Competition is growing as brands look towards search to help win that elusive current account customer.
how this report helps you.
The current accounts switch service has led to a flurry of aggressive marketing activity. This report reviews which brands are set to capitalise on the increasing customer acquisition opportunity as current accounts become less of a commodity.
It also looks at what motivates consumers’ purchasing decisions for current accounts, in order to highlight in-roads for targeted digital advertising and content marketing.
The report weighs up four main considerations for marketers in this sector alongside the technological backdrop of search marketing:
- Targeting digital advertising to acquire new current account customers with the right profile
- Creating demand from the right prospective customers by optimising PPC and Display advertising campaigns to maximise opportunities without simply bidding more
- Ensuring that traffic coming to product pages on their website is the target market so conversion to new customers is maximised
- Achieving prominence across the web by providing target customers with the content that they are looking for on Google, social media and other influential websites.
- Lloyds Banking Group, RBS, Barclays and HSBC own most of the market, although other retail banks are beginning to enter the market more frequently than they did between 2008 and 2014
- However, these trends take on a new direction when it comes to the retail banks’ presence in Google’s organic search results pages
- According to data from Epiphany and Google, the volume of searches for current account-related keywords is rising year-on-year as consumers look for better products, prices and switch their current account providers
- This makes search an increasingly important channel for retail banks to acquire new, and retain existing, customers through content and advertising that emphasises unique selling points in a targeted and consistent way
- Barclays is by far and away the most visible retail bank for current accounts within Google’s organic search results, with HSBC coming third after aggregator MoneySuperMarket
- Many current account providers including NatWest, TSB, Nationwide and First Direct have an opportunity to improve their visibility in organic search results
- Newer entrants to the current account market are using paid search (PPC and Display) as a key component of their customer acquisition strategy. The top five most visible retail banks for current account keywords in Google’s paid results are TSB, NatWest, First Direct, Tesco Bank and Santander. Those banks with good visibility in the organic search results, such as Lloyds Bank and Barclays, aren’t investing as heavily in paid search
- Customer acquisition through search is growing as an opportunity, but competition from current account providers means that the costs of digital advertising real estate are rising
- This offers a range of challenges to current account providers that want to stand out in a competitive, high-volume, yet low-keyword product set, if they want to do something other than simply spend more