There are many reasons why a consumers put a brand on their consideration shortlist, but they generally fall into three categories:
- Previous experience/impressions of the brand
- The range of products/deals
- How easy the website made the research experience
Looking at the reasons why consumers shortlisted various brands for current accounts, mortgages and savings – these categories certainly come into play. However, we start to see some distinct variances in how important each area is depending on the product they are researching.
The following graph highlights some of the differences in the top reasons why consumers consider a brand depending on the product they are looking to apply for.
*Source: Global Reviews Fruition UK Q4 2018 Research. Current Accounts n=151. Mortgages n=166. Savings Accounts n=151
Previous experience/impressions of the brand seems to be more important amongst those looking for a mortgage.
The range of products/deals is important across the board, but more so for those seeking a new savings account.
How easy the website made the research experience is always important, but consumers specifically think so when looking for a current account.
By understanding the primary drivers behind consumer decision making in relation to various products, brands can tailor their SEO/SEM and landing pages accordingly in order to speak directly to the mindset of the consumer.
For example: the SEO/SEM and landing pages for savings accounts should be centered around product offers and the ability to compare options. Meanwhile for mortgages, the focus should be on brand reputation, instilling a sense of trust and meeting consumer needs. For current accounts the focus should be around making the offerings easy to locate and understand.
It’s not enough to know the differences in how consumers research according to industry, it’s also important to be able to break it down by product – but at the same time ensure a sense of consistency across the site. It can be a challenge to find the right balance, but with thorough research and a broad understanding of consumer drivers, this balance can be met.
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