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Resonate State of the Consumer Insight Snapshot

A Guide to Understanding and Engaging Today’s Financial Services Shoppers

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  • Written by  Andy Hunn, COO, Resonate
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  • Comments:   DISQUS_COMMENTS
Resonate State of the Consumer Insight Snapshot

The financial services industry represents a diverse range of businesses that all share a similar challenge: connecting with increasingly informed consumers who are looking to establish long-term relationships with the right companies. Marketing to these consumers requires an intimate knowledge of not just who they are and where they consume their media, but also what underlying values and motivations drive their decisions. 

In a recent study, Resonate tapped into its consumer intelligence marketing platform (covering more than 10,000 attributes across 185 million people in the U.S.) to better understand the values and motivations that drive today’s financial services shoppers in three key sectors: investment accounts, banking and auto insurance. Here is an overview of the defining characteristics of these three audiences, all based on consumers who are looking to switch their services in the next three to 12 months.  

Audience: Consumers Looking to Switch Investment Accounts

The consumers who are considering switching their investment accounts in the next 3-12 months are, not surprisingly, a relatively educated and well-rooted bunch. More than half of them (56%) have either a college or post-grad degree, and two-thirds of them are married.

The daily routines of these consumers are active ones. They view their gym memberships as necessities rather than luxuries, and they place a high degree of value on their athletic accomplishments.

From a media standpoint, this group of consumers watches TV on secondary screens—most notably their computers, but also on their mobile phones. Among TV shows, “Orange Is the New Black” tops their must-watch lists. As far as social media, a large proportion of these consumers are active on LinkedIn.

Fun fact: These consumers are most likely to currently own a Honda. 

Audience: Consumers Looking to Switch Banks

Consumers who are considering switching banks in the next 3-12 months tend to skew slightly younger, with a quarter of them age 18-24. Overwhelmingly, this audience is characterized by its green and conscientious behavior. These consumers are big fans of alternative energy, and they’re likely to be the ones who heavily research (and criticize) companies according to their environmental policies. They’re also the folks who are putting in calls to their elected officials regarding these issues.

From a media standpoint, these consumers like to consume TV from their mobile devices, and you’re most likely to find them spending time on Tumblr and Reddit. 

Fun fact: These consumers are most likely to currently own a Dodge. 

Audience: Consumers Looking to Switch Auto Insurance

People who are looking to switch auto insurance in the next 3-12 months tend to be married (64%), and a third of them have 2-3 children under the age of 18 in their homes. When it comes to personal values, these consumers are heavily driven by self-fulfillment and self-image.

When shopping, they’re looking for products that are family friendly and designed to save time in their busy lives. They have a high tendency to buy green products. When it comes to auto insurance specifically, this group is looking for products that are rewarding and unique.

From a media standpoint, these consumers are active on LinkedIn, and they are likely to use mobile apps that enhance their productivity and allow them to monitor their finances and investments.

Fun fact: These consumers are most likely to currently own a Hyundai.

Note: The above insights will be included in Resonate’s forthcoming “The State of Consumer Audiences” report, which will provide an in-depth look at the consumer values and motivations that drive purchases in today’s most important vertical markets. The full report will be released Sept. 18. 

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