Webjuicer General
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Webjuicer General Webjuicer General Presentation Transcript

  • General Presentation The future of comparison websites in Belgium
    • The Belgian Internet landscape
    • Comparison sites
    • Why do they work /international research
    • Belgian Research
    • Making a Belgian business
    • Discussion: making it work for you…
  • Today’s challenges
    • Information overload
    • Matching consumers and advertisers
    • Personal advice not general answers
  • NEED FOR SIMPLICITY
    • Example: mobile providers
    • … some of them offering +10 tariff plans
  • SEARCH FOR INFORMATION
    • HOW IT USED TO BE
    • 2008
    SHOWING ADS LOOKING FOR INFORMATION
  • LOOKING…
    • More buying on line than in Holland
    • Internet as a source for information
  • Millions of sites… 2.2 million sites / 50,000 searches per month = 40 sites per search (NL) 520 site per search (FR) !!
  • Competition is tough
  • But hard is it really ?
    • 1500 keywords (Insurance and banking)
    • 4400 sites that showed up in a top 10 ranking
    • 2 measures
      • Num = number of appearances
      • Scores for positions
    • The Belgian Internet landscape
    • Comparison sites
    • Why do they work /international research
    • Belgian Research
    • Making a Belgian business
    • Discussion: making it work for you…
  • COMPARISON WEBSITES
    • Give objective information (usually)
    • Compare prices (and ratings)
    • 3 primary areas of business
      • Products
      • Travel
      • Financial Services
  • How they work… 1. People fill in personal data and needs 2. They compare the different rates 3. If they apply, the advertiser pays for the lead
  • A simple business model
    • Costs per lead about the same price as other leads
    • Mortgages
    • Typical price: 40-80 Eur
    • Print 60-140 EUR
    • Direct Mail: 60-80 Eur
    • But conversion rate a lot higher Conversion Rates vs. Direct mail
      • Home loans +280%
      • Credit Cards + 80%
      • Insurance +170%
  • Margins not hurt by comparison websites ING.nl BE ING.Be
  • A booming Business
  • Turnover BeatThatQuote.com
  • 70 different price comparison websites in UK (even sites to compare comparison sites) More than
  • Online verzekeren is het tweede internetproduct in Nederland Serge Fenenko ( Novocortex ) woensdag 6 februari 2008, 13:12 Rubriek: Cijfers en feiten | Trends | Bekeken: 8551 keer (4861 keer doorgeklikt) 21% that looked on-line bought on-line
  • Lot’s of business models
      • Truly independent
        • Scrapers
        • Advertiser dbase driven
        • A combination
      • Ranking based on $ (Independer.nl, sort of)
      • Hidden suppliers (Assurland.fr)
      • Just a lead generators (Kwanta Kosta)
    • The Belgian Internet landscape
    • Comparison sites
    • Why do they work /international research
    • Belgian Research
    • Making a Belgian business
    • Discussion: making it work for you…
  • Forrester research
    • Comparison sites not the first place
      • They get there after looking for a while
      • Used to confirm / eliminate
    • Often no on-line activity
    • Almost always a 2nd source of information
    • Often several sites (2-3 sites on average)
    • A repeat business (2.2 products / year)
  • Iprospect (NL) http://www.checkit.nl/pdf/whitepaper_internet_en_financiele_dienstverlening.pdf
  • now Jan Hilde
  • week 1 family & friends bank websites
  • week 2 A new bank found on internet
  • week 3
  • week 4
  • The net result
    • Consumers
      • Tired feet
      • Lots of insecurity about the decision
      • “ you gotta negotiate” is the message for friends
    • Banks
      • 1 in 8 hit rate
      • Lots of wasted time
      • Probably not much margin
      • Hundreds in contact costs
    A lose / lose business model
  • Summary: why they work…
    • Motivated consumers
    • Something advertisers could never do
    • Win/ Win
      • Consumers : easy
      • Advertisers: cheaper and they can select clients
  • Belgium
  • The UK Comparison site Comparison site Comparison site Comparison site
  • Not 7 less 3 But a log difference something like 2 7 vs 2 3 836 K vs. .5 K
  • Half of Net users have heard of at least one financial price comparison site . Belgium: 9% A quarter of Net users have used a price comparison site in the past year . Belgium: 4%
    • The Belgian Internet landscape
    • Comparison sites
    • Why do they work /international research
    • Belgian Research
    • Making a Belgian business
    • Discussion: making it work for you…
  • Research
    • AFC: Academics for companies
    • Methodology: Web Survey to known internet users
    • Data available
  • Hypotheses
    • Online consumer behavior in Belgium is similar to online consumer behavior in other EU countries.
    • There is an unmet consumer need for online product research in the financial sector
    • The online product research system has to be different from systems in other EU countries.
    • Banks not listed at online financial product research systems experience negative effects
    • Belgian online behavior is similar to other EU countries
    • Consumers want more information, information they can’t find now
    • Trust issues identified
    • There would be a negative impact on companies not-listed banks
  • Belgian consumers are also looking for financial information on line 41,5% of Belgian respondents have looked for financial product information online
  • Consumer information 68% 13% 41% 13% 11% 15% 11% 4% Belgian results 52%
  • Belgian usage is low low 8.6%
  • Belgian trust is low 32% = enough trust + lots of trust 65%
  • Negative effects for not-listed banks? If your bank is not listed on a price comparison website, would this have a negative impact on consumer decision? Would consumers still consult your bank’s website? Language Negative impact Still consult FR 45% 89% NL 44% 90%
  • Planned usage is high
  • Imagine a site…
  • But we know what consumers want What other information would you like ? NL FR TOTAL Specific product details 41.55% 44.42% 44.07% Comparison of characteristics/prices of different banks 29.83% 31.15% 31.48% What product is best for you 23.10% 25.19% 24.81% Non-biased information about the product 14.31% 21.54% 16.67% Information about saving and how to pick the best product 14.14% 17.88% 15.74% Comparison of characteristics/prices of one specific bank 8.45% 11.92% 9.81% Recommendations of specialists 8.79% 10.19% 9.63% Opinions of other consumers 9.48% 5.96% 9.07% Names of companies with products I am looking for 8.45% 8.46% 8.89% Independent reports 7.93% 5.96% 7.78% Information about service level and quality 4.31% 6.54% 5.00% Other 1.90% 3.08% 2.22%
  • 2 big issues to resolve
    • Traffic = key element to the success of a price comparison website
    • No traffic = no business SEO !
    • Consumer trust = key element to the success of a price comparison website
      • Do more than prices
    • The Belgian Internet landscape
    • Comparison sites
    • Why do they work /international research
    • Belgian Research
    • Making a Belgian business
    • Discussion: making it work for you…
  • The Belgian Challenge
    • Traffic
    • Skeptical consumers
    • Not used to buying financial services on line
    • A small market (less € for development)
    • No sites that have succeeded yet
  • Our plan: Info + Action + Ratings Plus Ratings on suppliers
  • Top 5 search results for most of our sites
  • Building a brand
    • Consumer
    • Objective source of information
    • No privileged advertisers
    • Personal results
    • A new starting point for important decisions in their lives
    • Advertiser
    • Professional environment
    • Qualified leads
    • They choose their clients
    • Quick delivery
    • A new, easy way to attract customers
  • Our business model Consumer focus Consumer Fair Advertiser focus 80% of companies Neutral Honest Transparent
  •  
  • That means a lot of business in many categories Share of visits/ conversion rates based on data on our sites Conversion rates based on UK / Dutch results
  • Comparison vs. alternative media (price)
  • A rough comparison vs. CPC (google)
  • Participation Options
    • Pay per click
    • Pay per qualified click/ completed application
    • Pay per sale (with tracking systems)
    • Also banner / sponsor advertising
  • Next Steps
    • More information http://dl.dropbox.com/u/704747/Background.zip
    • Contact
      • [email_address]