By: Erin Payer 
Financial services marketing during a recessionary period is a challenging concept. Gas and energy prices continue to skyrocket, the housing market continues to collapse and the credit crunch continues to spread beyond mortgage loans. The already complex landscape of the financial services sector is now further complicated by diminishing consumer confidence and the threat of budgets cuts or reallocation of funds. However, the old adage, “don’t rob Peter to pay Paul” is especially true during times of economic uncertainty when a budget cut could mean losing market share.
In addition to recessionary challenges, financial marketers are now finding themselves forgoing some of their traditional marketing efforts in order to cater to current consumer behaviors, which are increasingly moving online. All news is not negative, however. According to a recent ForeSee survey, customer satisfaction with online banking sites has risen significantly over the past five years, which is partially attributed to the increase in security which allows for more types of transactions. The survey also showed that highly satisfied online banking customers are 31 percent more likely to buy additional services from the bank and 54 percent more likely to recommend the bank to others.1
So as more and more customers are moving online for their banking needs (and are becoming increasingly familiar and satisfied with the experience), so must marketing efforts in order to boost customer acquisition and retention. By focusing on marketing strategies that provide customer data and analytics, finance marketers can glean an understanding of their customer behaviors, enabling them to more effectively deliver targeted rewards at the point of sale.




