News Article Published:
Friday, 31 October 2008
Category:
Financial Services
Financial services marketing may become more innovative as the economic downturn forces businesses to cut their advertising budgets, an industry commentator has suggested.
Anna Maria Virzi, from the ClickZ Network, explained that most businesses are "inextricably tied" to big financial institutions.
She said that speculation is mounting that these firms will begin cutting their marketing spend over the next twelve months, with some already having done so after bad loans had to be written off last year.
However, Ms Virzi asked: "Is there a silver lining? Could leaner budgets force financial services to innovate and improve customer experiences on and offline?
"A number of marketing executives are pressing ahead with marketing initiatives, including experimental ones in mobile and social media."
She provided information for how to do financial services marketing with a reduced budget, including looking at data to learn about customers, measuring factors other than just return on investment and not delaying on innovation.
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