Which finance sectors best suit landing pages? - Showtime Digital

Which finance sectors best suit landing pages?

31 March 2016 Read 1010 times

Regardless of what your company sells if you can’t inspire and elevate the consumer’s emotional need you’re going to have a tough time making your landing page campaigns convert for you. Any company can use landing pages but it means you’re going to have to get creative. To help you make your decision on whether this will work for you we’ve evaluated the potential success of 40 categories in the finance sector. We’ve based this on our work in the many sectors and the results achieved.

The facts are: on a daily basis consumer’s search your category and a percentage of them become buyers. How you view your ability to convert consumers into buyers comes down to your perspective. A company who achieves a 3% conversion rate on their website may have the belief that 97% of consumers are just lookers. On the other hand if the same company used consumer focused landing pages and achieved a 44% conversion rate they would see a totally different perspective and understand the urgency consumers can have.

In finance there are categories which have immediate need while others are a longer term ‘nice to have but I can live without it’ search.

The better you understand the consumers need the higher the chance of a sale

To a large degree you don’t have a lot of influence on whether the sales cycle in your industry is right now, next week or in several months, you certainly can’t make someone search your category if they don’t have a need to. What you can influence is the urgency you place in front of consumers to move them forward.

We’ve gone to great lengths to categorise the finance sectors which will benefit from landing pages. 10 are awesome, 5.5 not so much.

 

Industry Personal
Business
Sector Sales Cycle Short - Mid -Long Emotional Attachment Need - Want - Like Probability of landing page success (1 -10)
Lending Personal Peer 2 peer lending S N 10
    Digital wallets M L 5.5
    Traditional banking L W 5.5
    Payday lenders S N 10
    Credit cards S N 10
  Business Traditional banking L N 7
    Peer 2 peer lending S N 10
    Debtor finance M W 7
    Equipment finance S N 10
Property   Off the plan sales M W 7
    Real estate M L 5.5
    Property valuers S N 10
    Buyers advocates S W 8.5
    Fractional property sales M L 5.5
    Mortgage broking S W 8.5
Laywers Personal Personal injury S N 10
    Family/Divorce S N 10
  Business Commercial law S N 10
    Conveyancing S N 10
Accounting Personal Taxation L W 5.5
  Business Bookkeeping S N 10
    Accounting L W 5.5
    Wealth advisors L W 5.5
    SMSF M W 7
    Auditors/Actuaries L N 7
Insurance Personal Car insurance S N 10
    Health insurance M W 7
    Life insurance M L 5.5
  Business Professional liability S N 10
    Cyber insurance S W 8.5
    Builders insurance S N 10
Stockbroking   Forex/CFD's M W 7
    Stockmarket reporters M W 7
    Robo advisors M L 5.5
Debt consolidation Personal Debt reduction M N 8.5
    Same day lenders S N 10
  Business Debt collection S N 10
Vehicle leasing Personal Vehicle finance S N 10
  Business Novated leasing M L 5.5

 

The table highlights specific finance and related sectors and the probability of success when using landing pages. The fluctuation in success comes down to a myriad of factors. Not the least of which is the strategy used to reach out to your client base i.e. an AdWords strategy may not get enough cut through for wealth advisors whereas an approach over LinkedIn may achieve better results.

Consumer focused pages should address the consumer first and the conversion second.

Just because your industry attracted a score of 5.5 doesn’t mean you won’t achieve the conversions you’re looking for. What will set you apart is your ability to get inside the head of the consumer, to empathise with them. In a very real sense it’s no different than if you were having a face to face conversation with them, which may be the very next step in your process.

Empathy and your ability to elevate their need will give you the data to fine-tune your approach and considerably increase convertibility. With this in place the conversion becomes the by-product of a job well done. This is where companies go from a 3% conversion rate to 30% in a matter of months.

To make this happen your strategy needs to be tight and consumers need to acknowledge where you’re coming from in 3 seconds. If the eye can’t recreate the page’s story in this time the brain gets confused and more readily dismisses what it sees. Click this link to receive a free eye tracking report and see how your own page performs in the first 3 seconds.

You can use a landing page anywhere you have the ability to serve one, for example over Facebook, Google Adwords, Bing or LinkedIn. You don’t have that same option over organic Search engines.

When we place some of the above sectors on an XY graph we see some interesting patterns happening. The closer a category is to the short sales cycle with high need the better your chance of winning consumers more often. There’s also a number of longer sales cycle, nice to have categories and the key to conversions here is once again your ability to create urgency.

Some of Showtime’s highest performing campaigns have come out of the short sales cycle with high need quadrant, for example builders insurance at 54% and P2P lending at 44%. But you can still knock it out of the park in the longer sales cycles, for instance life insurance at 42%.

 

XY Graph

 

You’ll notice there are very few high need – long sales cycles on the graph. One to note is debt reduction. The reason it sits in this quadrant is even though these individuals have a very real need, they bring with them a high levels of anxiety, denial and shame. For this reason people will reach out but they may not action anything and this can go on for months. In this situation they have set themselves into a pattern and there’s always a level of comfort in a pattern. Your job here is to interrupt this pattern. Once again we refer to empathy and elevated need.

An online search can be triggered by mounting bills and final notices or an argument at 1am in the morning. When emotions are this high you’re not following a customer’s journey you need to ride their anxiety rollercoaster. We’ve seen some terrible pages based on fear in this category and it doesn’t motivate people. People are already filled with fear, they don’t need topping up.

Consumer empathy can create the urgency needed to convert consumers now

There are also some unknown quantities in the emerging fintech space such as digital wallets and robo advisors. We’ve defined their quadrant based on what bought the consumer to investigate the category. Digital wallets may be motivated by peer pressure as much as anything hence the possibility of a short sales cycle. Robo Advisors would more suit the money conscious personality and the market has always been smaller than credit cards, P2P lending and immediate financing and accessibility won’t change this.

It doesn’t matter which quadrant you sit in, the key to achieving more conversions is to create urgency. To do this you must understand the consumer on an emotional level. This one thing will set you apart from 90% of your competition.

What’s your next step?

Do these two things.

  1. Pretend you’re a consumer and search your category like they would

  2. Download this eBook on Creating Landing Pages Which Convert

When you search your category, forget what you know about the industry, the incumbents and the industry leaders; consumers could care less about them.

Think like a consumer and investigate the category with the mindset of ‘what’s in it for me’. If you’re confused by a website dismiss it, if it doesn’t load on mobile move on. Find out who positions themselves differently, who creates urgency and which website speaks to the consumer.

Once you’ve found this website you have found your real competition. Be better than them and create urgency.

Here’s a final funny -

Two guys are in the jungle when they see a lion running towards them. Frantically, one of the men starts putting on his running shoes.

Surprised, the other man says "What are you thinking, you can't outrun a lion!"

"I don't have to outrun the lion," said the man, "I just have to outrun you."

Steve Palmer

Steve Palmer is the Joint Founder and CEO of Showtime Digital. Steve has been in B2B sales since 1997 but influencing people and behavioural science has been a long-term passion.

The magic he brings to his clients is in knowing how to engage their audience. His goal is to help businesses understand the deeper reasons of why consumers convert online with them.