NerdWallet is an American personal finance company that offers advice and comparative views of financial service products, ranging from credit cards to mortgages. While the company has strong brand recognition and performance in the U.S., there is currently no global footprint. NerdWallet aims to identify the level of opportunity across markets and decide which geography is the best match for its expansion.
How NerdWallet Uses SimilarWeb to Determine Country Expansion Strategy
Challenge: Understanding the Relative Market Size, Saturation of Affiliates, Cost to Compete Through Paid Search, and Competition of Major Players
NerdWallet needs to understand the country-level performance across a wide variety of metrics, as well as across a number of business units. These factors must be measured in an equal way to ensure there is an apples-to-apples comparison and the results are accurate.
Success: Helping NerdWallet Determine Which Markets to Focus Its Efforts On
Using SimilarWeb Pro data, NerdWallet determines which countries to focus on and compares the line of business performance (e.g. personal loans v.s. credit cards) using keyword groups across geographies. Results are scored across five metrics, resulting in a suggested market to enter first, as well as other strong potential options. The result:
- Country and line of business selection: The NerdWallet team is able to see which market is best positioned for global expansion as well as which line of business has the largest opportunity and
- Go To Market Strategy:
- Determine a market strategy based on newly identified market dynamics (i.e. a few large affiliates that dominate the space through paid search and you must pay to compete)
- Learn from best-in-class competitors to decide what keywords to target and which content to create
"SimilarWeb was a key partner as we kicked off our international efforts. Given that search is a significant channel for consumers looking for guidance on their personal finance decisions, we wanted SEO data to be front and center as we evaluated and prioritized potential countries for expansion. Not only did we use the SimilarWeb analysis to compare geographies, it also served as the starting point for our go-to-market plan within our first target market.”