Direct Mail Plays Greater Role in Decision Making for Financial Services

Direct mail is playing an increasingly important role in the decision making process for financial services purchases, according to recent research conducted by MORI Financial Services for the Direct Mail Association.

Women are particularly impressed by direct mail on financial services, according to a qualitative survey and find direct mail a valuable source of information and purchase. Along with men who have recently reappraised their financial affairs, they see it as being a useful source of additional information when major decisions are being made.

The 'junk mail' image of these mailings has now gone and the targeting, design and content are thought to have improved substantially over the last couple of years.

People prefer to buy products from well known firms if they are making purchases based on direct mail alone, especially for transactions of one to five years and for low risk products, where terms of cover can be easily compared.

A second survey of buyers of financial services generally, found that around one in four are influenced by direct mail and that they find direct mail more useful in helping them to choose financial products than press and TV advertising.

Technical details

Four group discussions were conducted among ABC1 adults who had re-appraised some major aspects of their financial services in the past year in June 1996. The quantitative survey was conducted from 30 May-4 June 1996 among a nationally representative sample of 1,999 GB adults. aged 15+.