SIG: Content Strategy Framework

1. SIG: Content Strategy Framework July 25th 2007

2. Overview • Rationale • Process • Content map and competitive analysis • Observations • Opportunities • Open areas for discussion • Next steps

3. Rationale • What: a framework that establishes an initial content hierarchy for the upcoming SIG Web site to support the trading platform; it complements and extends the competitive usability audit previously delivered. • Why: A first step to assess the universe of content and content types that will be needed to support the goals of the site; establishes a hypothesis that can be used to inform – and be tested in -- the upcoming research and ongoing persona development.

4. Process • Examined primary, secondary, and tertiary content hierarchies across four main competitors: optionsXpress, MB Trading, Interactive Brokers, and Think or Swim • Mapped these hierarchies against each other to compare site content offerings, content density, nomenclature, and pre-sign up/log in site features • Developed a rationalized set of content categoriesand sub-categories as an initial baseline/working framework for the future SIG Web experience • Mapped this rationalized set against the personas, giving an initial weighting to the relevance of the content type to each persona • Summarized key observations on the competitive set and identified opportunities for content in the new SIG site • Examined title, description, and metatags/keywords for each competitor

5. Content Map and Competitive Analysis • The accompanying spreadsheet includes the results of our analysis and initial recommendations, divided into three sections: • Initial content map*: provides top-level recommendation of content categories and hierarchy, derived from the competitive analysis, with each category mapped by relevance against each persona • Competitive content hierarchies: provides views of the content categories from four competitive Web sites; one view in the order in which they appear, and a second view that allows side-by-side comparison of similar sections across sites • Metatag analysis: provides side-by-side comparison of title, descriptions, and keyword metatag content from the four competitors * The content map provides a snapshot of the site in a pre-log-in state. The post-log-in state, to be developed in subsequent iterations, will detail the specifics around content that will be offered to registered users and current customers.

6. Content Map: Summary • Using a three point rating scheme, we evaluated each of the proposed first and second level content categories against each persona according to relevance. • 5 = high relevance • 3 = moderate relevance • 1 = low relevance • We then took an average of the scores within each major site section to arrive at the summary below • The following eight slides provide a brief analysis of the persona ratings for each major content section

7. Content Map: Getting Started • For the Getting Started section, we determined that: • Established and Up & Comer will greatly benefit from this section, especially the Virtual Trading capabilities • The Enthusiast will probably breeze through this section but will need some information, most likely in the “Quick Start Guide”

8. Content Map: Benefits • For the Benefits section, we determined that: • Established and Up & Comer would be most interested in learning about benefits and reading about others who are like them and who have traded successfully (Testimonials) • This content is less relevant to the Enthusiast and Low-End Professionals

9. Content Map: Accounts • For the Accounts section, we determined that: • All personas will have a high interest level in account management, fees, and tax requirements sections. • Enthusiasts are likely to be familiar with online trading and would not need as much basic content to understand the mechanics of the system

10. Content Map: Trading • For the Trading section, we determined that: • All personas will have an interest in this descriptive content, with Established and Up & Comer interested in basic trades, and Enthusiast interested in both basic and advance trades • Enthusiasts also are more likely to take advantage of special tools (alerts, downloads, other analytical tools)

11. Content Map: Software • For the Software section, we determined that: • When other delivery platforms (Web, mobile) become available, Enthusiasts are most likely to adopt these trading methods early

12. Content Map: Education • For the Education section, we determined that: • Established and Up & Comer will benefit most from basic trading education • Enthusiasts will be more interested in advanced concepts and trading strategies • Educational content should definitely be segmented by user needs and level of trading sophistication/ education

13. Content Map: Site Support/Help • For the Site Support/Help section, we determined that: • The Up & Comer will most likely use Site Support content, especially in their early trading cycles, with Established following next • Enthusiasts are likely to use help for more technical matters or advanced concepts

14. Content Map: Corporate Information • For the Corporate Information section, we determined that: • While this content is required, it will not have a high relevance for any of the personas • Enthusiasts, established, hedge fund managers and low end professionals will want to know more about the company with which they are doing business with • Corporate information is also necessary for media relations

15. Observations • Most content in the pre-log in/sign up experience across competitors falls into 7 broad categories across the competitive sites: • Marketing (primarily supporting account opening/sign up) • Corporate information (press, investor relations) • Account type information (including descriptions of features and functions) • Trading information (including descriptions of features and functions) • Software (including interfaces and integrations with third-party providers for quotes, charting, analytics) • Education and tools (some content offered pre-log in; access to most requires customer log-in) • Site support/help (specific to the platform, not for general investment or trading education) • These categories form the base of the initial recommended content set

16. Observations • Across the competitive set, the sites primarily play a marketing function in the pre-log-in state by providing descriptions of the features and benefits that registered users will realize once they sign up • Predictably, most sites restrict access to full features and content to to registered users and current trading customers. • Content density (amount of primary, secondary, and tertiary hierarchy levels combined with individual page weight) varies across the sites • From most to least dense: Interactive Brokers, optionsXpress, MB Trading, Think or Swim

17. Observations • Top-level content notables across the competitive set: • optionsXpress • Presents content clearly and consistently across the site • Serves as an excellent model for content organization and hierarchy • Articulates basic and advanced trading education clearly • Syndicates third party content (articles, newsletters) and other offerings (blogs, Webinars, podcasts) to support education • Offers virtual trading, allowing new users to “test drive” the platform before using real funds • Advertises on sites as divergent as the New York Times and Internet Movie Database • Ads highlight platform features such as virtual trading, global currency options, and futures trading capabilities

18. Observations • Top-level content notables across the competitive set: • Think or Swim • Presents a distinct, branded voice and site experience • Takes advantage of embedded video and other multimedia applications to highlight platform features and benefits • Offers virtual trading • Serves as a second model for content organization and hierarchy (along with optionsXpress) • Interactive Brokers • Assumes users already possess a high knowledge base about investing and online trading • Does not lead users through a progressive site experience

19. Observations • Top-level content notables across the competitive set: • MB Trading • Provides no education for users at any level of investing or trading knowledge • Employs a navigation scheme that consistently drives users toward account opening by including links at the end of every pull down menu • Focuses on high-end/sophisticated traders

20. Observations • An analysis of the metatag/keywords used across the competitors revealed a mix of generic descriptors, industry terms, and some branded features or offerings. • MB Trading included the most metatags, while Interactive Brokers included the fewest. • The most common terms used across all four competitors included some combination of the following (see worksheet for complete breakdown of all metatags used): • Options, Stock, Trading, Online, Investing, Futures, Broker, Interactive, Internet • Only optionsXpress and Interactive Brokers used the word “discount” in their metatags, while MB Trading used “Cheap commission” as a tag.

21. Opportunities • The competitive survey and analysis reveals several areas of opportunity where SIG can differentiate itself through site content • Structuring and presenting content across all areas of the site according to the levels of a user’s investing and trading knowledge clearly represents the biggest window of opportunity • Only a few competitors offer layered content experiences, and usually only around investing and trading education • This approach to content development will ensure users who need help will always have it, but will not slow down time-constrained users who don’t need it (e.g. Enthusiasts)

22. Opportunities • The site and site content will play a key role across the entire customer life cycle. • As we observed with competitors, in the pre-sale cycle, the site and its content function primarily to move users toward sign up and registration. We can characterize this process along four steps (AIDA) • Awareness: Who is SIG, and what is it all about? • Interest: I want to know more about how trading with SIG can benefit me. • Desire: I understand the benefits and feel a connection with what SIG has to offer me. • Action: I will sign up for an account with SIG and will begin trading.

23. Opportunities • In the post-sale cycle, the site can support customer retention and shifts in customer needs. • While it’s unlikely that persona characteristics will change over time, some customers (especially in the enthusiast/up & comer and up & comer) can move from one personal type to another as they become more knowledgeable about (and gain confidence in) trading online. • The site content can support these progressions by providing education (both self-directed and targeted), insights, tips, and third party content. • In addition, fostering online communities and forums where traders can share information with one another in a self-directed way (Wikis, blogs, etc.) will further increase the benefits of trading on the SIG platform and can aid customer retention efforts

24. Open areas for discussion • Determine hierarchy and content requirements for the site in the post-log in “state.” • How integrated will the Web-based trading be in the future? • What are the integration points between the site and the platform? • How will “live” content such as market and news feeds, third party information, be integrated into the site and platform?

25. Next Steps • Incorporate feedback based on today’s presentation and further refine the Content Map • Determine differences between pre- and post-log in content across the Content Map • Establish working list of the SIG platform features and identify deltas with the Content Map • Begin site map and preliminary information architecture, taking into account the various site states (pre- and post-log in)