Matt Boot

KDB

Matt Boot is chief analyst at data and database marketing consultancy KDB

Hitting the Mark

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Posted on 2010-07-26

To say the last two years have not been a good period for the financial services industry would be a massive understatement – but to add that there are good opportunities coming out of the recession is also not overstating things.

Financial firms of all kinds are facing a continuing struggle in the current economic environment when it comes to selling consumers on their products and services. While the economy appears to be slowly climbing from the depths of recession, one lasting effect promises to be that consumers may still be gun-shy when it comes to their money – particularly where investment vehicles are concerned.

Banks, insurance companies, credit card providers, investment firms, financial advisers and virtually every other type of company operating in the sector has to re-think its approach to marketing and communicating with its customers. Not only do they have to win over mistrustful consumers, but they are dealing with a market in which money is tight for...

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Financial sector should not ignore new generation of savers

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Posted on 2010-04-27

As the UK economy recovers, a point of concern in the financial sector is the lingering impact that the downturn will have had on consumer behaviour. While analysts have predicted that market recovery and job creation will begin to take off in the summer of 2010, another key consideration is how recovery will take shape in the perception of Britons. The financial services sector, in its effort to rebuild confidence and lending activity, will need to take into account how its customers will respond post-recession.

It should come as no surprise, then, that recession-stricken consumers are not overeager to take more debt onboard – especially those who are middle-aged. We commissinoed research to look at what can be expected from consumer behaviour over the course of next year, in terms of consumers’ future savings and borrowing behaviour. The findings provide essential background for the financial industry to shape its services to mirror the demands and concerns of post-...

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Prospects in a post-recession economy

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Posted on 2010-03-18

We recently conducted a survey of more than 500 marketing decision makers across the UK, in order to gauge marketing spend and trends during and after the recession. It revealed that during the recession more businesses were concerned about fending off customer churn than were focused on gaining new clients. Though a large majority (52%) of marketing decision-makers kept their budgets evenly balanced between new and old customer relationships. However, with better times on the horizon we found that the tilt towards retention was shifting back towards prospecting for new business, leaving an even higher majority of firms balancing spend on both evenly.

Marketing decisions are among the most difficult a company can make during the transition from an economic downturn to a more healthy business climate, especially when it comes to budget. First off, companies often have to be convinced to spend at all. Then they have to decide where to focus their budgets – on retaining...

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Ignore customer insight at your peril

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Posted on 2009-10-15

Knowing your customers is one of the first rules any good marketer learns. But during a recession, it is all the more important for companies to know which consumers or business buyers best match the profiles of their most loyal and profitable customers – or simply of those that are willing to spend, given the current economic climate.

When times are good, consumers may be more willing to take a punt and marketers have a certain amount of leeway in their approaches. However, consumers are now more watchful of their spending and speculative campaigns are likely to have a much lower yield.

With less of a margin for error, it is increasingly important to ensure that marketing campaigns are targeted at the right people. The difference between a good campaign and a bad one can be determined by the people it targets. If incorrect or obsolete data is causing the material to be sent to consumers in the wrong market segments or firms to aim at consumers with profiles that are...

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