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.