Author: Marie Sheehan
Sales and acquisition funnels
The Global Reviews’ Digital Marketing Effectiveness (DME) study measures how effective banks are at attracting customers online. The DME programme maps the digital sales funnel beyond what a company’s usual analytics systems can see, in order to compare performance against competitors and provides insights as to where and why a product or brand is excluded in the consideration set.
We measure how the consumers’ journey progresses from initial brand preference and recall, which sites consumers visit, which brand they shortlist and which brands they give their final preference to.
Leakages in the consumer decision process
Where are banks losing potential current account customers?
Is it at the beginning of the process – where banks are not attracting consumers to visit their site? Is it later in the process when the website comes into play and banks are not explaining the options well enough? Or is it that banks are making it onto the consumer’s shortlist to failing to be their final preference?
Nationwide is the best performer through the funnel
Nationwide is the most successful at driving current account consumers to visit their website – attracting 78% of those consumers who are aware of them. Compare this to 44% for Santander, 25% for Lloyds and 37% for Barclays.
Nationwide also have the highest conversion ratio from shortlisted to final preference. 41% of consumers put Nationwide on their shortlist and 20% ultimately choose them as their current account provider. This is not only because Nationwide’s website is easy to use, provides the information that consumers want and facilitates comparison of options, is it also about first impressions and the initial impression Nationwide’s website makes on potential customers.
From our Digital Sales Effectiveness* research we know that Nationwide’s website creates a really positive first impression with consumers, scoring highest in the industry for meeting customers’ needs and building trust. Nationwide does this by explaining why consumers should them, listing awards and including customer reviews and external validation.
Whose customers is Nationwide stealing?
Most consumers who chose Nationwide at the beginning chose Nationwide at the end of the pathway to purchase. They weren’t swayed by any other brands and are fairly brand loyal.
11% of consumers who chose Nationwide originally chose HSBC. Similarly 8% originally chose Barclays and 8% originally chose Lloyds, but Nationwide managed to change their minds and convince consumers that they are better placed to meet their needs.
Nationwide are not only doubling the amount of consumers who prefer them, but they are also stealing customers from a wide range of other banks.
If you would like to know more, please contact us.
Research Calendar 2015
Credit Cards: January and July
Savings: February and August
Mortgages: April and October
Current Accounts: April and October
Personal Loans: April
International Best Practice
To find out more about what best practice looks like and those who are achieving it view our webinar recorded on January 29th: Ireland & UK Digital Banking in 2014 – A Review of the Year.
* The Global Reviews Digital Sales Effectiveness (DSE) programme focuses on the Consider and Act stages of the online purchase journey.
Through a proprietary, task based methodology; we invite ‘In market’ consumers to visit and experience the customer journey on your site.
We also measure the performance of your competitors’ sites in a similar fashion with a separate group of ‘In market’ consumers. This enables us to benchmark the performance of your brand within the marketplace and against the competitive landscape. We can tell you why some customers abandon the purchase journey on your website and complete purchase with a competitor.
We can provide you with a totally unique insight into how ‘In market’ consumers research and make decisions about your brand, your products and your competitors online and will help you to answer the following strategic digital sales questions:
1. Is your online sales journey more effective at converting prospective leads than your competitors?
2. Where do you need to focus resources to maximise online sales and customer experience?
3. Does your website meet best practice customer experience design for that product purchase journey?
4. How much effort is it to buy from you online?