US banks and credit institutions spent $13.4 billion in 2007 on direct marketing advertising – which generated $178.8 billion in sales, and the amount of those returns is forecast to hit $286.2 billion in 2012, according to the Direct Marketing Association (DMA).
Those findings are from a new DMA report, “Direct Marketing Facts and Figures in the Financial Services Industry.”
“DMA found that the Financial, Banks and Credit Institutions sector in 2007 was the number-one American industry spending on direct marketing, and it ranked second in sales,” said Anna Chernis, DMA’s senior research manager and the report’s author.
“In addition, the Financial, Security and Commodity Brokers, Holding Companies sector was the tenth-largest spender and sixth in direct marketing-driven sales.”
Most financial services industry direct marketers (41.8%) use direct mail (other than catalog) as their primary channel, whereas the most common secondary channels are websites (57.8% said so) and inbound telephone (50.8%), according to the report.
Among other key findings of the report:
About the study: This DMA research is intended to help financial services marketing professionals benchmark their performance. The eight chapters of the study – Financial Services Overview, Direct Mail, Insert Media, Commercial Email, Internet Marketing, Print Media, Broadcast Media, and Telephone Marketing – illustrate advertising expenditures, direct marketing-driven sales, and direct marketing-driven employment.
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