The Word on Banking Impact of word of mouth on banking purchases
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1 The Word on Banking Impact of word of mouth on banking purchases Idil Miriam Cakim Info-Currents Vol1/3 May, 2011 Idil Miriam Cakim 1
2 The Word on Banking Impact of word of mouth on banking purchases The Large Purchase Study shows that banking product and service purchases are made largely based on past experience and face-to-face communications. Does this mean social media initiatives of banking institutions such as Chase, American Express, and Wells Fargo among others are futile marketing efforts? Hardly. Looking at the past five years banking-related purchases, it is important to note social media is a budding influence on these purchasing decisions. Its impact has risen sharply in the past couple of years. In particular, young adult and minority segments weigh social media nearly as much as offline word of mouth when making choices about banking products and services. As their new customers get older and as the U.S. population becomes more diverse, banks will invest more in online programs driven by customer reviews and conversations. Idil Miriam Cakim idil@infocurrents.com 2
3 What Drives Banking Decisions Past experience and word of mouth have been strong drivers of banking product purchases in the past five years. Overall, face-to-face conversations have had more impact than online buzz on banking decisions. Yet in the past two years, there has been a significant increase (from 7 percent to 14 percent) in consumers reliance on online word of mouth for banking product and service purchases. Past 3-5 years Past 2 years 35% 32% 33% 36% 27% 28% 14% 7% Past experience WOM (Net) Face-to-face Online WOM TIPS: In addition to extending their customer service arms to the web, banks need to keep a close eye on their online reputation. With the economic downturn, people are more likely to have concerns and questions about managing and keeping their money. Those institutions who identify their outspoken customers and win them over will protect and grow their brand. Idil Miriam Cakim idil@infocurrents.com 3
4 Marketing and Communication s Impact on Banking Decisions As compared with peer-to-peer communications and past experience, marketing initiatives have less impact on banking product purchases. However in the past couple of years, social media, advertising and promotional offers have been playing a bigger role in banking-related purchases, then they have previously. As consumers reliance and interest continue, marketing dollars spent in social and paid media, as well as promotional programs will prove to be sound investments. Past 3-5 Years 11% Past 2 Years 12% 12% 7% 6% 5% 4% 7% Earned Media Social Media Paid Media Discounts/ Coupons TIPS: To make an impact online and to maintain positive buzz, banks will need to deliver on the promises they communicate through digital campaigns. They will also need to work hard to convert those newly acquired discount consumers to loyal customers. Idil Miriam Cakim idil@infocurrents.com 4
5 Choosing Banking Products Past experience and word of mouth drive more than a third of consumers checking, savings and mortgage account choices. Similarly, about one-quarter of credit card brand choices are made based on past experience (27 percent) and word of mouth (27 percent). Among word of mouth sources, consumers are more likely to rely on offline (21 percent) word of mouth than online sources (11 percent) when making banking product and brand choices. Checking/Savings Accounts Credit Cards Mortgage 38% 39% 38% 35% 27% 27% 32% 28% 21% 11% 11% 15% Past experience WOM (Net) Face-to-face Online WOM TIPS: Brand ambassadors and satisfied customers drive new customer acquisition through peerto-peer conversations. Devise influencer campaigns focusing, not only on the most valuable customers, but also on those who are most likely to advocate. Idil Miriam Cakim idil@infocurrents.com 5
6 Women Talk Money While men primarily rely on past experience when making banking-related decisions, women are driven by word of mouth. When making banking decisions, women are more likely to rely on face-to-face conversations than online buzz. These conversations are as influential as their past experience with banks and related products. Men Women 40% 29% 33% 37% 25% 29% 14% 10% Past experience WOM (Net) Face to face Online WOM TIPS: Give women something positive to talk about. Those women customers satisfied with service and product performance will take the extra step to discuss their banking choices with their friends, issue recommendations and warnings. Idil Miriam Cakim 6
7 Young Customers Eager To Seek Second Opinions The older the banking customers are, the more they are likely to rely on their past experience to make purchasing decisions and brand choices. Meanwhile, young adults (18-29) are more likely to rely on online and/or offline word of mouth than any other information source when choosing their banking products. 61% % 37% 36% 34% 29% 31% 31% 18% 26% 25% 14% 26% 12% 7% 5% Past experience WOM (Net) Face-to-face Online WOM TIPS: Reputation is key when it comes to attracting young customers to banks. Banks need to make sure the word on the street matches their actions. They need to communicate their brand values and product offerings online and offline for young customers who will ask their peers, search reviews and scan through sites. Idil Miriam Cakim 7
8 Parents Turn to Word of Mouth for Their Banking Research Parents seek advice from peers and have offline conversations that drive their banking decisions. Non-parents appear to be less discerning--they are more likely than parents to make decisions based on their past experience and less likely to change services. Non-parents Parents 44% 37% 32% 34% 24% 25% 11% 14% Past experience WOM (Net) Face-to-face Online WOM TIPS: Offer discounts and special deals to parents to encourage them to invite their parent friends to benefit from your bank s products and services. Since most of these discussions take place offline, organize educational seminars geared towards parents. Brand and host the conversations. Idil Miriam Cakim idil@infocurrents.com 8
9 Minority Customers Are Savvy Online Word of mouth, online or offline, play a significant role in minority populations choice of banking products and services. These segments are significantly more likely than their white counterparts to indicate that they have face-to-face conversations and follow online buzz that influence their banking decisions. White Non-white 52% 33% 33% 25% 27% 37% 24% 10% Past experience WOM (Net) Face-to-face Online WOM TIPS: Look for super advocates among non-white populations -- those who speak about brands both online and offline. Invest in online communities, web-only offers and digital advertising to reach minority customers. Micro-target community leaders to manage relations in tight-knit neighborhoods. Idil Miriam Cakim idil@infocurrents.com 9
10 Method The findings in this report are from the Large Purchase Study conducted by S. Radoff Associates in summer The study was conducted online and it is based on a nationally representative sample of 1,000 U.S. adults (18+). Its margin of error is +/- 3.3 percentage points. The study delved into information sources that influenced brand choices for recent large-ticket item purchases. Illustrator The cover illustration is by Greg Kessler, an artist based in New York. His works can be viewed at About The Author Idil Cakim is a digital strategist and word of mouth marketing expert at GolinHarris. She is locked into her bank out of habit and gets compelled to switch with every competitor offer she receives in the mail. She is also the author of Implementing Word of Mouth Marketing: Online Strategies to Identify Influencers, Craft Stories, and Draw Customers (Wiley, 2010). Idil Miriam Cakim idil@infocurrents.com 10
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