This is first of three posts on the subject of maximising your share of the travel money market. They are meant as a snapshot of key insight that you can use to take stock and assess your business’ position as it stands in the eyes of the consumer. In this case, our insight comes from a survey of more than 1,300 consumers in October 2015. Our data is used and trusted by both the Office of National Statistics (ONS) for the Retail Price Index, and the Financial Conduct Authority (FCA) for monitoring the insurance market.
Whatever industry you’re in, it’s easy at times to get lost in the labyrinths of both national and international markets. In a world that is ever more globalised, ever more connected, and ever more digital, it can be hard to keep track of what’s going on and how you’re faring against your competitors. This is where Consumer Intelligence comes in. Much like Ariadne, we’re here to offer you the thread of data that you need to navigate whichever twists and turns come your way.
These are real facts, and they’re worth your time. Read on to get a taste of how our data can help you improve your business and get out of the labyrinth.
Step 1: Make It Easy
Consumers want things to be easy. In our survey, 65% of people said that convenience was a factor in choosing how to purchase their travel money. Our panellist’s comments supported this theory: they highlighted good customer service, easily navigable websites, and convenient store locations when choosing to recommend a given provider to their friends and family.
If your business has not been optimising this process, consider asking yourself the following questions:
- Are you making it unnecessarily difficult for consumers to buy from you?
- Do you understand what level of service your customers want?
Businesses that are performing well in this industry from a consumer perspective highlight ease of use as a key area. If you can’t answer these questions then you need to think about why you haven’t done so and how you can improve your service delivery process.
Case Study: The Post Office
As proof of how important ease of use has become when it comes to marketing your product in the travel money industry, we’ve chosen to highlight the Post Office’s latest advertising campaign.
This year’s Travel Money campaign by The Post Office focuses on ease of use as a central theme. The Post Office’s new Head of Marketing, Keith Gulliver, said to TheDrum.com that “consumers broadly know we offer competitive rates on a wide range of currencies, but don’t necessarily know how easy it is to buy from us.”
Mr Gulliver's comments imply that from The Post Office's perspective, it is crucial to market and indeed to ensure ease of use to consumers when it comes to business strategy in the Travel Money industry.
Consumer Intelligence captured this as a core area to focus on in October last year, and The Post Office launched this campaign two days ago. Use our data to get ahead of the curve, and keep up to date with how the big players in your industry are behaving.
In essence, these points are simple but powerful. Make it easy for your customers to understand and purchase your products. Enhance their experience with an emphasis on customer service and use the wide range of website tools available to you to improve your brand presence, whether it’s with a click and collect button or a map to the consumer’s closest branch of your business.
Providers need to find out what convenience means for their customers and deliver that. The sales will follow.
Travel Money: What Your Customer Is Really Thinking
Buying travel money is an important part of many people’s holidays abroad, and Consumer Intelligence’s survey shows that travellers are becoming more price sensitive, perhaps due to the slide against the dollar and the euro.