Acxiom Study Unveils the Key to Influence $700B Financial Services Market Segment
July 14 2011 - 1:00PM
Business Wire
In a purchasing environment where consumer loyalty continues to
be elusive, how do financial services marketers capture those
consumers who may be willing to make a switch in their primary
payment method? A new Consumer Dynamics study from Acxiom®
Corporation (Nasdaq: ACXM) creates a roadmap for marketers to reach
consumers whose payment choices may be affected by complex
economic, regulatory and technological factors.
This first-of-its-kind, comprehensive Acxiom study, “Cashing in
on Changing Payment Preferences: How Cards and Payments Marketers
Can Become Top of Wallet with Potential Switchers,” provides
marketers with concrete, actionable recommendations on how to
attract and retain customers through personalized marketing,
leading to better performance and less wasted effort. Using data
and insight into nearly 3,000 consumers’ primary payment choices –
credit cards, debit cards, paper checks or cash – the report
identifies their willingness to switch payment methods and why; and
how demographics, life stage and other personal circumstances
affect their decisions.
“The choice of how to pay for a purchase is personal, and is
based on a combination of rational and sometimes irrational
decision-making. But most financial product marketing fails to
connect to individual needs and interests,” said John Albrecht,
managing director for Acxiom’s Banking and Payment Services group.
“The study’s findings will help these marketers influence target
audiences by demonstrating how multidimensional insights across
shopping, purchase and attitudinal behaviors, can lead to greater
success.”
The survey, combined with Acxiom’s Personicx® demographic
analysis, produced a wealth of information about potential payments
switchers, including:
- 25% of respondents, who represent a
potential of $700 billion in annual transactions, would consider
switching payment method if benefits such as “help control
spending” or “ease of record keeping” are highlighted in the
messaging
- The age of your target is important, as
most potential switchers are in the 18-44 group
- Travel purchasers represent one of the
biggest opportunities with 26% of switchers whose primary payment
method is a debit card saying they use a credit card for
travel and 19% use a credit card when making a big-ticket
electronics purchase
- Understanding specific influences, such
as rewards or lower fees, allows marketers to create a more
relevant and personalized offer tailored to the potential switcher
and ideally suited to be made through addressable digital
channels
As a marketer, it is crucial to identify and aim for potential
switchers at the moments when they might be inclined to use
something other than their primary payment method. The study also
contains information on what messages have better chances to
influence switchers, how personalized marketing can attract and
retain customers and what advertising channels are most efficient
to reach consumers in various life stages and economic
segments.
For a copy of Acxiom’s latest study, please click here or call
1-888-3ACXIOM.
About Acxiom
Acxiom is a recognized leader in marketing services and
technology that enable marketers to successfully manage audiences,
personalize consumer experiences and create profitable customer
relationships. Our superior industry-focused, consultative approach
combines consumer data and analytics, databases, data integration
and consulting solutions for personalized, multichannel marketing
strategies. Acxiom leverages over 40 years of experience in data
management to deliver high-performance, highly secure, reliable
information management services. Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, USA, and serves clients
around the world from locations in the United States, Europe,
Asia-Pacific, the Middle East and South America. For more
information about Acxiom, visit Acxiom.com.
Acxiom and Personicx are registered trademarks of Acxiom
Corporation.
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