Nearly one in 5 U.S consumers aged 18 to 24 cited online video as an influence on their choice of banks.  More than one-third was influenced by social media such as positive and negative product reviews, blogs, and social networks according to a recent Ad-ology Research study.

The younger demographic was also the most influenced by support of a charity or cause (17%), recommendation by family and friends (15.4%), and sports sponsorship (12.6%). 

Overall, online media was slightly more influential than traditional media across all demographics, with bank and financial service Web sites having the most influence.   Of traditional media, direct mail and television were the most influential. 

“Most financial services providers frequently ask themselves “What’s
the value of a new customer over their lifetime?” said C. Lee Smith, president and CEO of Ad-ology Research.  “Reaching young consumers early and getting them to establish that first account can make them customers for life.   Social media is the way to reach the younger demographic and develop those lifelong relationships,” Smith said.

Other key findings:

• Across all demographics, of traditional media, newspaper, television and direct mail were nearly equally influential on bank choice
• For financial services other than banks, 21.5% of higher-income users rate quality of service higher than fees
• Online banking is most important to 25 to 34 (45.3%)and 35 to 44 year olds (39.7%)

The Media Influence on Consumer Choice survey is conducted throughout the year by Ad-ology Research to study online, traditional, and social media influence on buying decisions. 

Both reports: Media Influence on Consumer Choice: Banking and Media Influence on Consumer Choice: Financial Services are available for purchase and immediate download through Ad-ology.com. Each report includes 24 data charts, consumer-spending estimates by market, and additional marketing insights.

About Ad-ology Research

Ad-ology Research analyzes key marketing and advertising trends in over 440 industries and what motivates end-customers. The company’s research is used by over 2,000 advertising agencies, media properties and product marketing departments across the United States. Ad-ology Research is a division of Sales Development Services (SDS), Inc. – a Westerville, Ohio firm founded in 1989.
Methodology

Ad-ology Research surveyed an online consumer panel of 1,154 adults in a manner that is 98% representative of the adult population of the United States from July 17-18, 2009. The margin of error for this survey is +/- 2.9 percentage points.

Editor’s Note: The Ad-ology trade name should be hyphenated in all printed references. 

PRESS CONTACT:
Michelle O’Brien

(614) 794-0500 ext. 100
pressrelations@ad-ology.com