Ideas & musings about consumer behaviour

Banking industry’s marketing effectiveness for online products (Q4 2012)

The Q4 2012 Global Reviews digital marketing effectiveness study for savings, transactions, credit cards and mortgages looked at how each of the companies in the financial sector rated against one another in each of the 4 major products.

Results from the unprompted recall clearly shows that Commonwealth Bank (CBA) is the most recognised financial provider within the Australian market, topping the list for all for products.

ANZ is CBA’s closest competitor in all product areas except for mortgages where it failed to make it into the top 3 recalled brands. Whilst CBA is the top recognised brand across the board, it is not always the most preferred before prospects undertake research. In the case of mortgages, Company G managed the same number in initial preference as CBA.

In fact, Company G was a standout performer in this industry with 1/3 of its recall base selecting it as the initially preferred brand. These results demonstrate that high brand awareness doesn’t necessarily provide you with a high initial preference. This a call to action that brands need to invest considerable effort and smarts to differentiate their products in market.

At the same time, those with low or no brand recognition need to consider the impact of their online marketing mix in getting their brand considered in the research phase whether it be through search engines or aggregator sites. This allows them to be discovered and considered amongst the likes of CBA, ANZ, NAB and Westpac.Banking Shortlist

Global Reviews marketing effectiveness studies  shows companies how prospective customers shop online for their product and how well they convert consumers from awareness to consideration and ultimately final preference.

Find out more about our Digital Marketing Effectiveness research

Go to the Australian Banking and Finance Industry Research page

For more information on purchasing this report and the information we currently have on your company and competitors, please contact:

Che Carbis
Senior Commercial Director
T: +61 3 9982 3419
E: che.carbis@globalreviews.com

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