Table of Contents
Introduction
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- Abbreviations
Executive Summary
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- The market
- Price-comparison sites now the primary source of financial information
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- Figure 1: Sources of information used to research financial products, April 2011
- A fifth have researched at least seven products through aggregators…
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- Figure 2: Repertoire of aggregator usage for research, April 2011
- …and most internet users have bought at least one product through the sites
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- Figure 3: Repertoire of aggregator usage for purchase, April 2011
- Companies, brands and innovation
- Four sites dominate the market
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- Figure 4: Unique visitor numbers to key aggregator sites, year to April 2011
- Little differentiation, but moneysupermarket.com leads on trust
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- Figure 5: Attitudes towards and usage of price-comparison website brands, February 2011
- Key factors when using comparison sites
- Price still dominates – but not at the expense of cover
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- Figure 6: Key factors when using aggregator sites to arrange insurance, April 2011
- The consumer
- Most internet users think aggregators offer a valuable service
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- Figure 7: Attitudes towards aggregator sites, April 2011
- What we think
Issues in the Market
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- Can product providers head off the aggregator challenge?
- What needs to be done to draw new customers into the market?
- Can aggregators build differentiation by appealing to niche markets?
- Who are the most committed users of comparison sites?
- What can be done to bring around the sceptics?
Future Opportunities
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- The difference engine
- Teaching people how to survive
Online Trends
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- Key points
- Comparison sites are now mainstream
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- Figure 8: Types of website visited, April 2011
- Broadband now reaches seven in ten adults…
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- Figure 9: Broadband penetration, 2004-10
- …and is used by a broad cross-section of society
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- Figure 10: Broadband penetration, by age and socio-economic group, 2010
- The internet becomes the research tool of choice
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- Figure 11: Agreement with selected lifestyle statements on buying products online, 2005-10
Primary Sources of Financial Information
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- Key points
- Three in five use aggregators as a primary source of financial information
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- Figure 12: Sources of information used to research financial products, April 2011
- Aggregator sites span class and generational barriers
Sites Used to Research Financial Services
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- Key points
- Four aggregators dominate financial information sites
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- Figure 13: Choice of financial information sites, April 2011
- Little loyalty among the aggregator enthusiasts
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- Figure 14: Choice of financial information sites, by number of products researched through aggregators, April 2011
- Figure 15: Choice of financial information sites, by number of products bought through aggregators, April 2011
Aggregator Site Usage
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- Key points
- Moneysupermarket.com leads the way
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- Figure 16: Unique visitor numbers to key aggregator sites, year to April 2011
Company Profiles
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- Comparethemarket.com
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- Figure 17: Financial performance of BISL Ltd, 2009 and 2010
- Confused.com
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- Figure 18: Financial performance of confused.com, 2009 and 2010
- Gocompare.com
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- Figure 19: Financial performance of gocompare.com, 2009 and 2010
- Moneysupermarket.com
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- Figure 20: Financial performance of moneysupermarket.com, 2009 and 2010
- Uswitch.com
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- Figure 21: Financial performance of uSwitch Ltd, 2008 and 2009
- Beatthatquote.com
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- Figure 22: Financial performance of beatthatquote.com Ltd, 2009 and 2010
Brand Research
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- Brand map
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- Figure 23: Attitudes towards and usage of price-comparison website brands, February 2011
- Brand attitudes
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- Figure 24: Attitudes, by price-comparison website brand, February 2011
- Brand personality
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- Figure 25: Price-comparison website brand personality – macro image, February 2011
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- Figure 26: Price-comparison website brand personality – micro image, February 2011
- Correspondence analysis
- Brand experience
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- Figure 27: Price-comparison website brand usage, February 2011
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- Figure 28: Satisfaction with various price-comparison website brands, February 2011
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- Figure 29: Consideration of price-comparison website brands, February 2011
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- Figure 30: Consumer perceptions of current price-comparison website brand performance, February 2011
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- Figure 31: Price-comparison website brand recommendation – Net Promoter Score, February 2011
- Brand index
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- Figure 32: Price-comparison website brand index, February 2011
- Figure 33: Price-comparison website brand index vs. recommendation, February 2011
- Target group analysis
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- Figure 34: Target groups, February 2011
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- Figure 35: Price-comparison website brand usage, by target groups, February 2011
- Group One – The Conformists
- Group Two – Simply the Best
- Group Three – Shelf Stalkers
- Group Four – Habitual Shoppers
- Group Five – The Individualists
Brand Communication and Promotion
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- Key points
- Adspend tops £90 million
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- Figure 36: Overview of advertising expenditure in aggregators market, 2008/09-2010/11*
- Little scope to step back from the advertising war
- The link between adspend and visitor numbers...
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- Figure 37: Adspend and visitor number trends across the key aggregator sites, April 2010-March 2011
- ...and the advantage of being the market leader
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- Figure 38: Monthly advertising expenditure and visitor numbers, by selected aggregators, 2010/11
- Gocompare.com tops adspend
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- Figure 39: Advertising expenditure, by selected aggregators, 2008/09-2010/11*
- TV is the channel of choice
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- Figure 40: Advertising expenditure, by media type, 2008/09-2010/11*
Products Researched and Arranged Through Aggregators
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- Key points
- Three quarters have used comparison sites to research products
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- Figure 41: Aggregator usage, April 2011
- Polarisation in usage patterns…
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- Figure 42: Repertoire of aggregator usage for research, April 2011
- …and in buying behaviour
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- Figure 43: Repertoire of aggregator usage for purchase, April 2011
- The journey from researching car insurance to buying investment products
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- Figure 44: Aggregator usage, by repertoire of aggregator usage for research, April 2011
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- Figure 45: Aggregator usage, by repertoire of aggregator usage for purchase, April 2011
- Heavy users are more web-savvy – but not much more
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- Figure 46: Types of website visited, by number of products researched through aggregators, April 2011
- Price-comparison sites aren’t yet supplanting traditional channels…
- …and for intensive users, it’s ‘as well as’, not ‘instead of’
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- Figure 47: Primary sources of financial information, by aggregator usage, April 2011
- Use extends across all age groups...
- ...but it’s the more affluent who are making the most of the money-saving opportunities
Attitudes towards Aggregators
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- Key points
- A market full of positives – but still some reservations
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- Figure 48: Attitudes towards aggregator sites, April 2011
- Researchers recognise the shortcomings
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- Figure 49: Agreement with attitudes towards aggregator sites, by number of products researched through aggregators, April 2011
- A chance for product providers to head off the aggregator challenge?
- Transparency and education
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- Figure 50: Attitudes towards aggregator sites, by the number of products purchased through aggregators, April 2011
What People Look for in an Aggregator Site
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- Key points
- It’s really not all about price…
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- Figure 51: Key factors when using aggregator sites to arrange insurance, April 2011
- …but transparency is an issue for the regulators, not consumers
- Is accuracy taken for granted? And is a lack of transparency ‘just one of those things’?
- Little difference between experienced users and non-users…
- …and responses confirm that inaccurate quotations are not a major consumer concern
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- Figure 52: Key factors when using aggregator sites to arrange insurance, by type of products researched or purchased through aggregators, April 2011
- Figure 53: Key factors when using aggregator sites to arrange insurance, by products purchased through aggregators, April 2011
- Could reviews help the information gatherers?
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- Figure 54: Key factors when using aggregator sites, by the number of products researched through aggregators, April 2011
- Making life easier for the power users
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- Figure 55: Key factors when using aggregator sites, by the number of products purchased through aggregators, April 2011
- The changing importance of price
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- Figure 56: Importance of price, cover and accuracy when using aggregators to compare insurance products, by age, April 2011
Aggregator Associations
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- Key points
- Strongly positive associations…
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- Figure 57: Aggregator word association, 2010 and 2011
- …but shortfalls are evident
- Positive associations grow with experience
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- Figure 58: Aggregator word association, by number of products researched through an aggregator, April 2011
- Time to address the perception of restricted choice and inconsistency
- Inconsistency is an issue for the fans as well as the detractors
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- Figure 59: Aggregator word association, by number of products purchased through an aggregator, April 2011
User Segmentation
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- Key points
- From appreciative to sceptical
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- Figure 60: Aggregator target groups, April 2011
- The Advocates
- The Sceptics
- The Middle Ground
- The Unengaged
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- Figure 61: Aggregator word association, by target groups, April 2011
- Information-hungry Advocates
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- Figure 62: Primary sources of information used to research financial products, by target groups, April 2011
- Scepticism is no barrier to using comparison sites...
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- Figure 63: Products researched through an aggregator site, by target groups, April 2011
- ...while even some Advocates are wary of actually buying
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- Figure 64: Products purchased through an aggregator site, by target groups, April 2011
- A recognition of the sites’ shortfalls...
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- Figure 65: Attitudes towards aggregator sites, by target groups, April 2011
- ...from the fans as well as from the cynics
- Bringing in the Unengaged
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- Figure 66: Key factors when using aggregator sites to buy insurance, by target groups, April 2011
- More signs that Sceptics are looking for guidance
Appendix – Primary Sources of Financial Information
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- Figure 67: Most popular sources of information used to research financial products, by demographics, April 2011
- Figure 68: Next most popular sources of information used to research financial products, by demographics, April 2011
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Appendix – Sites Used to Research Financial Services
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- Figure 69: Most popular choice of aggregator sites ‘have used, but not within the last year’, by demographics, April 2011
- Figure 70: Next most popular choice of aggregator sites ‘have used, but not within the last year’, by demographics, April 2011
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- Figure 71: Most popular choice of aggregator sites ‘have used within the last year’, by demographics, April 2011
- Figure 72: Next most popular choice of aggregator sites ‘have used within the last year’, by demographics, April 2011
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- Figure 73: Other choice of aggregator sites ‘have used within the last year’, by demographics, April 2011
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Appendix – Brand Research
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- Figure 74: Brand usage, February 2011
- Figure 75: Brand commitment, February 2011
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- Figure 76: Brand momentum, February 2011
- Figure 77: Brand diversity, February 2011
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- Figure 78: Brand satisfaction, February 2011
- Figure 79: Brand recommendation, February 2011
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- Figure 80: Brand attitude, February 2011
- Figure 81: Brand image – Macro image, February 2011
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- Figure 82: Brand image – Micro image, February 2011
- Figure 83: Profile of target groups, by demographics, February 2011
- Figure 84: Psychographic segmentation, by target groups, February 2011
- Figure 85: Brand usage, by target groups, February 2011
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- Figure 86: Brand index, February 2011
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Appendix – Products Researched and Arranged Through Aggregators
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- Figure 87: Most popular ‘researched’ aggregator usage, by demographics, April 2011
- Figure 88: Next most popular ‘researched’ aggregator usage, by demographics, April 2011
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- Figure 89: Other ‘researched’ aggregator usage, by demographics, April 2011
- Figure 90: Most popular ‘purchased’ aggregator usage, by demographics, April 2011
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- Figure 91: Next most popular ‘purchased’ aggregator usage, by demographics, April 2011
- Figure 92: Other ‘purchased’ aggregator usage, by demographics, April 2011
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Appendix – Attitudes Towards Aggregator Sites
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- Figure 93: Most popular attitudes towards aggregator sites, by demographics, April 2011
- Figure 94: Next most popular attitudes towards aggregator sites, by demographics, April 2011
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Appendix – What People Look for in an Aggregator Site
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- Figure 95: Most popular key factors when using aggregator sites, by demographics, April 2011
- Figure 96: Next most popular key factors when using aggregator sites, by demographics, April 2011
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Appendix – Aggregator Associations
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- Figure 97: Most popular aggregator word association, by demographics, April 2011
- Figure 98: Next most popular aggregator word association, by demographics, April 2011
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- Figure 99: Other aggregator word association, by demographics, April 2011
- Figure 100: Least popular aggregator word association, by demographics, April 2011
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Appendix – User Segmentation
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- Figure 101: Target groups, by demographics, April 2011
- Figure 102: Choice of aggregator sites, by target groups, April 2011
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- Figure 103: Attitudes towards aggregator sites, by target groups, April 2011
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