The same period witnessed a decrease in the expenses on magazines dealing with business articles, reports and business statistics by as much as 5.2%.
A survey conducted on the advertising industry trends also suggested that total amount spent on advertising pertaining all categories of media registered a reduction by 0.3% in the first three months of 2007 as compared to the last quarter of the 2006.
For example, if a bank offers the home loans at an attractive EMI’s, Fix account with more rate of interest, A post office has to offer various saving schemes, corporate loans, the financial intuitions by adopting the best mode of communication so that the people will be known to their offerings.
Due to the paradigm change in the societal behavioral patterns and technology there are many new advertising opportunities which are coming like Popup ads, Flash ads, Banner ads, and email ads (often a form of SPAM), Social networking sites etc.
Due to strong and intense competition the advertising and other promotional strategies assumes a significant role as far as the promotion of these financial products and services are concerned.
Within our society, financial institutions are becoming more abundant.Due to the privatization of financial sector the competition among the different Financial Institutions has increased tremendously, as each institute is trying to build its market share by offering variety of financial products designed for their targets markets.In this scenario, every institution claims uniqueness of its products and tries to impress upon the consumer that these products are best suitable for his needs.Advertisement plays an important role in every sector.Since after the economic reforms of 1991 the financial sector in India has shown tremendous growth.Policies of Liberalization and Globalization have led to competition in the financial sector (Pathania, 2012).This keen competition in the market and change in the business and industries, led the Financial Institutions to offer the variety and quality of products and services to their customers.With the changing scenario financial services advertising and marketing campaigns are crucial to gain clients and promote financial services business.Various advertising and marketing agencies cater specifically to businesses in the financial services industry.In order that the quality of services which they offer should be known to the customers the companies should advertise their products and services.Advertisement helps Financial Institutions to makes an attempt to change or reinforce the attitude of the customer, reader and viewer towards the advertised products.