| Topic : Marketing of Financial & Insurance Products in 2010 |
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Banking & Insurance Professionals |
Investment Hub |
Financial analyst |
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last activity : 07 06 2010 20:18:04 +0000
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Google says 84% use search engines for researching on financial products.
This was a survey conducted by Netpop Research on behalf of Google India to understand the role of internet in purchase of financial products has revealed that 84 per cent of those surveyed use search engines as either a primary source or a gateway to other websites in the purchase decision process for financial products such as home loan, credit card, banking services, insurance, remittance, personal loan and investment.
While 70 per cent of financial purchasers said they use at least one of the user generated content (UGC) sites especially consumer reviews, social networking and blogs in their research, over 40 per cent said they watch finance related online videos on either dedicated video sites like YouTube or financial news or company sites.
An interesting finding of the research was that consumers were found to be more concerned about finance related information during the economic slowdown triggering more comparison and research for information leading to increase in search engine use by 17 per cent in the last one year.
According to Google India, the survey was conducted amongst users who had purchased a product from banking services, home loans, personal loans, credit cards, investments, insurance policies and remittances in the last six months. The respondents also said that traditional media ads and news are also effective in prompting purchasers to go to a search engine to look for more information.
“Internet is emerging as an indispensable part of research and purchase of products and services in India,” Parminder Singh, business head, Google India, has said. “Increase in usage of UGC and online videos also highlight the need to effectively manage brand perceptions which is critical for the finance category as trust is a major component of the final purchase decision.”
If this is true what follows is that user generated information is the most important tool for making financial decisions. But as many of us know these sites are rigged and user generated content is “generated” by design of the company by hiring people to write reviews under different identities.
So, do you think internet has helped in marketing financial products easily?
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