General Insurers – Simple Steps to Optimising Online Customer Conversion

General

Here at Global Reviews, we are fully focused on helping brands worldwide across multiple industries to increase their online acquisition ratios and conversion rates. One such industry is insurance and interestingly, our most recent data revealed that both home and motor insurance providers struggle at helping customers across each stage of the online customer sales journey.

The Sales Effectiveness Customer Journey 

The sales effectiveness customer journey follows the user through the four stages of consideration followed by the two stages of action.

Customer Sales Journey

  1. Initial Engagement – a user is introduced to the website
  2. Introducing Options – locating various insurance options
  3. Evaluating Options – considering different policies
  4. Facilitating Decisions – making a final decision on which insurance policy to choose
  5. Channel Selection – choosing how and where to purchase the insurance policy
  6. Application Form – purchasing the insurance online

It becomes apparent when we look at the scores across the stages for insurance providers in Ireland, UK and Australia, that there is a very common theme. The focus for insurance brands tends to gravitate towards the book ends of the customer sales journey,’Initial Engagement’ and the ‘Application Form’. As a result, insurance providers are failing to focus on their customers needs and wants when it comes to finding the correct insurance policy, ‘Evaluating Options’. It is at this stage we can see the scores drop across the various regions.

Motor Insurance Customer Journey

Drilling down further, and looking at the low ‘matching products to needs’ scores across a number of brands in Ireland, UK and Australia, it is evident that insurance customers struggle to find relevant product details to ensure product details matched their specific needs.

Matching products to needs

What steps can insurers take to increase online customer acquisition ratios? 

Simple improvements can make a big difference.

  • Highlight the value of the quote
  • Ensure that comparison tools and tables have a call to action.
  • Help customers differentiate between insurance covers. Ensure that customers have the right cover to suit their specific needs.
  • Highlight key product features but link to full detail pre-quote.
  • Ensure navigation is easy to follow. Clearly communicate the starting point for customers.
  • Calculators help users to make informed choices
  • Clearly communicate trust

To find out more, join our upcoming General Insurance webinar 

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, 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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Importance of motor insurance providers presenting a strong value proposition

Motor Insurance Value Propersition

Along with brand trust, having the best offers and prices is a key driver for getting shortlisted and finally selected by a customer. When compiling a shortlist of motor insurance providers, 42% of consumers put a brand on their consideration list because they had good prices/offers.

Budget Direct is a brand with relatively low initial recall of just 18% compared to AAMI’s 66% unprompted recall rate, according to the most recent data from our Digital Marketing Effectiveness studies. However, once customers did their initial research, 27% placed Budget Direct on their consideration list. Given that Budget Direct scored an impressive 78% in our Digital Sales Effectiveness benchmark for their site content around value proposition, their strong inclusion on shortlists is not surprising. They sit well above the industry average of 41% for their value proposition content, and hold a 22 point lead on Coles Insurance and GIO who share second spot each with a score of 56%.

Brands that cannot compete on price need to be focusing on clearly communicating what their value proposition is, otherwise they will lose out to brands who are in a situation where they can offer the lowest prices.

For a non-tangible product such as insurance, it can be difficult for consumers to determine the difference between policies offered by different brands. Therefore, brands need to be able to set themselves apart by including things such as a slogan to identify their competitive advantage.

Explain to the consumer what it means to be a policy holder with you. All insurance products offer protection, so what does your brand offer that nobody else does?

In addition to explaining what sets a brand apart, companies also need to be ensuring that they refer to the customer needs rather than solely focusing on the product. Using user centric language such as ‘you’ and ‘your’ can help to engage the consumer as it can turn the language used from feeling like jargon to becoming more conversational and relatable.

All of this helps to build a stronger brand impression whilst delivering a value proposition consumers can relate to and understand. This strong brand impression in turn helps to drive higher conversions online.

To learn more download our FREE report or join our upcoming webinar.

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Drivers of brand preference in the Irish energy market

energy

In our most recent Digital Marketing Effectiveness study on the energy market in Ireland from July 2016, participants were asked to recall providers in the marketplace, unprompted.

It is no surprise that the top brands that Irish consumers recalled are household names, the top 5 being Electric Ireland, Bord Gais, SSE Airtricity, Energia and Pinergy.

Brand Recall

Consumer Journey Online 

When looking online for a new energy provider, 98% of consumers begin by using a search engine while 59% went directly to a brand’s website and 56% used an aggregator site.

Consumer Journey

Of the 98% of consumers who used a search engine:

  • 28% searched for a brand
  • 27% searched for an aggergator site
  • 13% went from search engine > brand website > aggregator
  • 8% went from search engine > aggregator > brand website

Moving through the funnel 

Electric Ireland featured heavily as consumers’ initial preference with 41% of consumers, followed by SSE Airtricity (25%) Bord Gais (18%) and Energia (11%). Reasons for initial preference are very much focused on being a current or past customer and trusting the brand.

initial preference

Moving to the shortlisted brands, Electric Ireland still hold the top spot in consumers’ minds with 60% of consumers placing them on their shortlist, followed by Energia who at 58% have moved to second position from fourth. As consumers move to shortlist their preferred brands, being a current or past customer becomes less important and good prices and offers as well as familiarity with the brand name more so.

Reasons for shortlist

Which brand claimed the top spot as final preference for Irish energy consumers? 

Energia claim the top spot for final preference. with 34% of consumers choosing them as their final preferred choice.

Final Preference

The key drivers of final preference are focused on meeting consumer needs in terms of having the best deals and offers, cheapest price and having the best plans to suit needs. Having plans that are easy to understand as well as having an easy to use website are also at the forefront of consumers’ minds. As consumers move to choose their preferred energy provider, trust and loyalty become less important.

Reasons for final preference

 

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, 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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Convert more of the Mobile Contract and PAYG Customers you could and should be winning!

Telecommunications

Global Reviews have been the leaders for increasing online customer conversion in sectors such as Banking, Insurance, Energy, Online Gambling, Retail & Travel for over 16 years.

 
We are trusted by brands such as EDF, Scottish Power, nPower, British Gas, Three UK, William Hill, Ladbrokes, Lloyds, Tesco Bank and AIG.

 
As a result of our success, we are delighted to announce our launch into the Telecommunications Sector.


The Mobile Contract & PAYG programme uses the worlds most robust and advanced methodology that helps you to stop losing the ideal customers that you could and should be winning.

 
The programme will launch across both Mobile and Desktop platforms in August. Our valuable insights will solve the critical problems that Digital Leaders in telecommunications face with customer acquisition:

 
•WHY are we losing potential online customers who are actively considering buying from us but choose to buy from another company?

 
•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.

 
To help early adopters of the programme gain a competitive advantage, we are limiting the number of initial subscribers to the programme to just three companies.

 
If you would like to find out more information, please do not hesitate to contact us 

Or get in touch directly with:

Hannah Rose Farrington

Commercial Director

T: +44 (0) 203725 8260

E: hannah.farrington@globalreviews.com

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4 key challenges of digital transformation…and how Global Reviews can help

Digital Transformation

Marketing Mag recently discussed four key challenges of digital transformation. Essentially these challenges came down to understanding customers, knowing the customer journey, being across the market trends, and being able to make sense of and bring everything together. Some companies are good and one or two of these, but most are still struggling. Digital transformation is fast paced so businesses can’t afford to fall behind the expectation of their customers.

4 key challenges of digital transformation…
and how Global Reviews can help

1. The most vital element in ensuring the success of a digital transformation project involves your company developing empathy with your customers by using research, journey mapping and data analysis.
Global Reviews uses the largest research, data & insights programme in the world to track the online buying behaviour of in-market consumers, the buying decisions they make and the effect that a company’s online customer experience is having on those decisions. We then work with businesses to help them to better understand the wants and needs of their customers through all stages of the research and sales journey.

2. It is critical that business leaders facilitate early on the discussion about what meeting customer’s service expectations really means – ideally before project teams form and work begins.

Our expert client advisory team are on hand to work with businesses through all phases of project development including initial research, best practice audits of wireframes, multi-stage usability testing and benchmark auditing. By having these regular touch points throughout the project, it ensures you are on the right path from the very beginning.

3. Businesses that recognise where the market is heading, understand the opportunities that it presents, and move quickly stand to profit most from digital transformation.
In the 2015/16 financial year, Global Reviews has measured the online acquisition performance of over 500 companies globally and tracked the online buying behaviour of over 60,000 in-market consumers. This places us in a unique position whereby we can deliver industry, local and international trends across the online customer journey which means we can offer a more holistic view on where the marketing is heading.

4. The best businesses develop a conversation about data that is focused on delivering a service to customers. Yes, it is possible to analyse all the data available and use it to create better segmentation and targeting. But that can be a costly and difficult place to start. The best approach is to ask ‘how do we find and use the few data points that will provide value to our customers?

As well as collecting and analysing data to help businesses across all areas of their mobile and desktop websites, Global Reviews provides prioritised recommendations and “quick wins” to build and maintain a stronger online customer experience even if a business is not yet able to invest in a bigger transformation overhaul.

If your brand is facing challenges as you are navigating through a phase of digital transformation, then you are at risk of losing customers to competitors who are further ahead in their transformation. Even if your brand is considered to be #1 within your industry, don’t forget that your customer also has a bank account, energy provider, phone provider and insurance products, so if they’re exposed to something great within one industry, they’re going to expect that level of greatness across all the products and services they use.

Only Global Reviews has insight into the complete picture of your customer, customer journey, industry and full market scope, so contact us today to find out how we can help your business through the process of digital transformation.

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Blog Series – The third critical stage for an effective mobile sports betting site – Adding a Bet

Mobile Sports Betting

Earlier in this blog series we discussed the first and second critical stages that need to be in place for a sports betting provider to have an effective mobile site.

Our Mobile Sales Effectiveness research, conducted in April 2016, put a sample of 450 “in market” bettors on the mobile websites of 16 different sports betting websites across Ireland, UK and Australia. The study highlighted that there are three critical stages along the mobile customer journey that need focus in order to decrease the level of lost opportunity that sports brands suffer from.

The three stages are:

  1. Initial Engagement
  2. Introducing Options
  3. Application i.e. Adding a Bet

The third and final critical stage is the application stage, or in the case of sports betting, ‘Adding a Bet’.

Adding a Bet 

Once a mobile customer has chosen their preferred betting provider and has found the event and odds relevant to them, the process of adding a bet is the final step on their online journey. It is at this stage that Global Reviews measures how easy it is for the bettor to add a bet to the betslip and the quality of support in place.

In our recent audit, Betfred scored highest for the task which was to add a £20 4-fold match result accumulator bet to a betting slip. Betfred scored 65% and had a satisfaction rate from bettors of 75%.

Why is Betfred winning? 

Betfred makes it quick and easy for bettors to add a bet to the betslip. Betfred navigates bettors to all of the upcoming matches and provides a simple process to select the accumulator.

Betfred

To sum up this blog series, here are some key recommendations for each of the three critical stages for an effective mobile sports betting site:

Stage 1: Initial Engagement 

  • Drive attraction and confirm you will meet bettors needs by building trust

Stage 2: Introducing Options 

  • Allow bettors to quickly compare betting options

Stage 3: Adding a Bet 

  • When bettors are adding a bet to the betting slip, feeding forward information is critical
  • Due to screen size restrictions it is very easy for bettors to become lost and abandon the journey
  • The colour and text of the betslip needs to stand out and clearly change when the betslip is amended

 

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, please contact:

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

Download the full Mobile Sports Betting report here 

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Blog Series – The second critical stage for an effective mobile sports betting site – Introducing Options

Mobile Sports Betting

In the first post of this three-part blog series, we looked at ‘Initial Engagement’ as the first critical stage for an effective sports betting site.

Our Mobile Sales Effectiveness research, conducted in April 2016, put a sample of 450 “in market” bettors on the mobile websites of 16 different sports betting websites across Ireland, UK and Australia. The study highlighted that there are three critical stages along the mobile customer journey that need focus in order to decrease the level of lost opportunity that sports brands suffer from.

The three stages are:

  1. Initial Engagement
  2. Introducing Options
  3. Application i.e. Adding a Bet

The second critical stage is ‘Introducing Options’.

What does Introducing Options cover? 

Simply put, ‘Introducing Options’ refers to a bettor’s ability to:

  • Learn about event options
  • Locate betting options

Forming part of the ‘Consider’ phase of the customer journey where online bettors are actively considering placing a bet on their preferred site. Bettors want to find the relevant odds quickly and easily. This is critical on a mobile device.

As part of April’s Mobile Sales Effectiveness study, we set consumers the following task:

Task: Find the odds for Gallant Oscar to win the Aintree Grand National. 

BetVictor ‘s mobile site scored highest in our study scoring 83%. Here’s why…

Bet Victor

 

  • Customers can easily locate the link for all key events easily on the homepage
  • The hamburger menu is a simple A-Z function with clear icons to find an event
  • The event page is clearly laid out making it easier to filter races

Common problems encountered by consumers 

Below are some of the common problems experienced by consumers at the ‘Introducing Options’ stage, with ease of navigation and the time involved to find relevant information being the most significant pains.

Common Problems

The final critical stage of an effective sports betting mobile site is ‘Adding a Bet’ which we will look at in the third and last post of this blog series.

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, please contact:

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

Download the full Mobile Sports Betting report here 

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Blog Series: The first critical stage for an effective mobile sports betting site – Initial Engagement

Mobile Sports Betting

While the online sports betting sector is ahead of the game in being “mobile first”, a recent study by Global Reviews on the Mobile Sales Effectiveness in the sector found that top brands are losing target customers due to not fully aligning the mobile and desktop experience at certain points of the customer journey. In fact, almost a third of mobile bettors would leave the site if they encountered a problem.

mobile

Our Mobile Sales Effectiveness research, conducted in April 2016, put a sample of 450 “in market” bettors on the mobile websites of 16 different sports betting websites across Ireland, UK and Australia. The study highlighted that there are three critical stages along the mobile customer journey that need focus in order to decrease the level of lost opportunity that sports brands suffer from.

The three stages are:

  1. Initial Engagement
  2. Introducing Options
  3. Application i.e. Adding a Bet

In part one of this blog series, we look at the first critical stage, “Initial Engagement”.

What is Initial Engagement? 

Initial Engagement incorporates a number of factors relating to a bettor’s initial impression of the homepage including:

  • Communicating a clear value proposition in consumer-focused language
  • Building trust
  • Enhancing security and privacy features
  • Accommodates returning visits

 

Australian brand Sportsbet scored highest in our mobile study for “Initial Engagement”. The homepage on Sportsbet’s mobile site has mobile-optimised functions, security, convenient log-in and clear payment information.

Sportsbet

Best Practice for winning Initial Engagement 

Initial impression of the homepage:

  • Visually appealing design
  • Streamlined design – uncluttered, use of similarity and separation
  • Easy to navigate site
  • Create affinity with the target audience through colour, imagery and font

Communicating a clear value proposition in consumer centric language

  • Consider different messaging for homepage and product details page
  • Create a competitive advantage by going beyond just discounts and deals

Communicating security and privacy

  • Ensure access to supporting information
  • Use imagery to communicate privacy
  • Provide tips and assistance on how to protect your computer from security breaches and threats

Communicating trust

  • Transparency on pricing and quick access to key actions is important
  • Include testimonials, third party endorsements and a commitment to customers

 

Part two of this blog series will look at the second critical stage for an effective mobile betting site, Introducing Options. 

Global Reviews is a recognised world leader at providing leading companies with unique intelligence that helps increase their online customer acquisition ratios.

To find out more about our research programmes and how we can help you convert more of your ideal customers online, please contact:

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

Download the full Mobile Sports Betting report here 

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Top three tips for winning more of your ideal personal loan customers

Banking industries

A recent Global Reviews Digital Sales Effectiveness study (April 2016) revealed that financial services websites in the UK are not doing enough to help customers find the personal loan that is right for them. Simply put, the UK banking industry is failing to help customers match products to their specific needs online by not providing enough general information.

When we look at the top and bottom performers throughout the customer journey, it is apparent that no one brand is leading the market across all stages.

Loans Top Performers

We asked ‘in-market’ customers, i.e. those who are actively in the market for a new personal loan, to spend some time on the homepage of some of the leading banking brands in the UK, absorbing and actively looking for their desired information on personal loans. Voice of the customer feedback was captured and it is very apparent that customers found many of the homepages difficult to navigate, overloaded with information and interestingly, personal loans information was difficult to find.

VOC

So, what can financial service providers do to help their ideal customers find the correct information on the personal loan, effectively and with relative efficiency and ease? The following ‘Best Practice’ examples provide some insight:

Halifax – Addresses different needs on the homepage 

Halifax

Citigroup helps users understand the difference between overdrafts and loans 

citi

CBA includes a summary of each loan with key features and benefits 

CBA

Recommendations: 

  • Consider guided choice methods to help customers find the personal loan that is right for them.
  • Include links to ‘more information’ and ‘apply now’ for customers at different stages of the funnel.
  • Remember WHY customers are on the personal loans page, think like a customer and answer the big questions.
    • Why pick a personal loan?
    • Why choose a loan over an overdraft or a mortgage extension?
    • Which is more cost effective?

Global Reviews excels at solving the critical problems digital leaders face in customer acquisition.

  • WHY are we losing potential online customers who are actively considering buying from us (taking out a quote and shortlisting us) but then buy from another company?
  • WHAT can we learn from other companies around the world that will enable us to stop losing customers that we should and could be winning?
  • HOW do we independently validate, in such a fast-moving and disruptive digital environment, that the development decisions we are making are the right ones?

To find out how we can help you, please contact us. 

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5 steps to achieving a stronger online betting experience

5 steps to achieving a stronger online betting experience

The risk of losing customers who are researching a sports betting provider is high, with every problem they encounter increasing the likelihood of them leaving for another provider. In fact, 31% of punters have said that they would leave the mobile site for another if experiencing a problem. This is compared to 17% on desktop sites.

Research conducted by Global Reviews has identified some of the major pain points punters face whilst trying to place a bet online. Many of these problems can be mitigated by implementing the following tips.

5 steps to achieving a stronger online betting experience

 

1. First impressions last – make sure that your homepage ticks the boxes
The homepage has a significant impact on visitors likelihood to stay and return, so it is imperative to continuously evaluate the execution and how the elements presented impact the visitor. Need to make sure that the homepage considers not  just functionality but is also appealing to use which all plays into delivering a good experience. As a general rule, consumers will only persist with poor user experience if there is no other option e.g. government websites.

2. Cater to different needs – not everyone is interested in the same sport
Within Australia horse racing is the top sport punters place bets on, however AFL and soccer are also tops sports bet on. It is imperative to make more options easily identifiable otherwise risk of losing the customer increases significantly. Lack of clear navigation can result in punters searching in the footer to place bets on other sports. In some cases this leads to navigating to another websites such as the AFL website at the first step.

3. Avoid alienating punters
Not everyone who visits online betting sites are frequent online punters and therefore potentially not always across betting related terminology. To overcome this and avoid alienating first time or infrequent punters, allow visitors to navigate and filter with common terminology and minimise the use of sports and betting jargon.

4. Minimise the length of navigation – especially on devices where we are more impatient
With 31% stating they would leave the mobile site if they encountered a problem, short paths and clear options are imperative especially on mobile sites. Inclusion of filter and search options cater for those who are less certain of specific sporting details (see tip #5).

5. Consider the implementation of different filter and order options
In order to assist with minimising the length of navigation both on mobile and desktop the layout and order of menu and results items needs to be carefully considered. Punters would each have their preferred ways of finding information. Some would prefer listings in alphabetical order whilst others would want to search for events by date or location. Allowing for a range of searching and filtering options would help cater for different event types as well as each punter’s own preferences.

For further details on these tips and how they apply to real life websites, view our sports betting webinar recording.

Contact us to find out more about our research programmes.

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