Advertising on the Web is relatively inexpensive. In 2000, Morgan Stanley Dean Witter ranked the Internet lowest in cost-per-thousand (CPM) impressions, and by 2002, per impression rates for banner ads had dropped another 70 per-cent. With the rise in pay-per-click, advertising costs have declined even more, since these ads require little or no payment unless they are clicked.
Financial services advertising on the Web is declining. Although Bank of America and other advertisers continue to find value in banner advertising on popular websites such as Yahoo, financial companies are no longer the Web’s major advertisers. In June 2001, Nielsen/ NetRatings reported that three of the top five online advertisers were financial companies. In September 2002, only one financial company, Bank One, was even in the top ten, and by July 2003, there were none.
In the end, the Internet is neither a fearsome competitor nor a panacea. No financial marketer can afford to ignore the power of the Internet as a distribution channel, as a source of information, as a relationship-building tool, and as a brand builder. But ways of using the Internet effectively continue to evolve, and financial marketers need to keep on top of trends and best practices.
Financial Services Marketing Related Interview Questions
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