A new marketing strategy and business model
In October, MoneySupermarket announced a major shake-up of its marketing strategy, switching its focus from revenue to relevance by putting greater emphasis on the customer experience and using more granular segmentation to target users with better messaging and content. The move has been hailed as a game-changer by many – with Liberum raising its recommendation on the company from buy to hold, noting that a more “subscription-style business model would bring significant opportunities, particularly in the mortgage market”.
These “new beginnings” follow some transitional years for the brand, which welcomed new CEO Mark Lewis at the beginning of 2017 and promoted Marketing Director Darren Bentley to Chief Customer Officer in August this year. These changes are certain to have influenced MoneySupermarket’s decision to part ways with Mother in March this year – a move that came as a shock to many, following years of successful campaigns, including its award winning “save money, feel epic” ads. The brand appointed WCRS in June, as part of a bid to reinvent price comparison and differentiate from the activity of its competitors.
Data driven appetite for content: In light of its new approach - which has already seen CRM-driven revenue grow 12% - MoneySupermarket has personalised 96% of all CRM comms and the company now has 700 data points, which help the marketing team understand what customers are trying to achieve and pinpoint the most effective times to send content. As the brand seeks new ways to communicate with consumers – and increase the relevancy of these communications – content marketing specialists are expected to be of interest, particularly as it moves into new markets.
New Chief Product Officer Rafael Orta (who was appointed in the middle of this year), will continue to pave the way in terms of improving the brand’s consumer touchpoints next year. We predict opportunities for CRM and customer loyalty specialists will be up for grabs as the team increasingly thinks about how its marketing, product and engineering teams can work together in this regard.
Ongoing app development: It’s worth noting that MoneySupermarket is the only price comparison site to offer a robust app to its customers, which matches the functionality of its site. It’s likely that further app development will be a focus as the brand continues to find ways to break the mould in terms of what the category can do.
Measuring media: In light of Darren Bentley’s comment that MoneySupermarket is too heavily reliant on Google as a customer acquisition channel, the brand is currently working on adjusting its media activity to experiment whether a focus on brand can deliver a higher return on investment. While it is working on this with incumbent MediaCom, its work with econometrics agency Red Route International indicates a desire to use more specialist shops to inform larger projects.
Media Spend Q1-3 2018: £18,868,268
Agencies: WCRS, Marin Software
Chief Customer Officer Darren Bentley - connect
Head of Digital Ercan Kamil – connect