What are the financial marketing cases?

Shantou University Liang Min Tian, ​​Liu Jiahuan, Ou Shaoming, Su Zhenyu
: When choosing financial services, how do consumers consider how many potential brands (companies) choose

A very important concept is the decision -making process of consumers. This process is like this: realize a problem, get a large collection of solutions to this problem, evaluate each choice (brand), make a choice; this is a bit abstract. For example, a lady found that her car’s tires were old and needed to be replaced. Then, there were only 3 brands of her known tires. She searched some information and asked her friends around her. Finally, the tire A was selected. The number and evaluation of the number of brands considering consumed here, which we talk about, is largely related to the level of consumers participating in the purchase.
The participation in the purchase level is divided into two types, low participation and high participation. For example, you need to buy this book, and you will not care about which publisher’s book it is. As long as the content is consistent, this is low participation, and high participation means that if you want to buy a car, which brand is from which brand of a car, which brand is from a brand. You will think about cars.
Considering that the Internet is rampant now, e -commerce has greatly affected consumer behavior, so the article studies such a problem, and at different purchases, how consumers consider for competition substitutes for many financial services categories, how consumers consider Selected.
In order to obtain conclusions, the article studies the following 5 questions:
1. When purchasing financial services, how big is the scope of consumer information search? What is the number of brands generally considered?
2. When consumers purchase new financial services, consumers the degree of considering the degree of considering the purchase of the original financial services?
3. When purchasing high -value financial product services and low -value services, consumers are more cautious about the former?
4. Without considering the alternatives of other competitors, you buy financial product services at the new company (brand). How much is the number of such consumption?
5. Will light buyers pay more attention to the consideration of competitive alternatives?
In order to study these 5 issues, the author conducted two surveys in Australia:
survey 1 is a retail bank: take cities with different populations and different economic development status to conduct surveys to investigate The question of the survey is which company they purchased the recent bank products? Is it the first time I bought it in that company, or did I buy a product there before? In the process of buying decision -making, have you done a survey, which company? Search on the Internet? Did you go to the official website of how many companies to check?
Ilva survey 2 is about domestic insurance: customers of a major insurance company in Australia in Australia, ask these questions: Is there any insurance expiration recently and will consider changing insurance companies? What is the insurance offer obtained by other insurance companies?
In let’s take a look at the results of these two investigations, the results of these five issues:
Question 1, when buying financial product services, how many related brands will consumers investigate? What is the most common number of brands?
Note: Consider the size (quantity) of the set not only includes the number of brands that consumers decide to buy products, but also the number of brands that they have surveyed before purchasing. According to the data, 73%of the respondents will only investigate one brand and take the average number. Consumers consider the size of the brand 1.4. In addition, in terms of information search, 79%of consumers will not conduct new information search for brands (companies) that have previously purchased products. On average, the number of official websites on the Internet is 0.9
The we see here we see here. The most common consideration of the brand is 1, which is a very low level of consideration.

Su Zhenyu:
The finance has widely involved every corner of our lives and plays an irreplaceable role. Therefore, analyzing consumers’ consideration of financial products is very important. Because many financial products are long -term, consumers will choose to choose a product that suits them, and it is possible that it is difficult to change it after choosing it.
Question 2: Does consumers have improved the original purchase of new purchases and repetitions?
The new purchases such as loan or new credit cards. Repeat the original purchase of the same insurance after the insurance expires. After analysis and investigation by relevant personnel, such a result was obtained: 483 customers who expired insurance, 431 customers continued to buy their original insurance, and only 52 customers chose to replace new insurance or replace insurance companies. The annual replacement rate is only 11%of the people who have not replaced the insurance, and only 26%have considered replacement. Of course, they have not replaced, and 43%of them have not evaluated any other insurance companies (( This means that one day, if you have nothing to do, you suddenly think of whether you want to change insurance, but you may forget everything after eating). Correspondingly, 74%of the thoughts did not think about changing their own insurance. Most of the people who really change insurance are only analyzed a company, and there is no analysis and evaluation of more companies’ solutions
So the conclusion we get is: consumers considered the degree of changing newness is very low. Many consumers have not considered replacement or searching for alternatives. Even those who have some considerations or action are only considered and replaced within a small range.

It consumers when consumer consumption, the assessment of risks is very important. This is also their strong desire to understand the product information, so as to compare the product.
Therefore, the third question is: Consumers are more cautious about when purchasing “high -value” services when buying “high -value” services when purchasing “low -value” services?
is based on the analysis and survey of relevant personnel. This chart is obtained. Just take a look. We have come to such a conclusion: Only 10%of consumers have considered another or more company products when buying low -value services, and 35%of consumers have this aspect when buying high -value services. Consideration. Therefore, we can analyze: consumers are more cautious about high -value services.
If in the consumer group, few people will consider multiple service providers, whether they buy or buy new ones. In addition, whether it is low -value services or higher value services, most consumers lack strict analysis and comparison. The most common consideration is just a brand.

Liu Jiahuan:
Depending on the above, research Question 4 is: How many consumers buy from a new service provider (that is, they have not traded), did not consider other competition alternatives? Here, consider the heterogeneity of consumers in search behavior, that is, which customers are more inclined to search and compare. A useful classification in the literature is to distinguish “light” consumers, buy less, and “heavy” consumers to buy more. Because such a classification will enable us to check the evaluation behavior of “light” buyers who currently use very little financial products. Compared with multiple financial products, there are “heavy buyers” with multiple financial products. It is likely to make more evaluations and search for which type of consumers. There are different possibilities. “Light” buyers can search for more because they are not familiar with buying such products. Therefore, information from multiple suppliers can provide guarantees, and their ultimate choice is correct. Or, it can also be said that heavier buyers will find more, because their previous experience provides confidence, they can get better products, or better terms and conditions from finding alternatives. As a result, no matter what ways, it has a certain impact on marketing strategies. If you are a lighter buyer searching less and less buyers, then a loyal strategy to attract and retain high -value (heavy classification users) consumers can stand more. However, if a heavier buyer is more likely to engage in search and consideration, and then it becomes more difficult to retain the large share of any supplier.
: We found that a large proportion of consumers purchased from new suppliers who had not traded before, and did not consider other suppliers. (For example, even some other suppliers have traded). As shown in Table 4, 94 consumers purchased financial products from a new supplier, of which 54 (57%) did not inquire with any other supplier. These results show that the main mechanism for consumers to start with a new service provider is not a competitive consideration or the assessment of suppliers relative to other suppliers. On the contrary, the main mechanism is contained in the very small consumption of consumers, which is generally composed of a single brand.
In order to clarify this problem, our fifth research question is: which type of consumers are more likely to engage in alternatives in the context of service. Or a heavy buyer (a lot of purchase categories over time)?
, as mentioned earlier, we use the financial service industry as an appropriate background. In order to answer our research questions, we designed two investigations, and the first investigation involved retail banks. The second survey is domestic insurance. Both surveys use consumers in several major cities in Australia. The reason is that Australia is a modern Western economy with advanced retail banking industry. It is the largest bank in the world, such as NAB, the 28th National Congress, and Australia and New Bank, the 50th National Congress, and the tens of billions of dollars in each turnover. In addition, it also has global giants like HSBC and Citi Bank in the retail banking market. Similarly, Australia is a huge, effective domestic insurance home, and the product market selected for a second survey. Many banks and insurance brands are in these two departments, so they provide sufficient potential to search and consider consumers.
The details of each survey are as follows:
First of all, retail banks. The first survey includes interviews with consumers living in different cities and use telephone surveys. As previous experience, high response and quality data of this method. The most widely available sampling box is an electronic telephone book for sample population. The first city has a population of about one million people. Its economy is a mixture of a mature, slow growth manufacturing and service industry. The second city has a small population and a population of 80,000. On the coast of northern Australia, there is a vibrant export economy. A preliminary screening problem ensures that the person interviewed is a decision maker or a user of bank services in the family. The interviewees were asked at the time they got their nearest bank products. Only the response of those who have purchased financial products, in the past 2 years (n = 383). The reason is that in the data of more than 2 years before the interview, due to incomplete recalls, the lack of accuracy in this interview lacks accurate accuracy in this interview. Spend. In the next step, the respondents who were investigated were asked about the products they got. The survey sample is through the random sampling process. The sample includes the gender, occupation and family stage classification of various industries.
and then domestic insurance. The second investigation includes telephone interviews and 514 respondents, and is a major insurance supplier in Australia. Specifically, before the interview, all interviewees have the policy within the next 2 months. The interviewees were asked if they had a policy recently expired, what would they do at the time, would they update the policy as the same brand, or change another insured? Considering the conversion, we asked how much the suppliers they got during the search process. The quotation from other suppliers requests the quotation to actively search for the consumer.
Research on the question of whether light buyers and heavy -duty buyers are considered differently in the brand. We ask consumers to say their current bank product names as part of the survey one. The average number of bank products is 4. We classify those people, four bank products or less are light bank consumers, and listed more than four bank products. Then, the two groups of cross -watchmaking are shown in Table 5 according to the degree of consideration. Consumers in categories are more likely to engage in multiple brands. Specifically, do an interpersonal survey. The difference between the two is statistically significant at 0.10 (P = 0.08). Supplementary analysis shows that there is no difference between light and heavy buyers in terms of online search.