Have you ever bought something on a website just to realize that it was cheaper somewhere else? Nearly all of us have done that, and it doesn’t feel too good afterward to know you could have saved money. Nobody seems to like this. 85 percent of all internet users in the United Kingdom have used a price comparison website at some point according to the UK Competition and Markets Authority (CMA). These websites are very helpful to those who function in the wider retail landscape, which is driven by online shopping and the ubiquitousness of smartphones.
Price Comparison Websites
Some of the biggest price comparison websites tend to focus on finance, insurance, and utilities. However, there are now many that cover consumer goods as well as specific sectors like wine, travel, and perfume. According to the price comparison website MoneyPug, there are benefits that price comparison websites have from a marketing perspective, this is why every brand should use them to get the most out of their business.
While it depends on the company, some choose to use price comparison websites as a part of a larger strategy. A strategy that promotes products to those who are searching for devices and good deals, which helps people who wouldn’t normally visit the website to find what they are looking for. Brands can also take a time-sensitive approach that uses price comparison website to boost sales at a specific time or for a specific product.
One example of this is TUI, a travel brand. They use display ads on price comparison websites that customers might otherwise not see. Finance companies may boost income by promoting a product like credit cards or personal loans. Almost all of the cases have it being important to continuously communicate with price comparison websites to maximize their effectiveness.
There are demands for new and innovative ways to compare products and services. This shows no sign of slowing down. Price comparison websites need to keep up with the wider retail market just to stay relevant. This means creating experiences that are personalized. Your company can offer quotes based on the information that the user has provided.
Drawing on this data can help the website continuously monitor whether customers could be saving money. Allowing clients to store key policy details checked against offers in the insurance market can help customers identify the best deal. Personalizing recommendations for the users of price comparison websites will undoubtedly help them gain new customers and keep old ones.
One of the industries that can benefit the most from using price comparison websites is banking. While the introduction of Open Banking last year will likely make a big impact on the financial products offered by price comparison websites. The rules are that banks must allow their customer to share financial information like spending habits with other providers. However, if a client provides a price comparison site with access to their account, the results will be based on what they can actually afford to spend. It can also be based on products tailored to individual circumstances.
While there are over 135 companies providing Open Banking services, full implementation was just completed at the end of last year. With severable valuable cases that are already fully supported while others will be supported soon, price comparison website offer data that can be used to create a unified experience. Failing to explore this will have a lot of banks falling behind.
Just because banking might the most lucrative way to use price comparison websites, this doesn’t mean that other brands won’t have success using them. These websites can offer a great way for new customers to find your product. Promoting your service or product by showing people it is cheaper than your competitors will have people flocking to your brand and sticking with it.
However you look at it, price comparison websites aren’t just good for the consumer, who can find cheaper options for the things they are looking for, these sites offer a great way for companies to get their name out there. If you aren’t utilizing them to improve your standing in the market, it is time to get started.