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– If you’re one of the brands losing over 75% of potential clients
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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:
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Google and international customer experience research partner Global Reviews have teamed up to deliver some important new data for banking executives and marketers.
The study into consumer online purchasing behaviour took place during June and July 2010. The work analysed the behaviour of 600 Australian customers, asking them to find a banking product that would suit their needs from a blank Internet browser screen. Customers were segmented equally into three product streams: credit cards, transaction accounts, savings accounts.
The results of the study along with key insights were presented at Google’s invitation-only Think:Banking event held in Sydney on 9 September.
The challenge for bankers is that customers looking for retailing banking products are open-minded when starting their research online. The study shows that 77% of customers didn’t know about the product they later chose before they started looking online.
“This insight has a profound effect for how banks will need to approach their digital marketing efforts and onsite experience design”, says Karen Grinter, Principal Client Advisor with Global Reviews. “Banks need to make sure that they expose their brand and offer early to customers as they start to build a consideration set.”
Customers will consider an average of 4.5 banks, but will only shortlist 3.4 products for more detailed evaluation. “31% of customers with a preferred brand ended up selecting a product from a different bank online”, says Grinter.
So how can bankers tap into their customers’ decision-making process and behaviour to win their business? How do you convince customers to choose your brand instead of another bank?
Google’s Finance Industry Analyst Maureen McGonegle says, “Understanding your customer’s online purchasing behaviour is key to setting your online strategy. Our research showed that 49% of customers who started their research with a brand in mind actually went directly to a search engine instead of the brand’s website. These same customers started their research on a search engine with generic keywords such as ‘savings account’ and ‘credit card’ instead of brand names. The lesson for bankers is that search engine marketing should be a key component for your online strategy.”
The challenge for banking executives and marketers is to make your search marketing and web experience the best it can be. “It’s about enticing a consumer to click on your search ad and ensuring they have great experience when they get to your website. Your customer’s transition from search result to product page should be as logical as possible and consistent with your marketing message”, says Grinter.
The study suggested that consumers want banks to get back to basics when it comes to the Web experience. The study identified the top three most useful elements for Australian consumers when researching and deciding on a product as:
1. Information that is easy to understand
2. A website that is easy to navigate
3. Detailed and complete information.
These fundamentals were rated as more useful than dynamic tools such as comparison tables, customer reviews and online calculators.
The study identified a similar preference for consumers seeking help and customer support online. The most popular course of action was to look for online FAQs to help solve a problem. Consumers rated basic online help higher than newer support techniques such as live chat and ‘call me back’ tools. When they can’t resolve their query, consumers are likely to abandon the website entirely.
“Even if a customer finds a suitable product on your website they are likely to still compare your offers with those from other banks,” comments Grinter. The study identified that 63% of consumers would compare a new offer with one from their current bank to see if they could match or beat the offer.
What can bankers learn from these consumer preferences?
The results show that online customers are open-minded when it comes to exploring new products and brands but will not tolerate websites that fail to deliver basic content or help to choose a product. The lesson for banks is to focus on search marketing to attract customers and to offer a smooth transition to a quality web experience to increase the likelihood of winning Australians’ business.
Global Reviews’ next Customer Experience Index results for the Retail Banking sector will be available in February 2011.
Author: Marie Sheehan
UK Motor Insurance Digital Sales Effectiveness study Q1 2014
Organisations included in the study:
AA, Admiral, Allianz, Aviva, AXA, Churchill, Direct Line, esure, LV= and More Th>n
The findings of our Digital Sales Effectiveness (DSE) study into the UK Motor Insurance market have just been published and seems like the motor insurance industry isn’t in the fastest lane when it comes to digital.
Just one UK provider, LV=, is meeting the needs of their customers online.
All others are failing their digital customers*.
In fact as 50% is the industry average, all Motor Insurers need some acceleration in the digital lane.
How do we know this?
We are better than anyone else at helping companies measure, track and optimise their online and mobile sales effectiveness at a tactical and ecommerce level.
*From our 14 years’ experience of collecting and analysing data on over 35,000 consumer interactions and over 500 companies each year, we know that a Digital Sales Effectiveness score of less than 55% means that a company is failing the customer.
What else does the study reveal?
Announcing the launch of the UK Motor Mobile Sales Effectiveness programme June 2014
In June we will run the most advanced study ever conducted focussing on how well UK Motor Insurers’ mobile websites are meeting the needs of their customers. To be involved, please contact us
To ensure the UK Motor Insurance Provider you are interested in is included, please contact us
Five things our Mobile Sales Effectiveness programmes can tell you:
To arrange a call back or meeting to discuss this study in more detail, and find out more about the full scope of the research as well as the actionable insights Global Reviews deliver please contact us
To register your interest for our free webinar on this study or to receive our free white paper, please contact us