comparethemarket.com - improving customer experience in a dynamic marketplacePublished: Tuesday, 01 July 2014 09:54 by Katharine Hulls, VP Marketing
Online comparison sites have revolutionized the way in which UK consumers research, compare and purchase financial products by enabling the quick and easy evaluation of insurance quotes and streamlining the purchasing process.
In this increasingly competitive and dynamic marketplace, differentiation demands not only competitive quotes but also effective matching of potential customers to products. In-depth insight into online customer behavior is, therefore, critical. Comparison sites also need to understand how many users are completing the insurance quotation process and identify the most popular insurance providers and products to ensure continued customer loyalty and success.
By collecting detailed data about their website visitors, sites can model customer behavior, improve both the website and relevance of the products offered, and continually enhance the customer experience.
A good example of a company achieving this is comparethemarket.com. They selected Celebrus Technologies and their partner, IS Solutions, following a successful proof-of-concept exercise that demonstrated the value of analyzing accurate visitor data to deliver improved insight into customer behavior.
IS Solutions and Celebrus have continued to support comparethemarket.com’s evolving business needs by providing insight into a number of key aspects of customer behavior including:
- Information on visitor drop-off rates and reasons to directly improve the usability of forms on the site
- Rates of new visitors to returning visitors to build an understanding of customer motivations and product interests and provide cross-sell and up-sell opportunities
- Provision of conversion data to comparethemarket.com partners
- Cross-channel analytics from collection of visitor data from mobile devices
Since the implementation comparethemarket.com has witnessed considerable success and has been able to identify key areas for site enhancements. The site is now providing improved conversion metrics to insurance partners and delivering a better customer experience that builds loyalty and encourages customer retention. The Celebrus and IS Solutions service has also scaled in line with comparethemarket.com’s exceptional growth, recording a seven-fold increase in visitor numbers since initial implementation.