LONDON, August 28th, 2013.
With just 2% of consumers switching credit cards, TotallyMoney.com is on a ‘market growth mission’
TotallyMoney.com, the credit comparison experts, today reveals the result of a major brand and business overhaul and announces its ambition to become the number one credit card intermediary in the UK. Following extensive consumer research, the company has unveiled a series of innovations aimed at changing the UK consumer credit market.
The brand overhaul includes the launch of a new above the line advertising campaign which was developed by London agency Creature. The creative introduces Turtley and Monkey, who are on a quest to find the perfect credit card. Monkey represents consumers who pay off balances each month and are looking for credit cards with better rewards, while Turtley represents those looking to save interest with 0% balance transfer opportunities. The national multichannel campaign is airing in the UK from the 29th August 2013.
Advertising agency Creature won a three way pitch for the account which is based on a ground breaking commercial agreement. It is the first time that revenue generated from a national TV campaign will be shared three ways between the advertiser, the creative agency and the broadcaster.
The advertising campaign forms part of TotallyMoney.com’s communications strategy which sets out to change consumer behaviour and position the business as one of the leading consumer credit commentators in the sector. With just 2% of consumers currently switching credit cards every year using comparison websites, compared to 38% in the car insurance sector, TotallyMoney.com is on a mission to catalyse growth in the credit comparison market. The strategy includes the launch of a programme of engaging PR campaigns which champion consumer issues and provide in-depth market analysis and commentary. TotallyMoney.com has made significant investment in the communications division with the recruitment of both an in-house and PR agency team.
Tracy (née North) Dickerson joins TotallyMoney.com as Head of PR having previously headed up the European PR team for shopping comparison website Kellkoo.co.uk and personal finance PR at uSwitch.com. Following a five way pitch, TotallyMoney.com has also hired PR agency GolinHarris, alongside digital marketing agency support.
The expansion of the communications team sits alongside the creation of market leading online credit comparison tools which break the financial comparison mould and collectively deliver the most comprehensive service in the industry. The website addresses two major weaknesses in comparison services:
- It allows consumers to see exactly how much money they will earn or save by switching to the best deals based on annual spend, borrowing and repayments.
- It identifies which of these deals consumers are actually eligible for – currently a major inefficiency with rejection rates hitting 70%.
Will Becker, CEO and co-Founder of TotallyMoney.com, comments: “Creating a new market which has the potential to deliver an enormous amount of value to consumers is an amazing opportunity for us. We don’t want to be all things to all men, we want to focus on one area of personal finance and do it really well. In order to achieve this, getting our communications strategy right and raising brand awareness is crucial to our success. Clinching the number one spot in the credit comparison sector whilst stamping out consumer apathy is no mean feat but it feels perfectly achievable.
“As the only major credit-focused comparison website, we’re going to be the first to invest heavily in communicating the benefits of credit card comparison to consumers. We feel the three-way investment strategy with both our broadcaster and our advertising agency is testament to the strength of our mission. It speaks volumes about the level of motivation and commitment from all parties involved.”
TotallyMoney.com, launched in 2007, is the UK’s leading credit-focussed comparison website which sets out to make it simpler for consumers to compare credit cards, loans and mortgages. With a revolutionary approach to credit comparison, TotallyMoney.com uses exceptional comparison tools to empower people to make better financial choices.
As part of the Media Ingenuity Group, TotallyMoney.com sits alongside affinity credit card brands. Fluid is a portfolio of market leading ‘prime’ products issued in partnership with MBNA, Luma a ‘sub-prime’ credit card partnership with Capital One and Granite card with Vanquis Bank. Being both a credit comparison service and a marketer of credit card brands gives the business a unique and in-depth perspective of the industry.
Notes to Editors
1. TotallyMoney.com analysis.
2. Accenture report 2012: UK Motor Insurance: At the Crossroads? 38% of motor insurance consumers switched at last renewal