Abstract
Introduction
The financial crisis in the UK has negatively affected many financial
institution' s reputations. However, despite the weakened state of the personal
lending market, there still exists significant possibilities for banks to
improve their brand message. Targeting consumers through Datamonitor' s
Megatrends framework will help banks improve their brand values through the
most cost effective means.
Scope of this research
- Analyzes the most up-to-date advertising statistics determining how the
industry is responding to the downturn.
- Sizes the personal loan market by gross advances, balances outstanding and
competitive environment.
- Uses Datamonitor' s Consumer Megatrends Framework to assess customer needs
during this uncertain era.
- Discusses ways to improve bank brands within the personal loan market.
Research and analysis highlights
The top 10 personal loan advertisers have cut their total expenditure by 69%
in 2008.
Banks need to focus more on the non-price specific aspects of products and
services. During these testing times the onus is less on overall advertising
expenditure and more on what a bank can do to improve the position of a
borrower.
Customers in financial distress should rely heavily on help and assistance
from their banks. This presents an opportunity for banks to rebuild their
reputations by catering more for customers worried about their finances.
Key reasons to purchase this research
- Benchmark personal loan advertising expenditure against other product
lines against major lenders and brokers across the industry.
- Relevant and topical analysis to how you can improve brand reputation
during the global downturn.
- Provides the reader with a comprehensive consumer framework identifying
the key attitudes and behaviors of recessionary consumers.
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