A Major Marketing Opportunity For Financial Firms Is Brewing

While putting together a campaign for our data services business, one of my colleagues uncovered some facts that spell major opportunity for banks and other financial institutions.

The IRS reported that the average tax refund so far this year is nearly $2,500 — up 14% from than the refunds received in 2005.

According to the National Retail Federation’s 2007 Tax Returns Consumer Intentions and Actions Survey, about one in 10 consumers will dedicate some portion of their refund to major purchases (11%) or a vacation (13%), creating opportunities for retailers and travel providers. However…

A Scary Statistic:

Nearly four in ten intend to put some of their refund into savings.

Let’s do the math. If 2.5 million taxpayers get a $2,500 refund, and 40% of them put $1000 into the bank…that’s $1 billion flowing into deposit accounts!

So how good a sense-and-respond marketer are you? Can you pull together the list? Determine the right offer(s)? And execute the campaign in time to capitalize on this opportunity?

Technorati tags: Marketing, Banking