Financial Buyers Want Information Online

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Financial marketers take notice: consumers of financial products and services are predisposed to using search and boast an attractive demographic profile, according to a new report from interactive marketing agency iCrossing, New York.


After surveying consumers in February through Harris Interactive, iCrossing found that two-thirds of searchers for financial products and services have an annual household income of $50,000 a year or more and have high credit scores, are well educated, and they want to apply for financial products and services online.


"The audience is very attractive and is predisposed to using search to apply for financial products," said Noah Elkin, vice president of communications for iCrossing.


Twenty-four percent of people surveyed said they use search engines to conduct research about and "shop" for financial products and services.


In addition, 72 percent of online adults said they are interested in learning more about financial products, providing many cross-selling opportunities for financial services marketers.


For example, 60 percent of those who searched for brokerage accounts online also expressed interest in online trading accounts, 39 percent said they were interested in insurance services and 39 percent said they were interested in retirement accounts.


"For financial marketers, they tend to sell more than one financial product. They will be interested in ways they can reach a single consumer with more than one product," Elkin said.


Demographic features of the typical consumer searching for financial services are: most are 35 years and older, 54 percent are men and 55 percent know the difference between sponsored and natural search results, iCrossing found.


Christine Blank covers online marketing and advertising, including e-mail marketing and paid search, for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


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