Brand recognition

Brand recognition is a thing of the past: today’s millennial customers just want the “best consumer finance provider”

By Aviv Canaani
Wednesday, June 26, 2019

Today’s technology has empowered people to manage their own finances with a click of a few buttons, either from their mobile device or personal computer.

This has also created a huge shift in how consumers select their service providers. The millennial generation no longer cares about which mortgage provider their parents may have pledged their loyalty to for 30-plus years—what millennials care about is who “the best mortgage provider” is according to a Google search. In fact, due to the influx of millennial buyers into the market, borrowers are almost 4 times more likely to find their lender through online research or social media than 5-10 years ago.

This emerging trend of non-branded search seems to be popping up across the consumer finance sector, also including car insurance and personal loans.

Consider the following figures compiled by our company, Natural Intelligence, a global leader in intent marketing:

Non-branded search suggests that potential buyers are “high intent,” or in other words, very likely to make a purchase, but in order to do so they need more information at their fingertips in order to compare service providers, evaluate the various offerings, and decide which one best suits their needs.

Buyers want comparison info at their fingertips

Non-branded search suggests that potential buyers are “high intent,” or in other words, very likely to make a purchase, but in order to do so they need more information at their fingertips in order to compare service providers, evaluate the various offerings, and decide which one best suits their needs.

Across the consumer finance sector, potential buyers are more likely to convert into paying customers when they receive—up front—the rates for a mortgage, loan, or car insurance plan. In addition, the following types of content often lead to higher conversion rates:

  • Comparison charts of the top 3 or 5 providers
  • Review pages and how-to guides
  • Infographics and rich imagery in addition to written content

Non-branded queries drive a new type of marketing strategy

This new type of search behavior is also dictating how much companies are willing to shell out in their cost-per-click (CPC) campaigns. In the mortgage industry, non-branded queries like “best mortgages” and “best home loans” have a CPC that’s almost 7 times more expensive than searches for specific leading banks. Also, desktop clicks cost more than mobile ones, as buyers are more likely to complete a transaction from their desktop computer.

Companies that understand the current trends in non-branded search, and can effectively integrate this knowledge into their digital marketing strategy, have the best possible chance of attracting new customers and growing their businesses.”

With brand recognition tossed to the wayside, it’s fair to say that companies that can shift their strategy to identifying high intent consumers, and providing them with the best value for money, will rule the day.

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