The Q4 2022 benchmarking report for UK mortgage brokers has just been published. Learn how the top 9 UK mortgage brokers perform across the digital space.
The latest Q4 2022 benchmarking report for UK Mortgage brokers has just been published. It covers the largest 9 national mortgage brokers, including Meridian Mortgages, Molo, Just Mortgages, Mojo Mortgages, Trussle, Mortgage Advice Bureau, London & Country Mortgages, John Charcol - Independent Mortgage Expertise and Habito.
The research gives an inside track on who is winning the biggest share of voice online, and quantifies the gaps, risks and missed opportunities for other mortgage brokers to win brand exposure locally and online views. The report highlights quick wins that will improve enquiries from your online strategy and identifies the barriers that may be reducing your site’s ability to optimise digital performance.
To see a preview and contents page of the Q4 report, click here. To get a copy of the full report and the key take-aways, please complete the enquiry form or schedule a call.
What The Industry Research Report Covers
The 70+ pages of research benchmarks each retailer based on 50+ metrics and indicators of successful digital strategy, including organic visibility, domain authority, paid media ads, conversion performance, technical performance, site speed, universal search, content, social ads, accessibility, and mobile performance.
Driving Optimal ROAS from Paid Media Channels
Some of the leading players in the space are high spenders on paid media channels such as Google, Bing & Facebook - but have a poor or sub-optimal conversion improvement strategy. Without an optimised, sophisticated conversion strategy that maximises the conversion rate, the return on investment is unsustainable or will under-perform. Scaling spend on paid media is not achievable unless the conversion rate delivers optimal performance in the sector. Some in the space have paid media spend levels from 30k+ per month but dedicate minimal resources and budgets to conversion testing. Given the cost per clicks on ad networks will continue to rise, we recommend spending at least 10% of your paid media budget on ongoing conversion optimisation testing schedules to ensure your paid media ROI maintains long term viability, competitive advantage, and sustainability.
Technical Website Compliance
Savvy digital marketers know that having a technically sound website is an essential component of a successful fully integrated digital strategy - plus a site capable of maximising conversion performance.
Whilst most of the mortgage brokers we researched had a fairly low amount of website errors, all nine of the providers had at least a few 4xx or 5xx errors showing. Mortgage Advice Bureau are seeing by far the worst level of 4xx error codes, with 4,683. Mortgage Advice Bureau need to be looking into the cause of these errors.
Site Speed & Conversion Rate Performance
When 62% of consumers are less likely to convert if they have a negative mobile site experience, ensuring that your site is quick and easy to load makes a significant improvement on your overall conversion rates.
We would expect most to achieve at least an ‘okay’ score of 50-89, whereas only three of the nine mortgage brokers did. The mobile page speed scores are currently between 19 and 66, with Meridian Mortgages leading the way. All the companies that are scoring below 50 have some serious work to do on improving their mobile page speed.
Building Competitive Advantage with Domain Authority
Domain authority is an essential metric for measuring the effectiveness of SEO performance, and helps create a reliable overall gage of how effective your site is at achieving organic traffic, i.e. ‘free’ traffic that isn’t gained through sponsored ads.
A ‘good’ DA really comes down to how your competitors are performing, however it’s generally considered average between 40 and 50, good between 50 and 60, and excellent above 60. Only five of the nine companies achieved a score of average or above, with the DA range from 14 to 69. Those at the lower end of the scale need to be focusing on building a stronger backlink profile to compete with the higher scoring providers.
Organic Performance – Mobile & Desktop
A strong organic performance is strategically important as it ensures your site ranks above competitors for key, transactional keywords. When 93% of your customers won’t go past the first page of Google, your absence or lack of targeting for essential keywords will cost you conversions.
We looked at how all nine energy suppliers have performed compared to last year. Continuous improvement and optimisation is also needed to secure traffic year on year. We discovered that only two of the mortgage brokers in our report have gained organic mobile traffic year on year putting the other seven providers in danger of losing organic customers to their competition. Habito saw the biggest loss with a 59% drop, while Just Mortgages saw the best gain of 30%.
Universal Search Opportunity
Google Universal Search Results is an evolving opportunity to make your pages visible on a SERP (Search Engine Results Page). Universal results often appear before traditional listings and are eye-catching for users. Universal search results refer to rankings on a SERP that are not the traditional ‘blue line’ Google link, and a retailer can appear for universal search results without being strong in standard rankings.
We could see that reviews were the highest used universal search feature, with John Charcol - Independent Mortgage Expertise and Trussel both taking the top spot reaching 2,600 results, each. Most companies are underusing most universal search feature options, with some companies only seeing a handful of results. Those getting a small amount of results need to work towards the numbers their competitors are achieving.
The Longtail Keyword Opportunity
Longtail keywords are often considered high intent and potentially more likely to convert as a searcher is being more specific. Optimising for longtail keywords also puts your content strategy in a strong position to rank for retailer new search terms as they enter Google’s index.
Meridian Mortgages are ranking for a significantly low number of longtail keywords compared to their competitors, with none of their longtail keywords ranking in the top 10. Meridian Mortgages should all be looking at how to improve their rankings on existing longtail keywords, but also at how they can expand their strategy to include new specific search terms.
With the number of Facebook users in the United Kingdom (UK) forecast to hit over 42 million users by 2022, it is not surprising that companies have jumped at the opportunity to advertise on the social media platform. Facebook’s UK digital advertising revenue has been estimated to have breached 2.6b GB pounds in 2019.
Within our report we saw that none of the nine mortgage brokers seem to be running Facebook adverts, this is a huge missed opportunity.
Top Social Shares & Content
When it comes to social media and on-site content strategies, it is important to release content that has a longer shelf life. An article is considered 'Evergreen' if it has maintained its relevancy to an audience for longer. It's great for your retailer engagement, but great for Google too, who will recognise content which achieves traffic over a long period of time.
We saw in our research that many of the mortgage brokers are falling behind on content creation. Molo have been sharing very little content over most of 2022 compared to their competitors. For mortgage brokers with different tariffs and money saving tips within homes, especially in the current cost of living crisis, they could definitely find more content to share on their social platforms.
Website Readability & Accessibility
20% of people in the UK have a disability – 2 million of which are people living with sight loss. In addition, 1 in 12 men and 1 in 200 women have some degree of colour vision deficiency. When websites are not designed to meet these needs, retailers lose customer interest as they turn elsewhere.
Most of the mortgage brokers appear to be struggling with accessibility within their sites, with all nine seeing an array of errors, contrast errors and alerts. John Charcol - Independent Mortgage Expertise are seeing the worst amount, with 167 alerts on their websites. All nine mortgage brokers should be reviewing and optimising their accessibility, especially with the numbers of errors and alerts across the board, these need to be investigated to see what the issues within their websites are.
Q4 2022 WINNERS LEADERBOARD
For a glance into just 6 of the metrics we evaluated these top 9 mortgage brokers on, check out our quick-look table below;
GET THE FULL 70-PAGE Q4 2022 REPORT
To get a copy of the full report, please complete the enquiry form. If you want to talk to us about accelerating your digital performance, please call us on 01543 410014 or schedule a call with Mike Movassaghi.