Hope everyone is still doing ok with all this carnage going on throughout the world.
We are starting to see the world re-emerge from our isolation cocoons. I’ve been back in the office, but the team are all still WFH until the Vic Gov gives us the all clear. A couple of things I’ve learned since being back in the office:
- I use my commute time to power up and power down. As a result, I’ve been getting more done during the day and working less in the evenings
- The incidental exercise you get from being in the office is A LOT higher than rolling from the bed to the kitchen to the home office
- Teaching is a calling, and one that I did not get and am forever grateful that the kids are now back in school
Before we get into the report, I want to let you know about a promotion we have going at the moment. Not everyone is able to spend their marketing dollars at this time, let alone paying an agency to manage their ad spend.
From now until the end of September, we are working pro bono!
It’s a great opportunity for anyone that has some marketing spend planned in the next few months to get some help getting everything ready, launched and optimised.
Spots are strictly limited though, so get in while you can!
ADI Market Share
Big spike in deposit volumes across the board, which could be due to a few reasons:
- Home loan repayment holidays keeping more funds in deposit accounts
- Less household spending
- Superannuation withdrawals
- Redundancy payouts
- Combination of them all
Since the start of the reports opening period (March 2019), the big losers in Market Share have been:
- Westpac = Down 0.75%
- NAB = Down 0.31%
- Citi = Down 0.11%
Where the big winners have been:
- Macquarie = Up 0.38%
- Bendigo & Adelaide Bank = Up 0.20% (ironically due to Up 😂)
- CBA = Up 0.18%
In total, the Neo’s account for 0.18% in Market Share. Click through to see how the Neo’s are going this month.
We are seeing Home Loan FUM continue to increase, which could also be a function of Home Loan repayment holidays. If FUM doesn’t come down when payments come in, the amount of new lending to obtain the same FUM growth is less.
The big losers since March 2019 in terms of Market Share are:
- Westpac = Down 0.72%
- ANZ = Down 0.59%
- NAB = Down 0.41%
The big winners are:
- Macquarie = Up 0.65%
- CBA = Up 0.57%
- HSBC = Up 0.21%
So, apparently the best “Challenger Bank” isn’t a “Neo Bank”, it’s a 51-year-old Investment Bank...
In total, the Neo’s account for 0.0088% of Home Loan Market Share. Click through to see how the Neo’s are going this month.
Credit card balances have fallen off a cliff! A few reasons we think this has happened:
- Less spending
- People are reverting what would have been their Home Loan payments to their credit cards
- Banks could be looking to use COVID as a cover to write off some bad debts
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This month, we are looking at one of my favourite Kiwi brands. And it’s choice as, ah bro.
I’ve been using Xero since 2009 when I was scratching my entrepreneurial itch with an omni-channel retail bike store and have loved the platform and its growth.
With all of the Government support packages with COVID, having your accounts in order was a barrier to entry, and I have no doubt everyone using Excel (the largest Accounting software package of them all) was wishing for something a little more automated.
Globally, they are only second to Zoho in terms of website traffic:
And not surprisingly, in Australia both their Traffic Volume and Traffic Growth eclipses their closest rivals by some margin:
While the majority of their traffic coming from Direct sources (I.e. someone typing in xero.com), we can see if that is new visitors or existing customers (which would be likely).
From a paid advertising, they are using both Search and Social to great effect. Interestingly, they look like they are doing some competitor brand keyword targeting:
And have clearly increased their investment in paid search since COVID dropped:
From a Facebook & Instagram marketing perspective, they are running a decent account, with:
- 31 ads across 24 creatives
- Good mix of ad type, with the majority being video
- Clearly have an email platform integration campaign running
Xero could look at incorporating Dynamic Creatives into the mix as it would give Facebooks beefy optimisation algorithm a bit more to play with, as well as test out some different placements if they haven’t already.
As always, there is a lot more information in the presentation deck itself, so don’t forget to download it. You’ll also get the on the list and get these bad boys directly to your inbox.
And don’t forget about our Grow Now, Pay Later promotion if you are looking to re-start your paid advertising campaigns.
Until next month ✌️