Marketing Forecast from Ad-ology

The retail banking sector has been struggling since the start of the Great Recession. These institutions are facing higher operating costs and a consumer base that is not increasing its demand for banking services, especially higher debt. In addition, the marketing paradigm has changed for banks.

As consumers adjust to the new economic reality, they must focus on the household budget and find ways to cut expenses and debt. Each ethnic group faces unique challenges when managing money and this generalization holds true for African Americans. As a result, financial services companies will be focusing their marketing efforts on African Americans this year.

The Ad-ology Marketing Forecast video briefing is designed for strategic marketers:  Ad agencies, in-house marketers, media buyers+sellers, business owners. Every month it features industry forecasts and trends from a variety of top sources, plus exclusive data from Ad-ology Research. The June 2011 Ad-ology Marketing Forecast features: Exclusive: Future New Car Buyers Financial Services Loyalty MarketingRead the Rest…

Many young adults have a limited understanding of how to manage finances as they transition into independent living settings and the task of buying insurance falls into this category. While younger consumers acknowledge the importance of property, auto and liability coverage, they are looking for more information, often online. This trend provides a new opportunity for agent networks.

One sign of the improving economy may be the revived consumer willingness to sign up for new credit cards. Over the past 12 months, nearly 20% of existing credit card consumers started shopping for a new card. comScore, which just released a new study on this topic, says the growth in demand for more credit cards will continue this year.

One sure sign of economic recovery is consumer willingness to use debt once again. Consumers started increasing their levels of debt as of last December. This new attitude means that credit card marketers are likely to boost their promotions in 2011.