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Financial product marketing struggling to find its voice
Marketing News |
23/08/2010
Marketers are still struggling to make their presence truly felt in the financial services marketplace, a new study has indicated.
Research conducted by fast.MAP on behalf of the Direct Marketing Association (DMA) indicates that advertising has relatively little influence on consumer decision making where financial products are concerned.
According to the report, increasing numbers of people are turning to friends and family as their primary source of trusted information.
Some 40 per cent of the customers surveyed said personal recommendations from their relatives and peers influence their purchasing decisions.
Next in line is price comparison websites, which 38 per cent of customers claim to use when looking for the best available deals.
This represented a five per cent drop for the industry since February as it was edged into second place, but price comparison websites remain some way ahead of direct marketing.
Just 15 per cent of consumers said they were influenced in their financial purchasing decisions by direct mail, while even fewer (eight per cent) claimed to consult email marketing materials before making their mind up.
However, Bill Gilbert, acting chair of the DMA Financial Services Council, claimed advertising still has an important role to play in shaping the views of financial services customers.
"Trust is a key factor in determining which financial services brands consumers choose to do business with, so that's why family and friends are often the most influential source of information," he stated.
"Marketing is challenged in terms of the direct influence it has, but as the study shows, marketers still have an important role to play. Having a compelling web strategy, regular TV advertising and clear marketing literature are all important elements in the decision-making process."
Last week, the DMA claimed that direct marketing is worth at least £205 billion per year in sales to UK businesses.
Posted by Jon Aspinell
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