Innovative brand and advertising research shows that print and TV advertising in Canada for retail banking products & services is more likely to invoke a market response (e.g., seek more information about the brand or conduct a revenue-generating activity) than retail banking advertising in the U.S.
RHINEBECK, N.Y., Feb. 27, 2012 — Phoenix Marketing International, one of the fastest growing research companies in the U.S., announced today findings from recent studies among retail banking customers age 25+ and with annual household income of at least $25,000.
Advertising tested between November 2011 and January 2012 shows that TV ads are more likely to invoke a market response than print advertising, and that Canadian advertising is more effective with influencing retail banking customers to seek more information about the brand and/or to complete a revenue generating activity. Of note, online advertising for Canadian banks is equally as effective as TV ads. Moreover, Canadian advertising is more likely to improve market impression and consideration of a bank (persuasion) and this is especially true for Canadian TV ads. Where Canadian and U.S. retail banking ads share common ground is reaching their target with "Emotional" messaging that is serious, moving, inspiring, reassuring, or heartwarming.
"Our historical brand imagery and advertising performance metrics encompass numerous banks in Canada and the U.S. This information can be used as input to our media planning tools which are valued by both clients and their media agencies," stated Daniel Rivera, who is the Senior Analyst for both the Canadian and U.S. studies. The monthly U.S. banking study has evaluated over 1 million ads since April 2005 and the quarterly Canadian study has historic metrics on 57,400+ ads evaluated since June 2009.
Other measures for which Canadian Retail Banking TV ads excel include their ability to "Breakthrough" with messaging deemed as clever, entertaining, humorous, or unique. Similarly, Canadian TV ads successfully connect with their target audience on a "Cognitive" level with believable, clear, informative, meaningful, and relevant messaging. Canadian retail banking ads are also more "Impactful" than banking ads in the U.S. market, measured by their ability to create market "buzz."
The Phoenix studies poll 10,800+ consumers each quarter about their impression and consideration of numerous companies offering retail banking products & services. A partial list of brands tracked nationally in Canada includes Ally Bank, Bank of Montreal, Canadian Western Bank, Capital One, CIBC, Desjardins/Caisse Populaire, First Calgary Saving, HSBC Bank, INGDIRECT, Manulife Bank, MBNA, National Bank, RBC Royal Bank, Scotiabank, Sunlife Financial, and TD Canada Trust.
Tracked U.S. banks, evaluated in their geographic market footprint, include Ally Bank, Bank of America, BB&T, Charles Schwab Bank, JP Morgan/Chase, Capital One, Citibank, Citizens Bank, Deutsche Bank, Emigrant, E*Trade, Fifth Third Bank, Harris Bank, HSBC, INGDIRECT, Key Bank, M&T Bank, PNC Bank, Regions Bank, Sovereign Bank, SunTrust, TDBank, US Bank, U.S. Trust, Webster Bank, and Wells Fargo.
Phoenix Contact:
Daniel Rivera
Senior Analyst, Syndicated Research
508-315-6181
Email
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