Study: Traditional Advertising Losing Popularity In Financial Services

Study: Traditional Advertising Losing Popularity In Financial Services

Marketing managers in the financial services industry are placing an increasing emphasis on investing in digital channels, while print and TV are becoming far less popular, new research has revealed.

B&T Magazine
Posted by B&T Magazine

The State of Financial Marketing 2016 report by financial services marketing agency Yell Creative found that among the industry’s marketing managers who use traditional channels, 35 per cent of respondents are planning on reducing their print ad spend, 36 per cent are reducing their spend on TV and 21 per cent are reducing their spend on outdoor advertising.

Yell Creative director Nigel Roberts said there is a clear intention to increase spending on all forms of digital marketing, including websites, display and search.

“The survey found 68 per cent of managers plan to increase content creation, and even more on ensuring that content is promoted and discovered,” he said.

“Optimisation of on-site content is a big priority, with 79 per cent of marketers are increasing their investment here.”

The survey also found that just one in three marketing managers will increase their investment in social media management systems, with 55 per cent planning to keep their spending at current levels, while 7 per cent don’t view social media as a marketing priority.

“Financial services marketers have long had concerns about how to use social media, given the risks with managing reputation and around giving general financial advice, and many remain unsure how to use social media to maximise their brands and interact with consumers,” Roberts said.