With so many financial services providers permanently out of the market it makes sense that consumers are looking for new vendors. Consumers may have also determined that they need a fresh start with a vendor whose performance record more closely aligns with their personal goals. Forbes marketing vice president, Bruce Rogers, noted that financial providers have some explaining to do and his publication has seen increased advertising from vendors in this sector.
Industry consensus is that financial services providers need to increase consumer marketing to:
- Reinforce new brands resulting from mergers and acquisitions
- Reassure clients of the safety of specific investments
B-to-B marketers, especially those in the business intelligence sector of financial services, are also spending more on marketing.
Review these trend with your clients and propose a new campaign to help them improve their market presence.[Source: Maddox, Kate. “Financial services campaigns pick up in midst of crisis,” BtoB Online, October 2008]