IDM Financial Services Survey highlights key marketing challenges for 2005
Released 17 January 2005: Benchmarking, competitor analysis and understanding new technologies are amongst the key challenges facing marketers in the financial services sector in 2005 according to the IDM's annual Financial Services survey.
But meeting those needs may prove challenging since two-thirds of respondents receive less than £1,000 worth of training and development each year.
Neil Morris, Deputy Managing Director at the IDM says, "This survey has once again proved there is a genuine appetite amongst financial services marketers for training coupled with a consensus in terms of where there are skills and knowledge shortfalls."
"However, with limited training budgets to meet the stated needs of the sector, those organisations failing to make the necessary investment risk falling behind their rivals. Marketing performance and staff retention are two proven results of an effective staff development programme. Cutting back on training is a false and risky economy", Morris continues.
The most demanding and difficult challenges identified in the survey are:
- Knowing if marketing results are above or below sector averages
- Knowing what competitors are up to
- Keeping abreast of new technologies
- Keeping up with regulations and legislation
- Optimising use of the available channels and media
The survey also found that respondents felt they were comfortably in control of the practical issues and complexities of managing the day-to-day campaign workload, while revealing that winning and keeping new customers was the sector's single-most challenging marketing goal.
ior financial services marketers identified their most immediate personal development needs as accessing personal mentoring and coaching and improving their commercial/business skills.
When asked, "Which financial services brand do you most admire?", the clear winner was First Direct, with Egg and HSBC running a close joint second. The least admired brands were found to be Abbey and Barclays.
Every year the survey is completed by senior marketing practitioners from the UK's leading financial brands to establish the sector's key concerns. The findings are used to help shape the IDM's portfolio of courses, conferences and training materials for the financial services community.
Notes to Editors
For more information contact Ruth Stone on 020 8614 0216 (direct line), 07788 417 109 (mobile) or e-mail ruth@orchidpr.co.uk.
