Changes in Advertising Strategies During an Economic Crisis: An Application of Taylor's Six-Segment Message Strategy Wheel

Abstract

Between 2005 and 2009 financial service organizations in the United States altered their advertising messages in response to changing economic conditions brought about by a sustained recession. This analysis of print magazine advertisements for banks, credit cards, investment firms, and insurance providers demonstrates that financial service advertisers shifted away from transformational approaches in favor of informational approaches. Credit card companies were slower to change their strategies than were bank, investment, and insurance companies. The results of this analysis support the argument that advertising serves the role of providing market information and that the nature of such information is determined by economic conditions.

Keywords:

• Economic Crisis
• Financial Services Organizations
• Message Strategy
• Magazine Advertisements
• Content Analysis

Additional information

Notes on contributors

Taejun (David) Lee

Taejun (David) Lee is an assistant professor in the Department of Communication at Bradley University

Ronald E. Taylor

Ronald E. Taylor is a professor in the School of Advertising and Public Relations at University of Tennessee, Knoxville

Wonjun Chung

Wonjun Chung is an assistant professor in the Department of Communication at University of Louisiana at Lafayette