Aggregators: Helping or Hindering your Credit Card brand?

coffee computer cards

Desktop users looking for a new credit card increasingly make use of aggregator websites, we noticed while following each step of their discover phase during our study on 201 in-market UK consumers in the second quarter of 2017.

Being able to compare products and offers of several brands on a third-party website, is visibly impacting the decisions of your potential customers when choosing a credit card.

However, mobile users are visiting aggregators a lot less and aggregators don’t hold as much power on their final preferences.

Our research shows that some brands benefit from aggregators and some are actually hindered by them. Have a look at our findings and see why these comparison websites should not be ignored.

On desktop, aggregator visits help Sainsbury’s and Barclays significantly – perhaps as much in awareness as anything else – but hinder American Express in shortlisting. As the graphic shows, around 38% of those who visited aggregators shortlisted Sainbury’s, compared to 19% of those who did not visit them.

Credit Card Aggregators1As for the final preference, aggregators continue to help Sainsbury’s but hinder Halifax and American Express.

Credit Card Aggregators2Even though aggregator visits help Sainsbury’s on mobile too, their lost opportunity is much higher than on desktop, because aggregators have less influence and – perhaps more importantly – Sainsbury’s mobile site doesn’t perform as well as their desktop site.

Marks & Spencer didn’t benefit from aggregators in the shortlisting phase on either mobile or desktop.

Credit Card Aggregators3In the end, aggregators are most beneficial to Sainsbury’s and Santander, while American Express and Tesco lose the most mobile users who visited an aggregator.

Credit Card Aggregators4What can we learn from this?
Having a website – both on desktop and mobile – that carries on the same messaging from the aggregators is vital. When users click, they expect to see the same offer on your site as on the aggregators. Aggregators are less popular on mobile at present, but as ease of use increases, expect their popularity (and power) to grow.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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How good are Irish Energy Providers at Online Conversion?

Energy Ireland

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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How to improve conversion on Motor Insurance websites (webinar 14 July)

Motor Insurance infographicGlobal Reviews is delighted to announce a webinar on Friday 14 Julyth at 10am BST utilising data from our recent Fruition study of the Irish Motor Insurance industry.

Join our webinar and find out:

– If you’re one of the brands losing over 75% of potential clients
– How your competitors are scoring
– What you can do to win clients
– How you can convince users that you have good online member services

Motor Insurance headerGlobal Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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3 Top Tips for Winning More Credit Cards Customers & 4 Brands Who Are Doing It Best

quotes cc

How Do Consumers Find The Online Experience Of Looking For A Credit Card?

Global Reviews researched 400 in-market credit card consumers across desktop and mobile channels. Our research identified the issues that 95% of consumers are experiencing online.  The evidence from our research programme, Fruition, is showing that when users encounter problems while trying to find fees, up to 13% of users will abandon the website to check out a competitor instead.

Is your credit cards acquisition journey helping users find the right credit card that suits their needs and are the options presented on your website easy to understand?

In short, these are the three best practice tips to optimise your conversions online:

  1. Enable easy direct comparison between cards
      • Use for instance; tick box side by side comparison or concertinas
      • Rationalise and match the features promoted on account list page to increase ease of scanning and comparison
      • Use icons and larger text to make features easier to scan
      • Put the same features next to each other and indicate where options are not available
  1. Elevate reasons to continue browsing: using hero images and menu options
  2. Clearly define the benefits of your product

 

Top 4 Credit Card Brands Optimising Conversions:

MBNA and Lloyds offer lists, and the consistency of layout makes comparison easier.

MBNALloyds

American Express promote reasons to apply up the top of product pages. On compare pages, card images float down the screen as users scroll.

AmexCBA’s comparison table offers functionality to make it more user friendly on a mobile device.

CBA1

Pop up messaging appears when the consumer does not scroll right, notifying them that more content is available. This could be used in a number of scenarios to aid mobile usage.

CBA2
Allows consumers to choose to view more features but less products in portrait view OR less features and more products in landscape view.

CBA3

Simplified sticky headers and the ability to remove a product from comparison makes it easier to compare than at most other banks.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Senior Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Are you one of the Credit Card Brands losing over 66% of potential clients? (webinar 13 June)

credit card infographJoin our webinar on Tuesday 13 June 2017, 10am – 10.30am BST to find out:

  • If you’re one of the brands losing over 66% of potential clients
  • What you can do to win clients
  • How to implement a coordinated aggregator strategy
  • How you can convince users that you have good online member services
  • How you can quickly improve showing users what your Unique Selling Points are and beat the competition (currently, no brands score above 50%)

Credit Card headerGlobal Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Saving energy clients: 7 Tips for conversion optimisation

Electricity

Saving energy has been promoted by government campaigns, environmental organisations and energy providers alike. Saving energy and saving expenses make sense to consumers. With more and more energy companies to choose from, consumers are now shopping around for what deals and offers fit their needs best – which is currently the main reason for Irish and British consumers for selecting a provider, our study shows. However, energy sites in Ireland and Britain are losing 69% customers on average by failing to offer a product that suits users’ needs and communicate quickly and easily that they are trustworthy.

In a study of 190 in-market consumers that are looking for a new energy provider, we discovered that there’s a lot of room for improvement for energy websites to win customers. In Ireland, the most popular companies (Electric Ireland and Energia) still lose 51% of consumers, who had them shortlisted as their initial preference (before comparing websites and offers), but chose another brand as their final preference. In Britain, E.ON Energy is most popular, with a loss of 56%. PrePay Power is losing the most prospect clients in Ireland: 74%, while in Britain, SSE has the most lost opportunities at 86%.

The question is: why do prospects who initially preferred one brand, end up choosing another?

Energy lost opp

To understand consumer’s choices, we used our conversion optimisation study Fruition. Firstly, we learned about the journey that those who are looking for a new energy provider undertake:

  • 95% start their journey with a search engine
  • 44% move direct from search engine to a brand website. 71% use aggregators (comparison websites)
  • 75% have an initial preference before researching
  • 44% picked “best offer/price for my needs” as influence on final decision.

We can see a shift from initial preference to final preference when it comes to the importance of price, however loyalty (or laziness?) remains important, indicating that retention opportunities need to be capitalised. Trust, reputation and familiarity still play an important role in final decision making (as per initial preference). Brands need to communicate that they can be trusted, demonstrate that they are reputable and facilitate returning customers.

The top 10 motivators for final preference of a particular energy brand:

  • They have the best deals/offers for my needs (37%)
  • I am a current customer (37%)
  • I trust this company (29%)
  • I have used them before (27%)
  • They are a reputable brand (26%)
  • Their plans were easy to understand (23%)
  • They offer the greatest discount off the unit rate (22%)
  • They had the best household energy plan for my needs (21%)
  • The website is easy to understand and use (16%)
  • The website made it easy to find information about rates and charges (16%)

Top tips to drive conversions on energy websites
We have gathered 7 best practice examples for you from various studies we’ve conducted internationally, that all showcase the most important website features to drive conversions according to our latest study of Irish and British Energy consumers.

1. Cater to existing customers from the start
Speak to needs & cater to different audiences. Electric Ireland has top scores for “Looks like a site that caters for me”
ElectricIreland
2. Offer clear pathways to various tasks and information
Electric Ireland has top scores for “Offering a clear starting point for information I would expect to find about energy plans available” & “Website displays all the information I expect to see.”

3. Offer a direct link to view energy rates & compare plans
Needs based content helps prospects identify where to find information they are looking for (Compare rates, energy saving, help & support etc.)

4. Focus on customer support
Show customers that you have a helpful support system. List the most popular FAQs & links to more, so that visitors can ‘self-serve’ – right from the home page in one click, like Energia does.

Energia1

5. Use easy to scan icons
icons
6. Help users understand the differences
“May suit you” helps to give users a guide to what might appeal to them. ANZ, an Australian bank, gives prospects practical bullet points, offering a quick overview of the product, making it quick and easy to see the differences between the products they offer.

May Suit

7. Show off your awards
Awards are a great trust builder. Eon, Britain’s top performer in our study, won Large Supplier of the Year 2017 in the uSwitch Energy Awards and mentions on their homepage that they were voted best of the large suppliers for customer satisfaction for the fifth year running.

Eon1

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Why Energy providers in the UK and Ireland are losing an average of 69% of in-market consumers (webinar)

energy map

Global Reviews has discovered that energy providers in the UK and Ireland are losing an average of 69% of in-market consumers who are looking for a new supplier. 41% of users says this is because another brand offers better value.

Our recent Fruition study also shows that UK and Irish energy providers consistently fail to help users understand the differences between their products, and why a specific tariff suits their needs. This is a critical omission, given the influence of value and price on final decisions.

Furthermore, 56% of Irish consumers go into the research process with a preferred brand, often because they’re a current customer, but almost two thirds of them (64%) change their mind during the research process.

So how can energy brands showcase their value more clearly for users and meet the requirements that drive prospects to choose their product? We found out.

Energy sanky chartThrough extensive research, we were able to reveal what the main reasons are for consumers for choosing an Energy supplier:

  • They have the best deals/offers
  • I am a current customer
  • I trust this company
  • I have used them before
  • They are a reputable brand

Our upcoming Fruition Energy webinar will focus on how to promote the above to your prospects and existing customers, to further optimise your conversions. We will do so by focusing on the best energy sites internationally as well as showcasing best practice examples from within the industry.

Join our webinar on April 20th at 10am BST and find out how Fruition finds answers to:

  • WHY are our target online customers, who are in-market to buy our products, who are doing in-depth online research across multiple providers, who have potentially got a quote that matches their needs and then shortlist us as their chosen provider, then choosing one of our competitors and not us?
  • WHAT actions can we take (based on learnings from companies around the world) that will enable us to win more of the customers that we are currently losing?
  • HOW can we independently validate the decisions we are making as regards our online sales and marketing strategy?

Energy headerGlobal Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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Share of Wallet: Best Practice in Cross-selling

SoWTeam

Global Reviews has now launched Share of Wallet, a unique data and insights solution that helps your digital and marketing teams to understand the opportunities for a better cross-sell experience for desktop web, mobile web and native app. We’d like to share some information on our methodology with you and show you a few best practice examples.

We conducted research in the banking industry in which we evaluated the current experience and offering of key brands cross-selling within their digital assets and identified best practice in this area across all their products.

With Share of Wallet, we found a solution to:

  • Align/contrast share of wallet performance against the promotion of cross sell opportunities
    • Measure the consumer share of wallet allocation of key brands within banking and insurance industries
    • Audit the implementation of feature and function best practice on digital assets across the same brands
    • Correlate share of wallet performance against the promotion of best practice digital cross-sell strategies
  • Identify best practice in this area across all industries
  • Provide recommendations to improve cross-sell features and functions

Our research shows that there is no correlation between volume of sales a customer has with your company and the volume they have with a competitor. Someone with a current account at one bank, could easily have a home insurance with another bank.

We also can’t focus on absolute satisfaction as a means of understanding share of wallet, for what drives share of wallet, is not what drives the Net Promoter Score (an index that measures the willingness of customers to recommend a company’s products or services to others, used as a proxy for overall customer satisfaction and loyalty to the brand).

Our study on Australian banks shows that the satisfaction rank has no impact on the number of brands customers use.

SoWSatisfaction

So, despite high satisfaction with one product, we found that these are the main reasons for customers to choose a brand for another product they’re interested in:

1. They have the best deals/ offers for my needs (48%)
2. They look like they have good customer service and support features (45%)
3. Their products/ offers were easy to understand (43%)

After our extensive research, our recommendations are:

  • Facilitate quote and applications: This must be a function that is prioritised and provides a good user experience within secure areas, as this is where the existing relationship can play a big part in decision making and ease of completion
  • Help me complete the form: If a current customer is getting a quote or applying, within the customer services area or app, their information should be provided and merely confirmed by the customer (name, address, date of birth, email address, income, employer, assets, debts etc.)
  • Help me understand: Use customer data to provide product recommendations, such as the optimal credit card or loan for them
  • Communication: If you are handing the customer off from one channel to another, ensure that the customer is informed but also that their details are passed on
  • Manage applications and quote: Allow visitors to view and manage applications from within the app, updating them on the progress and status of the application form, and promoting if incomplete
  • Contextual offering and solution approaches: Consider information architecture and content approach, promoting other products softly, in areas where ideal prospective customers may be
  • This content should be shown in a solution/ content manner, rather than an advertisement, in order to be viewed as helpful, UNLESS a strong offer or proposition is available
  • Checking out and quoting functionality: Promote the ability to add, combine, upsell options when quoting or checking out – it is important that cross-buy doesn’t have a negative impact on those who wish to only buy one product
  • Recalling customer data: If an existing customer is following the journey on the public site, they should be given the option to complete in the secure area or recall their details via a policy number etc. to reduce effort required

So how are providers helping existing members to buy more products? Some best practice examples:

SoWAvivaSoWANZSoWANZ2SoWLloydsSoWLloyds2SoWLloydsAviva

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of Share of Wallet research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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4 tips for presenting entry requirements on university websites

Higher Learning

In October 2016, Global Reviews conducted online behavioral research using 650 prospective students, measuring and analysing 20 university sites via our Digital Sales Effectiveness (DSE) programme.

Each brand has unique areas where it performs better or worse than others specifically regarding a student’s ability to locate and understand entry requirements in order to find the best course to meet their needs. Each of the following elements can influence just how effective your website is at helping prospective students find the right course for them:

  • Formatting
  • Language
  • In-content links
  • Signposting and headings

The data collected from our desktop Digital Sales Effectiveness studies can reveal which areas throughout the consideration and application stages of selecting a course to study, are helping or hindering online conversions.Higher LearningFor best practice examples and more information, watch our webinar recording now:

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How one Health Insurer took away the inherited customers of a competitor

Health

Imagine you are looking for new private health insurance and start researching your options to find the best provider. You’re going to do some research across the internet, define a shortlist of insurance companies to eventually select the one that best meets your needs. Did you ever wonder what aspects of a website make your research either pleasant and quick or frustrating and unsuccessful – and ultimately influence your final choice?

Here at Global Reviews we didn’t just wonder, we found the answers. Our recent in-market study of Irish Health Insurance providers shows each provider has a different approach, and that some companies are much better at keeping prospect clients interested than others.

For example, Irish Life loses up to 71% of potential customers, while at Vhi only 29% of initially interested consumers ended up choosing a competitor. Despite the merger of Aviva and Glo Health into Irish Life Health the new brand is experiencing high lost opportunities rather than the capitalisation of their inheritance as one would have expected. Looking at these numbers, you can already guess who took that market share: Vhi. Let’s take a look at the different approaches.

Comparing the different providers with our unique research programme Fruition, we found out what businesses are doing well according to 200 potential customers and where the opportunities lie. Fruition helps to clarify the data we have gathered, calculating the lost opportunities brands are experiencing and identifying what problems are impacting conversions. Through thorough research, we were able to reveal what the main reasons are for consumers for choosing Health Insurance.

Health1Our study found that, after brand relationship, how products are promoted is key to deciding a final provider. The top 3 reasons for choosing a brand as a final preference are:

  • Good policy options (37%)
  • Best policies/ offers for my needs (36%)
  • I have used them before (35%)

Besides that, information that is easy to understand is the most important web element for health insurance sites. Vhi make it easier than other providers for consumers to find and understand their options. When it comes to web elements, we see Vhi scores above the average. Respondents said they chose their final preference because:

  • plans were easy to understand (average: 26%/ Vhi: 30%)
  • website is easy to understand and use (average: 23%/ Vhi: 24%)
  • easy to find rates and charges (average: 15%, Vhi 17%)

So how do they do it?

Vhi manage to identify a customer’s needs when providing a quote. They offer a quote tool that determines one’s needs and matches a plan to suit the person best. The tool asks about the type of cover, age and important requirements such as physiotherapy, preferred hospital cover and type of rooms. Rather than having to guess what might be included in a particular level of cover, visitors are provided with this information. Consumers who preferred Vhi also found it easier to compare different types of cover when matching their needs.

Health2

CES (Customer Effect Scores): How much effort did this website make you put in to complete the task required? (The closer to 0 the better) JTE (Judging The Experience): This website makes it easy to help me research options and decide to purchase health insurance with this provider (the higher the score the better)

It is evident that consumers find it easy to match a product to their needs through comparison tables. However, not every comparison table is necessarily great. There has to be specific information, features and functions available to make the comparison table a good one. Learned from best practice there is knowledge available to which of these features and functions are essential when implementing a comparison table to the customer journey:

  1. Make it easy to find. Consumers will search for a product comparison on your website, ranking ‘making the comparison page easy to find’ as one of the top 10 most important elements when looking for a product or service.
  2. Make it easy to read without leaving out important information. Information which is hard to read and understand can be a big reason for consumers to end their journey on your website. Therefore, answering all the possible questions that consumers may ask is important to keep visitors on your website.
  3. Have specific details and functions available. Let consumers know what the product/service can be used for, who is eligible, what they will get from the product/service
  4. Make the table simple and easy to understand. In the table, price points should be displayed along with content to clearly explain that the price is an estimate only where applicable. This demonstrates transparency which in turn helps gaining the trust of the customer.

To find out more about our Health Insurance study or how Fruition could help your business, contact our Commercial Director Hannah-Rose Farrington.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

 

 

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