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Partner Metrics: Consumer Attitudes towards Alternative Distribution Partners in UK Financial Services
Finaccord, June 2010, Pages: 125
Partner Metrics is a study of consumer attitudes towards 140 major non-financial brands in the UK, to test their willingness to acquire financial services through them.
It looks at nine separate insurance and banking products, so that it can quantify the market potentialfor these 140brands for specific products.
In particular, it seeks to answer the following questions:
- how many customers does each organisation have and what is the profile of these customers in terms of their frequency of contact as well as their gender, age and household income?
- how much do consumers in general trust each organisation and how much do the organisations’ own customers trust them?
- do customers currently buy insurance or banking products from these organisations?
- if not, what is the evidence that they are willing to do so in future?
The answers to each of these questions are combined to produce an estimate for each organisation’s potential for a specific product, thus identifying where the best opportunities lie and which should be avoided.
The rationale for the Partner Metrics report is that:
- UK consumers have proved themselves open to taking out financial products from a wide variety of non-traditional distribution partners, and thousands of partnership marketing deals now exist;
- some of these have proved extremely successful, either by type of product, such as pet insurance and prepaid cards, or by partner, such as the Post Office, Saga and Tesco;
- however, the failure rate is also high, and many partnerships end each year due to a lack of sales.
So which partnerships have been successful, and what opportunities exist in future?
The Partner Metrics survey provides detailed answers to these questions by looking at consumer attitudes to specific organisations and for particular financial products.
How can the research be used, and what key questions does it address?
The research can be used in one or more of the following ways:
- identify key opportunities for partnerships, by distribution partner and by product;
-- if Tesco has been a success, does that mean that all supermarkets are lucrative partners?
-- what is the demographic profile of potential partners?
- benchmark current performance against competitor brands and against potential sales;
-- how good are other retailers, car manufacturers, charities and travel companies at selling financial products?
-- what share of viable sales is your own organisation currently achieving, product by product?
- explore the possibilities offered by a wide range of partnerships;
-- would niche partners with strong cross-selling potential be better than partners with a mass customer base but no clear link to a financial product?
-- do home improvement brands open a channel to sell household insurance?
-- partners in the survey range from Top Gear to The Money Shop to the Women’s Institute.
Who can use the research?
1. Banks, building societies and credit card issuers: assess what volume of sales you could make through the partners researched for personal loans, savings accounts and payment cards, identifying new opportunities and benchmarking current performance;
2. Insurance companies: as with banks, identify opportunities and benchmark current performance for motor, household, travel, pet, accident and health, and life insurance;
3. Distribution partners included in the survey: for organisations ranging from car manufacturers to fashion retailers, identify which products consumers are most - and least - likely to buy from you, and measure your performance against this;
4. Other distribution partners: see how competitors in your sector perform, to assess where your own opportunities may lie;
5. Management consultancies: are you helping a financial services company or an alternative distribution partner with its partnership strategy? Understand partner metrics across a broad range of partners and financial services, including your clients and their rivals
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