engaging people via our website drives further interest and in many cases, inspires people to become clients,” he adds. Indeed, Pictet has seen its qualified contacts double since shifting more focus online.
Adobe Analytics helped Schorderet to change the perception of digital experiences across the business. The consensus at Pictet had previously been that a website was simply a window into the brand, a digital version of its brochures. Teams would simply publish a copy of their content online, leaving Pictet with more than 400 pages that were also translated into five languages. A closer look at the data revealed that the site lacked focus under this model and that the user journeys were erratic.
“So many of our third level pages had close to zero visits. The drop-off was mindboggling. Once we got a better understanding of the content people wanted to see, we cut the site down from 400 pages to just under 100 and we continue to work towards a slicker, more user-centred experience that answers our visitors’ specific needs,” said Schorderet.
The next frontier for Pictet was more targeted and relevant communications, beginning with its emails and digital newsletters. “The promise of social and video content is exciting, but we never lost sight of Pictet’s biggest differentiator from a marketing perspective, which is our on-brand, personalised conversations,” Schorderet says.
To that end, Schorderet is counting on Adobe Campaign to capitalise on emails and newsletters. Some of its local markets have seen open rates between 70% and 80% for their niche letters newsletters, a level of engagement that far exceeds any social or third party channel.
Pictet also uses Adobe Target to optimise its website. As of today, more than one-third of visitors to its site enjoy a fully personalised experience. For instance, after programming the top banner on Pictet.com to display content based on each visitor’s level of knowledge about Pictet and its services, the company click-throughs jumped by 800%.
"This was just an initial test,” Schorderet clarifies, “but it validates our vision and proves that we are headed in the right direction.”
Schorderet’s long-term plan is to reshape the entire website around customer needs at the individual level. “We don’t want to force people to choose between our services as we define them internally. Our vision is to deliver the answers visitors need based on their own definition of what matters and how they interact with us digitally”, he says.
“Overall, our biggest challenge will be to deliver personalisation that is barely noticeable, that feels natural and respectful but concrete and useful. Brightmedia, our design agency in Warsaw, Poland, plays a central role in creating these meaningful digital experiences, in addition to which I see a lot of potential in the new Adobe Experience Platform,” he adds.
With its eyes set on the future, Pictet is now building on its investment in data with a new Content Management System (CMS).
“In 2017 we moved our sites to an open-source platform as a cheap testing ground for our ideas. That gave us the time to master Analytics and understand what we could achieve with Adobe Target. Today, we are ready to scale up into our broader web transformation and we know Adobe Experience Manager is key, so it’s time to move back to the platform,” says Schorderet.
The company will migrate its Perspectives blog to Adobe Experience Manager in 2021 as a proof of concept, allowing it to validate its new approaches and processes. From there, Pictet plans to complete its full roll out of Adobe Experience Manager within the next 2 years.
Schorderet’s grand vision is to centralise even more of Pictet’s content, including text, images, pdfs, videos and experience fragments, using the Adobe platform as a conductor that will allow the company to deliver the right message to the right person, at the right time, in the right format and on the right channel.
Working with Adobe Consulting Services, Schorderet is now fine-tuning the integration plan, ensuring that every piece of Pictet’s investment works together seamlessly. Adobe Consulting is also helping the company to define its most impactful uses cases and create a roadmap that will help it to achieve its ambitions.
“We believe in innovation, but above all we believe in making changes that will have a meaningful impact on people’s overall experience with our company,” says Schorderet. For Pictet, that means building up the team and its digital skills and setting a clear path forward using Adobe Experience Manager.
“We want to break the cycle of re-launching sites every three to four years and in keeping with Pictet’s long-term approach, we’re going to take our time,” he adds. “We want to do things right and build something amazing that will benefit not only our prospects and clients, but also all the people at Pictet who are involved in content creation, communications and marketing.”
Digital Communications Manager at Banque Pictet & Cie SA