From Boring Money Bulletin September 2017
Blimey! 'Ow much!?
Our brand new report tackles the thorny issue of customer acquisition, pulling together interviews with over 20 providers to shine a spotlight on that best kept secret – customer acquisition costs.
There’s not a single cost and it differs dramatically according to who you are and brand. We mapped media spend to customer brand awareness and tracked the efficacy of marketing spends.
The efforts of challenger brands have not been in vain. Nutmeg’s campaigns have been raising awareness of their offering - a fifth (21%) of the UK are now aware of the brand, this rises 33% in London whilst market leader Hargreaves Lansdown is known by 25% of UK adults and 27% of London. When we break down the spend by provider type, we can see that robos are spending more on brand, whereas traditional platforms are all about chasing conversions.
Banks and building societies continue to be favoured as places to invest across the board. That said, the potential for new brands to break in to this sector is clear - almost a fifth (18%) of people say they would consider investing through a non-financial services brand, such as a retailer.
Women in particular favour retail brands and comparison sites which suggests they value and trust the clear signposting and guidance offered by these brands when it comes to making decisions and selections. When shown a list of retail brands, women put John Lewis at number 6 on their list of brands they would like to invest with. It came in at 9th position on men’s list of preferred brands.
Traditional finance brands are resonating more with the boys. Hargreaves Lansdown came in at number 6 on preferred brands to invest with for the chaps. Just number 10 with the ladies. It remains rather blokey in Bristol!
You can see more details in our 2 pager here or contact us for details.