Marketing Forecast from Ad-ology

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

It’s official. The growth in the number of consumers who prefer to use Internet banking services has been steady. And now, the percentage of consumers who prefer this method exceeds the percentage of those who would rather walk into a traditional branch to conduct their business.

Ad-ology Research recently updated their Industry Marketing Insights report for Credit Card Companies.

More consumers feel confident that the economy will improve before the end of 2010 and this new attitude will lead investors back into the market. What may be different this time is that investors plan to come into the market armed with more information about where they want to put their money. This trend means that financial marketers from banks to brokers have a chance to win new customers by using educational ad campaigns.

Consumers have more options than ever when it comes to retail banking these days. While some people still appreciate the personal touch found at the local branch, others are happy to maintain a strictly online banking relationship. Either way, a regular review of your bank’s marketing strategy is in order as competition increases.

Few business types have been as maligned as the banking industry in the past year. While banks may attempt to improve their reputations with branding campaigns in print and on TV, they should also consider employing a social networking strategy. As Jesse Torres, on the Social Media and Banking Blog, comments, there are right and wrong ways for banks to approach the new medium.