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How Media Works: Advertising and the Purchase Funnel For the Financial Services Category. A Yankelovich Study for the Television Bureau of Advertising. Study Objectives. - PowerPoint PPT Presentation
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How Media Works:How Media Works:Advertising and the Purchase FunnelAdvertising and the Purchase FunnelFor the Financial Services CategoryFor the Financial Services Category
How Media Works:How Media Works:Advertising and the Purchase FunnelAdvertising and the Purchase FunnelFor the Financial Services CategoryFor the Financial Services Category
1
A Yankelovich Study for the Television Bureau of Advertising
Study ObjectivesStudy ObjectivesStudy ObjectivesStudy Objectives
Determine the role that TV plays as part of a multi-platform environment for advertising. More specifically, the goals of the research were to understand:
The role of television advertising in driving consumer actions throughout the purchase decision process
How television interacts with other media platforms, including new media such as the Internet
How purchase decisions are made as a result of this interaction, including the role of different media platforms in the purchase cycle 2
Source: TVB/Yankelovich “How Media Works,” April 2009
MethodologyMethodologyMethodologyMethodology
Survey results were obtained via online interviews among 3,002 consumers who had seen a television ad in the past 2 months that made an impression on them.
Interviews took place January 29 to February 10, 2009; Super Bowl Sunday was excluded.
Respondents were first asked in which categories they have seen a television ad in the past two months that made an impression on them.
Each respondent then completed an ad survey for up to three of these categories.
The survey measured the overall impression of each ad, actions taken after seeing the ad, and whether ads for the same product or service were encountered in other media, etc.
The respondents were asked questions on which media most increased awareness and interest, or prompted action across the range of categories studied.
3Source: TVB/Yankelovich “How Media Works,” April 2009
Over One Third of Respondents are In the Over One Third of Respondents are In the MarketMarket
Over One Third of Respondents are In the Over One Third of Respondents are In the MarketMarket
4
“Are you currently considering a purchase in the Financial Services Category?”
(Asked of those who recalled seeing a TV ad for Financial Services* in the last 2 months)
Source: TVB/Yankelovich “How Media Works,” April 2009
Yes37.0%
No63.0%
*Note: this category includes ads for tax preparation services (55%), banks/credit unions (16%), credit cards (16%), and investment companies (14%).
Customer Profile: Customer Profile: Financial Services AdvertisingFinancial Services Advertising
Customer Profile: Customer Profile: Financial Services AdvertisingFinancial Services Advertising
5Source: TVB/Yankelovich “How Media Works,” April 2009
Saw a Financial TV Ad that Made an
Impression
Currently Considering a
Purchase in the Financial Category
Made a Purchase
in this category in the
past year
Made a Purchase
in this category
in the past 4 weeks
Male 56.1% 59.5% 58.4% 56.2%
Female 43.9% 40.5% 41.6% 43.8%
A18-34 28.7% 35.4% 32.7% 29.2%
A18-49 56.3% 64.6% 59.0% 55.5%
A25-54 53.9% 61.9% 57.8% 57.7%
A55+ 37.0% 30.4% 34.8% 36.5%
Urban 34.3% 33.9% 35.7% 34.3%
Suburban 43.5% 47.9% 47.2% 41.6%
Rural 22.2% 18.3% 17.1% 24.1%
HHI <$30K 18.0% 11.7% 9.4% 11.7%
HHI $30-$70K 43.2% 38.1% 43.7% 40.1%
HHI $70K+ 32.3% 42.8% 42.8% 44.5%
HHI $100K+ 14.6% 19.1% 18.9% 18.2%
One Third of All Consumers Have Seen a One Third of All Consumers Have Seen a Financial Services Ad That Got Their Attention Financial Services Ad That Got Their Attention
One Third of All Consumers Have Seen a One Third of All Consumers Have Seen a Financial Services Ad That Got Their Attention Financial Services Ad That Got Their Attention
6Source: TVB/Yankelovich “How Media Works,” April 2009
Saw an ad that got your attention:
55%
46%
46%
46%
41%
40%
40%36%
36%
34%
34%
33%
28%
27%
25%
80%Any (NET)
Restaurants
Vehicles or auto dealers
Telecommunications or electronic products
Entertainment activities
Automobile or life insurance
Department stores or discount stores
Food, convenience, or grocery stores / supermarkets
Furniture, mattress, or carpeting / flooring stores
Travel or travel websites
Financial services
Healthcare products or services
Home improvement stores or services
Services
Schools / colleges / learning centers / vocational schools
Commercial websites
While Half of Consumers Who Saw TV Ads for While Half of Consumers Who Saw TV Ads for Financial Services Made a Transaction in the Past Financial Services Made a Transaction in the Past
Year, a Small Percent are Active at Any Given Time Year, a Small Percent are Active at Any Given Time
While Half of Consumers Who Saw TV Ads for While Half of Consumers Who Saw TV Ads for Financial Services Made a Transaction in the Past Financial Services Made a Transaction in the Past
Year, a Small Percent are Active at Any Given Time Year, a Small Percent are Active at Any Given Time
7Source: TVB/Yankelovich “How Media Works,” April 2009
Last time made a financial services transaction:
13%
6%
9%
6%
5%
9%
16%
6%
8%
21%
Within the last 2 weeks
3-4 weeks ago
1-2 months ago
3-4 months ago
5-6 months ago
7-11 months ago
1-2 years ago
3-5 years ago
6 or more years ago
I have never purchased in this category Financial Services
49% of those who recently saw a
financial services ad made a category transaction in the
past year
Most Say Financial Services TV Ads Most Say Financial Services TV Ads Made Positive ImpressionsMade Positive Impressions
Most Say Financial Services TV Ads Most Say Financial Services TV Ads Made Positive ImpressionsMade Positive Impressions
8Source: TVB/Yankelovich “How Media Works,” April 2009
Type of impression made by TV ad for financial services:
32%
38%
26%
3%
1%
24%
39%
32%
2%
2%
Very positive
Somewhat positive
Neither positive nor negative
Somewhat negative
Very negative TotalFinancial Services
63% of those who saw these advertisements rated them positively
Half of Respondents Find Financial Services Half of Respondents Find Financial Services Ads Both Informative and Attention-GettingAds Both Informative and Attention-GettingHalf of Respondents Find Financial Services Half of Respondents Find Financial Services Ads Both Informative and Attention-GettingAds Both Informative and Attention-Getting
9Source: TVB/Yankelovich “How Media Works,” April 2009
Ratings of Financial Services Television Ads:
Total Financial Services
How much did it get your attention?
19.6%
15.4%
18.9%
15.6%
12.2%
9.0%
3.6%
2.8%
1.3%
1.5%
17.0%
15.0%
19.0%
16.0%
13.0%
9.0%
5.0%
3.0%
2.0%
2.0%
10 -Completely
9
8
7
6
5
4
3
2
1 - Not at all
54% total
50% financialservices
42% total
38% financialservices
How relevant was it?
53% total
49% financialservices
How informative was it?
Those Who View Ads are Likely to Consider and/or Those Who View Ads are Likely to Consider and/or Research a Purchase, or Talk to Others About the AdResearch a Purchase, or Talk to Others About the AdThose Who View Ads are Likely to Consider and/or Those Who View Ads are Likely to Consider and/or
Research a Purchase, or Talk to Others About the AdResearch a Purchase, or Talk to Others About the Ad
10Source: TVB/Yankelovich “How Media Works,” April 2009
Actions Taken After Seeing TV Commercial for Financial Services
FinancialServices
Any (Net) 40%
Talked with others about the advertisement 14%
Considered purchasing the product or service 13%
Remembered you had seen the product or service advertised before 12%
Went online to learn more about the product or service advertised 11%
Purchased the product or service online 7%
Contacted the company in the advertisement 4%
Visited a store or location to learn more about the product or service 4%
Tried to find the advertisement on the Web 4%
Looked in a newspaper or magazine to learn more about the product or service
3%
Purchased the product or service in a store 3%
Sent someone an Email about the product or service 2%
Sent someone a Web-site link about the product or service 2%
Other action 3%
Did nothing 60%
Younger Adults are Even More Likely to Take Younger Adults are Even More Likely to Take ActionAction
Younger Adults are Even More Likely to Take Younger Adults are Even More Likely to Take ActionAction
11Source: TVB/Yankelovich “How Media Works,” April 2009
Actions Taken After Seeing TV Commercial for Financial Services:
Age
FinancialServices 18-34 35-49 50+
Any (Net) 40% 54% 42% 29%
Talked with others about the advertisement 14% 19% 16% 9%
Considered purchasing the product or service 13% 21% 12% 10%
Remembered you had seen the product or service advertised before (i.e., the newspaper, radio, or the
Internet)12% 18% 12% 10%
Went online to learn more about the product or service
11% 22% 7% 6%
Purchased the product or service online 7% 12% 6% 3%
Visited a store or location to learn more 4% 10% 3% 2%
Contacted the company in the advertisement 4% 9% 4% 2%
Tried to find the advertisement on the Web 4% 7% 4% 2%
Purchased the product or service in a store 3% 5% 5% 1%
Looked in a newspaper or magazine to learn 3% 6% 3% 1%
Sent someone an Email about the product or service 2% 5% 3% 1%
Sent someone a Web-site link about the product or service 2% 5%
1% 0%
Other action 3% 3% 2% 4%
Did nothing 60% 46% 58% 71%
Nearly Two-Thirds Say Financial Services Nearly Two-Thirds Say Financial Services Television Ads are Seen 4+ TimesTelevision Ads are Seen 4+ Times
Nearly Two-Thirds Say Financial Services Nearly Two-Thirds Say Financial Services Television Ads are Seen 4+ TimesTelevision Ads are Seen 4+ Times
12Source: TVB/Yankelovich “How Media Works,” April 2009
Number of times saw financial services TV commercial in past 2 months:
14%
33%
26%
14%
13%
11%
26%
32%
15%
17%
Just this one time
2-3 times
4-5 times
6-9 times
10 times or more
TotalFinancial Services
64% of those who saw a financial services ad on
TV have seen it 4+ times (compared to
53% for total)
Multiple Exposure to TV Ads Leads to Multiple Exposure to TV Ads Leads to a Much Higher Likelihood of Actiona Much Higher Likelihood of Action
Multiple Exposure to TV Ads Leads to Multiple Exposure to TV Ads Leads to a Much Higher Likelihood of Actiona Much Higher Likelihood of Action
13Source: TVB/Yankelovich “How Media Works,” April 2009
Among those who recently saw a TV ad for Financial Services
# TV Ad Exposures
FinancialServices
Recall 1-3 ad exposures
Recall 4+ ad exposures
Any (Net) 40% 32% 44%
Talked with others about the advertisement 14% 9% 17%
Considered purchasing the product or service 13% 9% 16%
Remembered you had seen the product or service advertised before (i.e., the newspaper, radio, or the Internet) 12% 10% 14%
Went online to learn more about the product or service 11% 7% 14%
Purchased the product or service online 7% 6% 7%
Visited a store or location to learn more 4% 2% 6%
Contacted the company in the advertisement 4% 2% 5%
Tried to find the advertisement on the Web 4% 3% 4%
Purchased the product or service in a store 3% 2% 3%
Looked in a newspaper or magazine to learn 3% 4% 2%
Sent someone an Email about the product or service 2% 2% 3%
Sent someone a Web-site link about the product or service 2% 0% 3%
Other action 3% 3% 4%
Did nothing 60% 68% 56%
Actions taken after seeing a Financial Services TV ad
Recall of Financial Services Ads in Other Media Recall of Financial Services Ads in Other Media is High, Compared to 15-Category Normsis High, Compared to 15-Category Norms
Recall of Financial Services Ads in Other Media Recall of Financial Services Ads in Other Media is High, Compared to 15-Category Normsis High, Compared to 15-Category Norms
14Source: TVB/Yankelovich “How Media Works,” April 2009
Saw ad for same product or service in a media other than TV:
TotalFinancialServices
Index to Total
Any (Net) 46% 51% 111
On the Internet 20% 26% 130
In a newspaper 18% 19% 106
On the radio 12% 17% 142
In a magazine 11% 13% 118
In an Email offer 8% 9% 113
On a billboard or other outside sign 7% 9% 129
Other media 3% 3% 100
Did not see, hear, or read in any other media 35% 30% 86
Not sure 19% 20% 105
Financial ServicesFinancial ServicesAdvertising Impact at Various Stages ofAdvertising Impact at Various Stages of
the Consumer Purchase Funnelthe Consumer Purchase Funnel
Financial ServicesFinancial ServicesAdvertising Impact at Various Stages ofAdvertising Impact at Various Stages of
the Consumer Purchase Funnelthe Consumer Purchase Funnel
15
80%75%
67%61% 59%
53%
20%25%
33%39% 41%
47%
78%
64%57%
48% 48% 46%
22%
36%43%
52% 52% 54%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Media Influence (Any)-All Cat. No Media Influence-All Cat.Media Influence (Any)-Financial Services No Media Influence-Financial Services
Awareness Interest Consider Want to Visit Make Purchase Purchase Store/Website Purchase
Source: TVB/Yankelovich “How Media Works,” April 2009
Financial ServicesFinancial Services Media Impact at Various Stages of the Media Impact at Various Stages of the
Consumer Purchase FunnelConsumer Purchase Funnel
Financial ServicesFinancial Services Media Impact at Various Stages of the Media Impact at Various Stages of the
Consumer Purchase FunnelConsumer Purchase Funnel
16Source: TVB/Yankelovich “How Media Works,” April 2009
Media cited by less than 3% of respondents were incorporated into the total for “other.”
45%34% 30% 24% 24% 22%
13%
9% 12%11% 11% 12%
5%
5% 5%
5%
5%
4%
4%
4%
4%
4%
3%
10%
9%12%
22%36%
43%52% 52% 54%
13%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Awareness Interest Consider Purchase Want to Purchase Visit Store/ Website Make Purchase
Television Internet Email Magazine Radio Newspaper Other No Media Influence
ConclusionsConclusionsConclusionsConclusions
Over one-third of consumers recall Financial Services television ads, and 37% of those consumers are in the market.
TV Ads for this category are considered informative and attention-getting. TV Ads lead to purchase consideration and
conversation, as well as research on advertised products.
Younger adults, who may be new consumers of financial products, are much more responsive to advertising and are more likely to take action after viewing ads.
17Source: TVB/Yankelovich “How Media Works,” April 2009
ConclusionsConclusionsConclusionsConclusions
Repetition works: consumers who are exposed to a Financial Services ad 4+ times are much more likely to act upon the message.
Advertising has its greatest impact at the top of the purchase funnel, raising awareness of Financial products and services.
Television advertising is the dominant ad medium at the crucial Awareness stage, and at every subsequent stage in the purchase funnel.
18Source: TVB/Yankelovich “How Media Works,” April 2009