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Compete, Inc. and Yahoo! Search Marketing Release Key Study Findings on the Role of Search Marketing in Financial Decisions
Complete Findings to be Presented During Web Seminar
on May 17, 2005 at 2PM EST
BOSTON, MA - May 10, 2005 Compete, Inc., the leading predictive analytics firm, today announced the key findings from a new study, "The Role of Search Marketing in Financial Decisions." The study, sponsored by Yahoo! Search Marketing (formerly Overture), explores the role that online searches play in the decision-making process of consumers interested in financial products. The study set out to provide financial services marketers with a holistic view of consumers who use search, insights into how consumers search for financial products and the value of search prospects.
"In financial services, marketers are already embracing search as a key way to attract in-market consumers. Quantifying the value of search, including whether searchers make desirable targets for financial services companies, is a critical next step in helping marketers refine their search marketing strategies," said Mike Bailey, managing director of Compete's Financial Services practice.
Key findings from the study include:
- Consumers who search online for financial services are attractive targets. They are affluent, in the peak consumption stage of their financial services lifetime and more than half have 'good' to 'excellent' credit quality.
- Search drives offline account acquisition. Consumers may research their checking, savings and loan options online, but about half of those who open accounts end up doing so at 'in-person' channels such as local branch offices or call centers.
- Consumers searching online for deposit and loan products use a balanced set of terms in their search process. These searchers used a combination of general, specific and brand terms when researching new products.
"A key takeway for search marketers is that when you are establishing a portfolio of terms to make keyword buys, make sure you have coverage across general, specific and brand terms in order to reach the desired audience," said Justin Merickel, finance category director at Yahoo! Search Marketing.
For the report, "The Role of Search Marketing in Financial Decisions", Compete analyzed the online behavior of 76,000 consumers who searched for a financial product from September 2004 through February 2005 across Yahoo!, Google, Ask Jeeves, MSN, Lycos or Hotbot.
Yahoo! Search Marketing and Compete will present the full research findings during a live Web seminar on May 17, 2005 at 2:00 p.m. EST. The seminar will be led by Mike Bailey, Managing Director of Compete's Financial Services practice, and Justin Merickel, Finance Category Director of Yahoo! Search Marketing.
Registration for the Web seminar is free and can be done through the following link: http://www.compete.com/email/FS_webinar_2005/.
About Yahoo!
Yahoo! Inc. is the No. 1 Internet brand globally and the most trafficked Internet destination. Headquartered in Sunnyvale, Calif., Yahoo!'s mission is to provide online products and services essential to consumers' lives and offer a full range of marketing solutions to enable businesses to connect with Yahoo!'s hundreds of millions of users worldwide.
About Compete
Compete provides the earliest indication of actual consumer behavior available, which gives clients the information needed to improve the effectiveness of customer acquisition, servicing, cross-sell and retention. Compete has proven that online data on consumer behavior is a predictive indicator of total demand and purchase intent - both offline and online. Compete leverages its database of the daily behavior of more than 10 million online consumers to offer predictive analytics, which Compete's industry experts interpret to provide clear recommendations for action. Since launching its services Compete has provided major auto manufacturers, financial services companies and wireless carriers with a unique vantage point on their customers and competitors not previously available.