2020 was a year no one was expecting. Consumer lived experiences in 2020 have impacted behaviours towards savings, investments, and individual savings account (ISAs).
Senior Analytical Lead, Phil Jones and Client Solutions Director, Tracey Pilon explore these changing behaviours to help UK advertisers prepare for the new tax year.
They look back at key moments and switch the focus to 2021 to help you reach UK savers.
How have consumer behaviours changed, and what should advertisers look for in 2021?
Driven by the pandemic government support, pensions, and furloughs, money kept flowing into UK bank accounts through 2020, resulting in a staggering £104 billion accumulated across the year.
As lockdowns, restrictions, and travel bans all limited the opportunity for people to spend the money they’ve accumulated – did the uncertainty of Covid-19 play a role in consumers not using saving products and with the start of the tax year are consumers now starting to think about what they should do with these accumulated savings?
From a search perspective, seasonality of people looking for investment products on Microsoft Advertising was typically from February to May. Largely driven by those considering using up their ISA allowances. In 2020, demand for saving products dropped significantly. The uncertainty caused by the pandemic may have suppressed consumer demand for investment products.
ISAs experienced a 19% year-on-year growth
predominantly driven by those looking for stocks and shares as well as junior products. Our research shows that consumers who are looking at ‘investment services’ have a strong correlation with the following In-market Audiences:
What channels are driving conversions?
Using a last touch attribution model, search engine marketing (SEM) drives most conversions. Although SEM is one of the key channels, there is an increase of people using email and native advertising to convert.
There is also an increase in referral which indicates more consumers are using price comparison sites.
Now in the new Tax Year
Preparation is key.
Savers will want to now be thinking about where best to use their their tax-free ISA allowance. Think about audience behaviour and the shortening consumer journey.
Invest your marketing where it makes sense
. Leverage Microsoft Advertising to put you in front of the right audience at the right time with the right message.
Think about the multi-touch attribution.
Native and email help drive conversions. Expand search marketing into these channels. Leverage the Microsoft Audience Network
to ensure your brand remains top of mind for consumers in a brand safe environment.
Check out the full savings snapshot infographic
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