Table of Contents
Scope and Themes
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- What you need to know
- Scope of this report
- Abbreviations and terms
Executive Summary
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- Key highlights
- Security and trust are the most important issues for consumers
- Companies are responding to consumer fears
- Reputation, social networks matter
- Gender affects online behavior
- Older Americans are more fearful online
- Hispanic consumers represent a significant opportunity
- Consumers respond differently to different types of companies and brands
- Emerging trends may shift the playing field
Insights and Opportunities
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- Email marketing and mobile technology
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- Figure 1: Usage of mobile data services, August 2007
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- Figure 2: Sales of mobile data services, at current and constant prices, 2002-07
- Figure 3: Forecast of U.S. sales of mobile phone data services, at current and constant prices, 2007-12
- Social networks and Web 2.0
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- Figure 4: Social networking website referrals for financial services companies, 2007
- Changing U.S. economic conditions
- Green marketing
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- Figure 5: How consumers want companies to address environmental issues, 2007
Fast Forward Trends
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- Trend: The Attention Economy
- Trend: Your Spam, My Spam
- Trend: Friend of a Friend
Overview of Demographic Trends and Online Reach
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- Key points
- The online population
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- Figure 6: Projected population of the U.S., by age, 2010-50
- Figure 7: Estimated percentage of adults online, by location where accessed from, 1995-2007
- Figure 8: Estimated number of adults who are online, 1995-2007
- Most effective advertising channels for online users
- Key Points:
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- Figure 9: Percentage of consumers who have responded to various types of advertisements in past year, January 2008
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- Figure 10: U.S. adult online presence, by age, gender, race/ethnicity, educational attainment and household income, 2007
The Email Gender Gap and other Usage Differences
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- Key points
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- Figure 11: Population, by gender and age, 2007
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- Figure 12: Percentage of men and women who go online, by age, educational attainment, race/ethnicity, household income and marital status, 2005
- Different uses of email
- Key points
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- Figure 13: Functions of the Internet: How men and women use it as a tool to communication, transact, get information and entertain themselves, December 2005
- Women use email to develop relationships; men use it to find information
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- Figure 14: Why online men and women value their email contact with their favorite groups, December 2005
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- Figure 15: Importance of known sender to consumer opening email, by gender, December 2007
- Gender differences in navigating the Internet
- Different levels of concern about email
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- Figure 16: Share of online men and women who are concerned about various online security threats, December 2005
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- Figure 17: Concern about handling of responses to financial services email solications, by gender, January 2008
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- Figure 18: Non-response to financial services emails due to concerns about companies sharing information, by gender, January 2008
- Figure 19: Response to email advertisements for various financial products, by gender, January 2008
Older Consumers—Online Activity and Response to Online Financial Marketing
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- Key points
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- Figure 20: Internet use, by age, February-March 2007
- Older Americans are more wary when they are online
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- Figure 21: Response to email advertisements for various financial products, by age, January 2008
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- Figure 22: Response to email advertisements for various financial products, by employment status, January 2008
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- Figure 23: Concern about handling of responses to financial services email solications, by age, January 2008
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- Figure 24: Non-response to financial services emails due to security concerns, by age, January 2008
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- Figure 25: Change in likelihood of opening financial services emails, by age, January 2008
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- Figure 26: Change in likelihood of opening any type of email solicitation, by age, January 2008
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- Figure 27: Importance of known sender to consumer opening email, by age, December 2007
Hispanics—Online Activity and Response to Online Financial Marketing
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- Key points
- Demographics
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- Figure 28: Population, by race and Hispanic origin, 2002-12
- Figure 29: Household income distribution for all households and Hispanic households, 2006
- Hispanic consumers are more engaged online
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- Figure 30: Internet use, by Hispanic origin, February-March 2007
- Hispanic consumers are more open to receiving communication from companies
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- Figure 31: Consumer preference for receiving relevant product offers, by Hispanic origin, December 2007
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- Figure 32: Likelihood of consumer opening email from a bank, by Hispanic origin, January 2008
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- Figure 33: Response to email advertisements for various financial products, by Hispanic origin, January 2008
- Hispanic consumers are more open to sharing information with companies
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- Figure 34: Information consumers would be willing to disclose to unknown companies, by Hispanic origin, December 2007
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- Figure 35: Number of financial services accounts managed online, by Hispanic origin, December 2007
The Demographics of Education and Wealth, and Response to Online Financial Marketing
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- Key points:
- Demographics
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- Figure 36: Household income distribution, 2006
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- Figure 37: U.S. educational attainment, population aged 18+, 2007
- Less educated, poorer people are online less
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- Figure 38: Internet use, by educational attainment, February-March 2007
- Figure 39: Internet use, by income, February-March 2007
- Less educated, poorer people are less trusting
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- Figure 40: Increase in concern about online security in last five years, by income, January 2008
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- Figure 41: Increase in concern about online security in last five years, by educational attainment, January 2008
- Less educated, poorer people are more likely to respond to financial services solicitations
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- Figure 42: Response to email advertisements for various financial products, by income, January 2008
- Figure 43: Response to email advertisements for various financial products, by educational attainment, January 2008
- Less educated, poorer people are less likely to have online accounts
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- Figure 44: Number of financial services accounts managed online, by income, December 2007
Online Financial Marketing Responses by Marital Status and U.S. Regions
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- Unmarried couples are much more receptive to credit card offers
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- Figure 45: Response to email advertisements for various financial products, by marital status, January 2008
- U.S. regional differences
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- Figure 46: Consumer preference for receiving relevant product offers, by region, December 2007
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- Figure 47: Importance of known sender to consumer opening email, by region, December 2007
Consumer Concern about Security is Increasing; Trust is Weak
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- Key points
- Consumers think security is a problem
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- Figure 48: Increase in concern about online security in last five years, January 2008
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- Figure 49: Increase in concern about online security in last five years, by gender, January 2008
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- Figure 50: Increase in concern about online security in last five years, by age, January 2008
- Consumers don’t trust companies to safeguard their personal information
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- Figure 51: Consumer beliefs about sharing of personal information, January 2008
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- Figure 52: Consumer beliefs about sharing of personal information, by Hispanic origin, January 2008
- Consumers are overwhelmed by inbox overload: Spam
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- Figure 53: Change in amount of spam received, January 2008
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- Figure 54: Change in amount of spam received, by age, January 2008
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- Figure 55: Unwanted solicitations from unfamiliar companies, January 2008
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- Figure 56: Unwanted solicitations from unfamiliar companies, by age, January 2008
Consumers’ Fears Inhibit Their Engagement with Companies
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- Key points
- Consumers are reluctant to even open emails
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- Figure 57: Percent of business emails opened by consumers, December 2007
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- Figure 58: Percent of business emails opened by consumers, by age, December 2007
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- Figure 59: Change in likelihood of opening any type of email solicitation, January 2008
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- Figure 60: Change in likelihood of opening any type of email solicitation, by race/ethnicity, January 2008
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- Figure 61: Change in likelihood of opening financial services email solicitation, January 2008
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- Figure 62: Change in likelihood of opening financial services email solicitation, by gender, January 2008
- Consumers are unwilling to share important information with companies
- Key points:
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- Figure 63: Information consumers would disclose to unknown companies, December 2007
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- Figure 64: Information consumers would disclose to unknown companies, by gender, December 2007
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- Figure 65: Information consumers would disclose to unknown companies, by age, December 2007
Companies are Responding to Trust and Security Concerns
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- Working on the consumer experience
- Key points
- Technical solutions
- Credible format
- Opting in or out
- Separate URLs
- Personalized data in emails
- Email newsletters
- Affinity partnerships
- Critical elements: Reputation and social networks
- Key points
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- Figure 66: Factors affecting consumers’ decisions to open emails, January 2008
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- Figure 67: Factors affecting consumers’ decisions to open emails, by gender, January 2008
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- Figure 68: Factors affecting consumers’ decisions to open emails, by age, January 2008
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- Figure 69: Factors affecting consumers’ decisions to open emails, by income, January 2008
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- Figure 70: Factors affecting consumers’ decisions to open emails, by race, January 2008
Reputation: The Value of Brand Quantified
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- Whose emails get opened?
- Key points
- Consumer response
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- Figure 71: Consumers’ likelihood of opening emails, by type of financial institution, January 2008
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- Figure 72: Consumer likelihood of opening email from leading financial services companies, January 2008
- Banks
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- Figure 73: Consumer likelihood of opening email from generic and well-known banks, January 2008
- Insurers
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- Figure 74: Consumers’ likelihood of opening emails from generic and well-known insurers, January 2008
- Credit card issuers
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- Figure 75: Consumers’ likelihood of opening emails from generic and well-known credit card issuers, January 2008
- Mutual funds
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- Figure 76: Consumers’ likelihood of opening emails from generic and well-known mutual funds, January 2008
- Brokerage firms
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- Figure 77: Consumers’ likelihood of opening emails from generic and well-known brokerage firms, January 2008
- Acquisition vs. retention
- Key points
- Consumer response
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- Figure 78: Importance of various factors to consumer decision to open email from known and unknown sender, December 2007
- Frequency of customer contact
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- Figure 79: Consumer preferences for various types of email communication, frequency from known companies, December 2007
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- Figure 80: Consumer preference for receiving relevant product offers, by gender, December 2007
- Figure 81: Consumer preference for receiving relevant product offers, by age, December 2007
Cluster Analysis—Identifying the Highly Marketable Consumers
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- Key points
- First responders
- Stable, sometime responders
- Leave-me-aloners
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- Figure 82: Financial service consumer clusters, January 2008
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- Figure 83: Increase in concern about online security in last five years, by consumer clusters, January 2008
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- Figure 84: Non-response to financial services emails due to security concerns, by consumer clusters, January 2008
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- Figure 85: Concern about handling of responses to financial services email solications, by consumer clusters, January 2008
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- Figure 86: Concern about handling of responses to financial services email solications, by consumer clusters, January 2008
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- Figure 87: Factors affecting consumers’ decisions to open emails, by consumer clusters, January 2008
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- Figure 88: Change in amount of spam received, by consumer clusters, January 2008
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- Figure 89: Change in likelihood of opening financial services emails, by consumer clusters, January 2008
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- Figure 90: Financial service consumer clusters by gender, January 2008
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- Figure 91: Financial service consumer clusters by age group, January 2008
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- Figure 92: Financial service consumer clusters by income group, January 2008
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- Figure 93: Financial service consumer clusters by race, January 2008
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- Figure 94: Financial service consumer clusters by Hispanic origin, January 2008
- Methodology
Appendix: Advertising and Promotion
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- Figure 95: A financial services email advertisement targeting a niche demographic market, 2007
- Figure 96: An email advertisement embedded in an outside non-business newsletter, 2007
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- Figure 97: Example of an email advertisement featuring affinity partnerhsip offer incentive, 2007
- Figure 98: Example of an email advertisement featuring affinity partnerhsip offer incentive, 2008
- Figure 99: A financial services email advertisement attached to a message from an affinity partner, 2007
- Figure 100: An example of an email advertisement including account information, from American Express, 2007
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- Figure 101: Citi Card security newsletter, 2008
- Figure 102: An example of an email advertisement designed to get consumers to go paperless, 2007
- Figure 103: Example of an email advertisement featuring green marketing, 2007
- Figure 104: Green cause marketing, 2008
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