Affinity Metrics: Consumer Usage of Affinity Distribution Channels in UK Financial and Other Services : Market Research Report

Affinity Metrics: Consumer Usage of Affinity Distribution Channels in UK Financial and Other Services

Published: Feb. 1, 2008 - 120 Pages

0.0 EXECUTIVE SUMMARY: Research background and structure; Almost 39 million adult consumers in the UK are members of at least one loyalty scheme; Members of non-universal affinity categories tend to earn more than the average across all adults; Charity credit cards are the most popular form of affinity card org. through not-for-profit entities; For all but a handful of prods. and servs., football and other sports clubs offer little or no potential; A high number of loyalty scheme members converts into some apparently impressive sales vols; Media affinities can be used to promote a fairly broad array of financial and other prods. or servs; Acquisition rates through professional and trade associations are notably high for dental insurance; Over one million personal motor ins. policies are in force through the retailer distribution conduit; Legal services organised by trade unions attract comparatively high utilisation rates; The impact of the worksite is particularly high for pensions and different forms of health insurance; Affinity marketing opportunities are also in evidence for legal, telecoms and utilities services
1.0 INTRODUCTION: Research rationale; This research provides a detailed analysis of eight important non-universal affinity categories…; … with results presented across 25 financial and three other products and services…; … and compared with that gathered for both the Post Office and supermarkets and other retailers; Research sample and mechanics; Finaccord; Other UK consumer research publications; UK affinity and partnership marketing publications; IPT / Tpoll
2.0 AFFINITY CHARACTERISTICS: Introduction; The number of cons. belonging to each affinity category exceeds 10 million in all but one case; Age profile of affinity group members; Between the ages of 25 and 64, members of loyalty schemes are the most numerous…; … while supporters of charities are characterised by the highest average age; Annual household income profile affinity group members; Cons. earning over £50,000 per annum are least likely to be accessible through trade unions…; … although trade union members and their relatives boast the third highest ave. annual income; Data tables; Charities; Educational institutions; Football and other sports clubs; Loyalty schemes; Newspapers and magazines; Professional and trade associations; Trade unions; Worksite
3.0 AFFINITY PERFORMANCE: Introduction; An implied number of customers can be computed for each prod. or service and each channel…; … with results for the 28 financial and other prods. and services grouped into six product families; Charities; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Customers acquiring through charities are most numerous for credit cards and pet insurance; Educational institutions; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; For just one service does the implied number of customers exceed the 100,000 threshold; Football and other sports clubs; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Telecoms and utilities services; Overview of implied numbers; Football and other sports clubs appear to be generating very weak affinity sales volumes; Loyalty schemes; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Other financial services; Legal, telecoms and utilities services; Overview of implied numbers; A significant proportion of members acquire through loyalty schemes in several instances; Newspapers and magazines; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Media affinity groups appear to be particularly well-suited to legal and telecoms propositions; Post Office; Personal life and non-life insurance; Lending products and associated insurance; Savings and investments; Overview of implied numbers; The Post Office intermediates a significant volume of products or policies in a number of cases; Professional and trade associations; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Professional and trade associations offer a broad array of financial and other product or services..87; Supermarkets and other retailers; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Customers acquiring through retailers are most numerous for credit cards and mobile insurance; Trade unions; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Members of trade unions quite frequently acquire legal services and ins. through their union; Worksite; Motor insurance, household insurance and associated policies; Life, accident and health insurance; Niche insurance; Lending products and associated insurance; Savings and investments; Legal, telecoms and utilities services; Overview of implied numbers; Personal / stakeholder pensions and private medical ins. are often acquired at the worksite

Abstract

Affinity Metrics offers a detailed analysis of the results of Finaccord’s research into consumer distribution channel usage for a range of financial and other services as they pertain to eight important affinity categories which can be described as ‘non-universal’ by virtue of the fact that they do not embrace all consumers. Namely, these non-universal affinity categories are supporters of charities, current and former alumni of educational institutions, supporters of football or other sports clubs, members of loyalty schemes, regular readers of particular newspapers or magazines, members and close relatives of members of professional or trade associations, members and close relatives of members of trade unions, and employees of businesses or other organisations. In particular, the study seeks to provide in-depth data concerning the characteristics of consumers who classify themselves as belonging to these affinity categories and, in addition, to offer data describing the take-up rates among members of these affinity groups for 25 financial and three other products and services, including computation of the approximate number of customers captured by each affinity category that is implied by the results.

Furthermore, by way of contrast and in order to set a benchmark for the eight non-universal affinity channels, it also provides equivalent data sets for two major ‘universal’ affinity categories to which all consumers can be said to belong, namely the Post Office and supermarkets and other retailers. Key features of this report include: in-depth analysis of take-up rates for each product and service covered for each of the two universal and eight non-universal affinity channels considered; calculation of the implied number of customers currently holding the same products and services who acquired them through the affinity categories to which they belong; investigation into the gender, age group and annual household income profile of consumers classifying themselves as belonging to each of the eight non-universal affinity categories including the average age and average annual household income of individuals falling into each category; assessment of the importance of affinity marketing for 25 distinct financial products and services including under-researched sectors such as Child Trust Funds and dental insurance; directly comparable coverage for the first time in a published format of the impact of affinity marketing in legal, telecoms and utilities services.

The research for this study was carried out during November and January 2008 using the Internet consumer panel of Tpoll with completed surveys having been filled in and submitted on-line by a total of 3,600 consumers.

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Affinity Metrics: Consumer Usage of Affinity Distribution Channels in UK Financial and Other Services

Table of Contents

Abstract