We all know Gocompare as the business that introduced us to Gio Compario, the annoying Italian tenor singer who popularised the price comparison firm’s advertising.
However, what you might not have known is that the Welsh business has swelled to over 200 staff and was founded at her kitchen table by an entrepreneur who became frustrated with a lack of corporate innovation. We found out more.
What inspired you to first become an entrepreneur
Id spent many happy years at Admiral Group, in Cardiff, where I had the opportunity to work with some great people on some very exciting projects. I was part of the team that launched Confused.com and my role at the time was to convince insurers that price comparison sites were the future which was easier said than done at the time!
After a while I became dissatisfied with the direction that the comparison industry was going, so I decided to take action, and the result was Gocompare.com. I just knew that it was time for me to go and start something myself, rather than stay and feel frustrated with things.
How did you set to differentiate the business
Gocompare.com was the first comparison site to focus on displaying the features of an insurance policy, rather than just listing prices, and we forced our competitors to follow suit. Since then weve been the first to innovate in a number of ways, and always in ways that focus on the customer first and foremost. For example, we were the first to integrate information from Defaqto, the independent financial researcher, into our insurance quote results, giving people even more information to help them to make a decision.
Who were your sources of inspiration and mentors early on
Im lucky enough to have a few business heroes who have all influenced me in different ways, but they are all mentors to whom I owe a great debt of gratitude.
David Stevens and Kate Armstrong had a huge impact on my career and development at Admiral. Of course theres also Peter Wood, founder and CEO of esure, who provided the financial backing Gocompare.com needed when we decided to really build our brand.
How much did the business change as you went on
As with any start up, we went through some significant changes and achieved some major milestones along the way starting by moving away from my kitchen table and into our first proper office. Besides the various product, service and technological innovations weve implemented, the changes Im most proud of relate to Gocompare.coms biggest asset its people.
Things like employing our 100th team member in 2011 (now we have over 200 people), achieving the Investors in People Gold, getting the Gold Corporate Health Standard, and being awarded by Best Companies these are all things that demonstrate how weve managed to maintain our commitment to our people while the business has changed and adapted.
Read more about Gocompare and Hayley Parsons:
What were the biggest challenges you managed to overcome
In the beginning, launching Gocompare.com was quite scary as each member of the then small team was really taking a gamble, leaving their existing jobs to come and work for a new venture. We all put in the extra effort to make the company a success and because of that it’s always been a really enjoyable place to work.
Competition has also been a big challenge. The big four comparison sites all have to work hard to develop their brands and stand out from the crowd. This is easier said than done, but I think it’s something weve achieved through our technology, the usability of our website and our marketing campaigns. Getting people to realise that loyalty doesnt pay when it comes to things like insurance and energy is another challenge.
Looking back now, what were the biggest lessons learnt along the way
Its easy to come up against difficulties, in business and in life, but by telling yourself to be brave, and remembering that setbacks are only ever temporary, it’s possible to overcome challenges and make the most of opportunities. This is particularly applicable when starting a business, which is about the most exciting, fulfilling yet nerve-racking thing you can do.
As a business owner you’re responsible not only for your own livelihood, but the wealth and wellbeing of the people you employ, which is why it’s so important to persevere, hold your nerve and really go for it. In business, and especially in the early days, this can mean turning a blind eye to any losses you sustain and quickly recovering from mistakes you may make.
As long as you’re confident that you’re going in the right direction your losses will only be short-term, and it can be far more dangerous to focus your energy on breaking even when you should be breaking new ground.
How did you develop the company’s unique marketing approach, and why do you think it worked
Like our business, our marketing and specifically our adverts has always changed to reflect our customers needs. In the very beginning, our ads were informative, explaining just what a price comparison website was.
After a while, people became familiar with the concept, and thats when we introduced Gio, our moustachioed opera singer, to make sure that when people thought about insurance, they thought Gocompare!?. That campaign worked incredibly well, and helped to cement our position as one of the UKs biggest and busiest comparison sites. Yes, some people may have found the adverts a little annoying, but Ill wager that they werent annoyed by how much money they saved on their household bills!?
Our current campaign has been developed to reflect the fab people at Gocompare.com, who all work tirelessly to develop the services that help our customers find the deals that are right for them. Through a series of characters, who all inhabit the fictional Welsh town of LlandofsavingmoneyandfindingtherightdealgogoGoCompare, were showing people, with a sprinkling of humour of course, just how fanatical we are about comparison.
Why do you think that people have increased engagement with the likes of Gocompare.com
I think it’s a mixture of increased awareness through marketing, the fact that for most people now a search for anything starts online so they are comfortable with that, and the fact that price comparison websites are just really, really good at empowering consumers. Once youve used one you probably wouldnt go back to searching for insurance, credit cards or energy tariffs like you used to.
Remember what it was like before comparison websites, when you had to try and phone as many insurers as you could to find the cover you were looking for at the best price It would take hours. I don’t miss those days.
What made you decide now was the right time to sell the business
I built the business but now I want to hand the company on to new owners who can develop and build the brand. It is the right time for Gocompare.com. Esure understands the business, they know the staff and they are committed to keeping the Gocompare.com brand. They will also keep the Gocompare.com office at Newport, which is incredibly important to me.
What will you be doing with yourself now?
I have worked full time since I was 16 starting out by writing cover notes for a local broker and in that time Ive had two gorgeous children. I actually want to be a mum for a bit. I realise how lucky I am to be able to do that. And then I’m going to do something totally different. I hear theyre looking for a new board member at the Welsh Rugby Union
